Workers without redundancy as NAMA freezes employer’s funds

UP to 40 workers, who are due to lose their jobs this week, are being deprived of redundancy payments as their employers’ funds have been frozen by the National Asset Management Agency (NAMA).

The Vita Cortex plant at Kinsale Road, Cork is due to close on Friday as its owner, Jack Ronan, secured a loan of €10 million from AIB to purchase the company from its previous shareholders, using the Cork plant as collateral.

Due to this arrangement, three months ago, the company announced the plant’s closure, as its assets had been frozen by NAMA.