Statement reveals IFI owes €40m

Irish Fertiliser Industries owes more than €40m, according to the statement of affairs presented to a meeting of the company's creditors this afternoon.

The meeting, which took place at Leopardstown Racecourse in Dublin, is to decide how to wind down the semi-state company.

Former employees are also at the meeting.

Worker Director, Dave Morris, from the Arklow plant has said that the workers have demanded a fair redundancy package. "We are creditors in so far as we have entitlements under legislation.

"We're also having a presence here to keep a profile with regards to the disgraceful manner in which we have been treated. People have been laid off without their statutory entitlements and as such we are here to highlight that fact and pursue our objectives," he said.