Target Express cannot pay redundancy, says liquidator

The liquidator appointed to Target Express has said that there is no money left at the company to pay staff redundancy.

Describing the company as "hopelessly insolvent", Michael McAteer, head of recovery with liquidators Grant Thornton, said that staff will get statutory redundancy from the State. This is likely to take some time, however.

"There are no funds available to pay any of the wages, which would rank as a preferential claim," he said.

"We have...a petition as presented to the High Court yesterday by the company, that indicates a total liability to the Revenue of €600,447. (This is) made up of approximately €270,000 in relation to a historical liability built up in 2011, and taxes for July and August."

Target Express employed almost 400 people in total, on both sides of the border.

It ceased trading on Monday, blaming the Revenue Commissioners for freezing the company's bank accounts.

Former workers staging sit-ins at plants in Cork and Wexford are due to meet the provisional liquidator later today.