Probe under way on TLT cattle
The Receiver appointed by HSBC over animal exporter TLT International has provided an update on the progress made to date this morning.
TLT International, which is owned by the Mullingar-based Garavelli family, went into receivership earlier this month.
In a statement to AgriLand, Gearoid Costelloe, a partner at Grant Thornton Limerick who was appointed receiver, has confirmed the total estimated liabilities are approximately €9m, with marts owed €3m, farmers €900k, general creditors €1.2m, HSBC €3m and AIB €800k.
According to Costelloe: “These claims are not definitive and final, and will still have to be validated. This will take some time to complete as information continues to be gathered from the directors, and some affected marts and farmers,” he said.
The receiver also confirmed the numbers above exclude leasing liabilities in respect of trucks, trailers and equipment where these items have been repossessed by the lessor.
He continued: “Requests have been made of all the farmers and marts who are potentially creditors of TLT. As of today almost all of the marts have responded with information on the monies they believe they are owed, and the receiver continues to work with those farmers yet to provide information.”
In terms of stock reconciliation, Costelloe said he has requested assistance from both the directors of TLT, the Mullingar-based Garavelli family, and the Department of Agriculture and an investigation is under way.
Pictured TLT International at Knockdrin, Mullingar, Co Westmeath on Monday/Photo Jeff Harvey