THE BOSS of Údarás na Gaeltachta has insisted that a company his organisation gave €360k to in grants was let down by debtors – and says he is working to make sure former employees get their full payment rights.
More than two dozen jobs have been lost after debt management firm Eist agus Cuidiú closed down just 11 months after opening.
It was set up to offer advice for people caught up in the recession, earning monies from restructuring of personal debts.
Steve Ó Cúláin, CEO of Údarás, said: “The company has made every effort in recent weeks to find a solution to its financial difficulties, but to no avail. The company employed 26 employees (19 full-time and 7 part-time). It was established on the Gaoth Dobhair Business Park in August 2011 and was in the business of selling insurance products for its clients to the UK market.
“We are very saddened to hear that the company has no more options available to it but to close its operations. It is our understanding that the company’s decision to cease trading was for reasons outside its control.
DIFFICULTIES WITH CREDITORS
“We were aware that the company had difficulties in receiving payments from its creditors and have been working with them in an effort to overcome these problems. Unfortunately it had been faced with the difficulties that many businesses today are facing in these challenging economic times.
“We will work with company management to ensure that every effort is made to enable the employees receive their entitlements.”