Following his appointment to the firm in 2014, liquidator PJ Lynch carried out an in-depth investigation that revealed a litany of serious issues at Swan Fruits.
The Garda National Economic Crime Bureau (GNECB) began an investigation into Swan Fruits after receiving Lynch’s detailed report, it is understood.
As part of his investigation, Lynch had sought to track down funds to repay creditors, including €800,000 owed Revenue, and he had identified two company pension funds held at Irish Life, worth just over €239,000.
An in-depth investigation by the liquidator revealed a litany of serious issues at Swan Fruits that have since been referred to gardaí. Photo: Getty
In July 2024, the intended beneficiary of the pension, John Swan, signed a declaration, as part of an overall settlement agreement, that consented to the transfer by Irish Life of the pension funds.
The pension transfer – along with the disqualification of John Swan as a director – was subsequently ordered by the High Court. But Irish Life has not yet made the transfer, it is understood.
In February, Lynch’s legal representatives wrote to Irish Life to say that the liquidator needs the transfer of the pensions in order to bring the more than decade-long liquidation of Swan to a conclusion.
“We understand that Irish Life considers that it may be constrained from making payment out as contemplated by the Order,” said the letter.
“We acknowledge and appreciate Irish Life’s willingness to engage with our client on this issue and that Irish Life has constructively suggested that it is open to discussing this issue directly with the Liquidator’s lawyers.”
Irish Life had identified two potential problems with the transfer, according to the correspondence.
The Revenue Commissioners as a preferential creditor [is] owed €800,000 approximately
One was that the pension plans are constituted as trusts, which may act as some impediment on Irish Life making payment out. A second issue was that payment may breach tax legislation on the treatment of pension funds.
“Just as we acknowledge the concerns of Irish Life, we trust that you will appreciate that the Liquidator is concerned to bring this liquidation, which was has been ongoing since 16 April 2014 (the date of appointment of the Liquidator), to conclusion for the benefit of the creditors, which includes the Revenue Commissioners, as a preferential creditor owed €800,000 approximately, considerably in excess of the amount at issue,” said the letter from the liquidator’s legal team to the pensions company.
Both Irish Life and liquidator PJ Lynch were contacted for comment but both declined to comment.
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