Sligo-Leitrim TD Mr John Ellis will not meet tomorrow’s deadline to pay €150,000 to farmers who were owed money when his meat company closed. He does, however, expect to do so within the next week.
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Mr Ellis said: "The matter is at an advanced stage and once a small number of legal matters are rectified the position will be closed off."
The IFA had expected Mr Ellis to honour his commitment to make the payment before its President Mr Tom Parlon leaves office tomorrow.
The Fianna Fáil TD told ireland.com: "I am sorry I will not have paid by tomorrow but I expect the matter will be finalised this week."
Mr Ellis promised the IFA last November he would make the payment to farmers who were owed large sums of money when his meat company, Stanlow Trading Ltd, collapsed in 1986.
The IFA spokesman said: "This offer has been on the table for nearly a year and we are extremely disappointed that Mr John Ellis TD is still failing to honour the agreement."
He said the Taoiseach Mr Ahern would be at tomorrow’s AGM and could expect to be asked some questions about the matter.
Mr Ellis, and his two brothers, Caillian and Richard, were the three directors of the Donegal-based meat company. When it collapsed, some debts were paid off but about 80 farmers were still owed a total of about €380,000.
It was established in the courts the Ellis brothers are not personally liable for the debts of Stanlow Trading, but Mr Ellis has accepted that there is a "moral responsibility".
Last November's offer made by the Fianna Fáil TD and his brother Caillian, who is a member of Leitrim County Council. Mr Richard Ellis did not make any contribution.