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The association representing small and medium-sized firm says it has received a large number of reports from affected businesses across Ireland, including both members and non-members, who have been left without clarity on the status of goods entrusted to the courier firm. Fastway entered receivership at a crucial period for Irish retailers and suppliers, as many companies ship pre-Christmas stock in early November, ISME said. The disruption has led to widespread concern among small businesses that rely on the courier service for deliveries to customers and wholesalers. Today's News in 90 Seconds - Wednesday, November 5 ISME has urged the receivers to prioritise the release or return of all goods in transit and to engage directly with affected businesses to provide clear timelines for resolution. “ISME notes that while the duties of a receiver are primarily owed to the secured creditor, the Companies Act 2014 (Section 437(3)(h)) provides the receiver with the power to carry on any business of the company,” said Neil McDonnell, its chief executive. “Goods in transit do not form part of Fastway’s assets and are not subject to the receiver’s charge. Practicable steps must be taken to protect innocent third parties.” “These goods belong to small businesses that are already operating under extreme cost pressures. Resolution of this issue months from now will be far too late for many and could threaten their viability,” Mr McDonnell added. ISME said it has received reports of perishable goods spoiling while in transit, forcing vendors to refund customers despite being unable to retrieve their stock. The association warned that with seasonal courier capacity already stretched, many businesses are struggling to find alternative delivery options. Fastway’s collapse will add to the pressure on the small business sector ahead of the busy Christmas trading period, as many firms are already dealing with increased costs and tighter margins. In response, joint receivers Mark Degnan and Brendan O’Reilly from financial advisory firm Interpath said they are working to manage what they described as a highly complex situation following Fastway’s receivership. “We understand the significant concern and disruption caused by the receivership of Fastway Couriers and its associated brands, and we are working diligently across all areas of the business to manage what is a highly complex situation in an orderly and fair manner,” they said. “We appreciate that this situation is frustrating for businesses, customers and staff, particularly given the timing and proximity to the busy trading period, and we ask for patience as we continue to work methodically through the issues to ensure the best possible outcome for all stakeholders.” The receivers added that efforts are ongoing to release as many parcels as possible, including perishable goods, medical devices and even a wedding dress, and noted that the process remains highly complex.
