MR Ray Stafford, the principal investor in the companies which formerly ran the Tipperary Crystal business, is owed £251,169 by the principal company involved. The companies were put into voluntary liquidation earlier this week.

Mr Stafford was an unsecured creditor of Crystal Designs of Tipperary Ltd (in receivership), which was put into voluntary liquidation. Clanwilliam Holdings Ltd, of which Mr Stafford is chairman, was an unsecured creditor for £75,000.

Clanwilliam Holdings was also an unsecured creditor, for £60,000, of Tipperary Crystal Company Ltd, which was also put into voluntary liquidation.

Mr Stafford, who took control of the business in 1992, is understood to have invested about £600,000. He is international vice-president of Forest laboratories, a publicly-quoted $2 billion US-based healthcare firm.

Shannon-based Yeoman International bought the business and assets of Tipperary Crystal in October last. A subsidiary, Asdon Ltd, is running the business. Mr Paul Wyse, of Oliver Freany and Co Ltd, was appointed liquidator to the five remaining companies.

The companies had unsecured creditors totalling over £670,000. They included: Bord Gais (£27,643); Tara Crystal Lighting (£27,361); Image Machine Ltd (£13,327); Coopers and Lybrand (£12,500); RMF (Ireland) Ltd (£12,005) and Smurfit Publications (£10,311).