Unsecured creditors owed £537,470 by Indequip Ltd, the hydraulic engineering company put into receivership by ICC Bank in 1994, are likely to receive approximately 40p in the pound following the appointment yesterday of a liquidator, Mr John McStay. The company has £199,000 cash in the bank and no other realisable assets. The greatest single creditor, according to the director's estimated statement of affairs, is the Revenue Commissioners, who are owed £290,891. This includes interest and penalties of £114,972. Mr John McLoughlin and Ms Monica McLoughlin, the company's two directors, are owed £30,000 and £10,000 respectively.

AS £12,079; Astra Business Systems Ltd £8,652; and TNT Express (Irl) Ltd £3,616.

The directors decided to cease trading in 1994 and invited ICC to appoint a receiver.