It is understood that the creditors meeting for community development agency MFG was yesterday told that the company has liabilities in excess of one million euro.
The company closed suddenly last month with the loss of 130 jobs in the Gaeltacht.
MFG was responsible for administration of funding and community supports for numerous projects across Donegal and the wider Gaeltacht including rural transport schemes.
MFG is now in liquidation.
Gaeltacht Minister Dinny McGinley says the priority now is to put in place mechanisms to look after the company's staff and the projects it was responsibility: