No, they may yet recover it. From the report, the HSE owed PMD other money (or at least PMD says they did) to the tune of €1.2 million, and they held off on paying this pending the resolution of the double payment issue. That's the other money that PMD was suing for.
If the HSE does owe that money, they can set off their €700k claim in the liquidation against the liquidator's €1.2 million claim against them, and they'll be all square.
I note the sideswipe at the current Minister for Health* - not quite sure what the relevance of this is to the double payment identified last year, but presuambly Martin Wall just couldn't help himself!
* In early 2024 the then minister of state at the Department of Finance, Jennifer Carroll MacNeill, now Minister for Health, attended a ceremony to ring the bell at the Nasdaq Stockholm exchange in Sweden to mark an acquisition involving the company.
What would be more interesting to know is how a company that described itself in February 2025 as “clearly insolvent” with more than €14.6 million in liabilities set against €4.6 million in assets was able to afford "an acquisition" in Sweden, only a year earlier.