During last week’s court hearing to apply for liquidation, the Medical Research and Compensation Foundation (MCRF), which administers the James Hardie group’s asbestos compensation funds, received advice of an eleventh-hour “no strings” offer of $88 million from James Hardie.

The money – paid by a James Hardie company to the foundation – is enough to keep the foundation going next year. The provisional liquidation application was adjourned until January 31.

Australian Council of Trade Unions Secretary Greg Combet was cautiously optimistic that an agreement could be reached with James Hardie before Christmas.

“We welcome the court’s decision to allow our negotiations with James Hardie to continue and not at this stage appoint a provisional liquidator for the MRCF.

“The onus is now on James Hardie to expeditiously conclude a heads of agreement with unions and asbestos groups that provides a long-term funding solution for its Australian asbestos liabilities.”