Company with debts of almost £500,000 wound up by High Court

A company with debts of almost £500,000, including some £200,000 owed to the Revenue Commissioners, was wound up on the order of the High Court yesterday.

Mr Justice Peter Kelly made an order winding up AIM Wholesale Limited, with a registered office at Robinhood Industrial Estate, Clondalkin, Dublin, and appointed Mr John Rahill as official liquidator.

He made the orders on the petition of Mr Kenneth Morrissey, of Rowlagh Avenue, Clondalkin, who said the company was indebted to him for more than £9,000 on foot of a judgment of Dublin Circuit Court. He had issued a demand for payment more than three weeks ago but the company had not paid the amount sought or any amount and had made no offer. Mr Morrissey said the company was insolvent and unable to pay its debts.

In an affidavit, Mr Brian Spelman, solicitor for Mr Morrissey, said he had become aware an advertisement had been placed in the national press stating that the directors of the company had resolved to cease trading and had called a creditors meeting for March 3rd next.

He had visited the company's Clondalkin premises on Saturday last and was surprised to find the premises was open for business. It was well stocked with electrical and other goods and there appeared to be customers present.

Mr Spelman said he had asked a staff member whether the premises was the business premises of AIM Wholesale Limited and was told it was but was then immediately informed it was no longer the business premises of AIM Wholesale Limited but was the business premises of AIM Cash & Carry.

The court was told the Revenue Commissioners, which are owed some £200,000, are content if the matter is dealt with as a voluntary winding up and that most of the trade creditors, who are owed some £160,000, were not applying for a court winding up.

Counsel for the company said he was instructed the AIM Cash & Carry business was a different business from AIM Wholesale Limited.

Mr Justice Kelly said the company is deemed to be seriously insolvent with debts of some half a million pounds. He was told the company has resolved to wind up voluntarily and a creditors meeting was advertised for later this week.

A voluntary winding up was normally preferable as it saved time and cost, the judge said. But in the present circumstances, where business was still being carried on at the AIM premises in Clondalkin, Mr Morrissey was unhappy with such a course. It was stated the business being carried on was that of AIM Cash & Carry. The judge said the business was exactly the same as that of AIM Wholesale, in exactly the same premises and at least one director was common to both companies.

Mr Justice Kelly said he could "well understand" Mr Morrissey's unease and would make the orders sought. He directed two persons stated to be directors of AIM Wholesale - Mr Naeem Maniar and Ms Anne Maniar - to file a statement of affairs and adjourned the matter to the High Court Examiner's List.