Several private investors have lost out in the collapse of furniture retailer House of Denmark, which was part of a Business Expansion Scheme (BES) in the late 1990s.
Documents filed in the Companies Offices show the company - which went into liquidation two weeks ago - was incorporated in 1998 and has €130,000 in issued share capital. The latest annual return for the company shows 10 individuals and one company holding blocks of 66 cents (52p) of A ordinary shares. Mr Carsten Stenshoj and Ms Annette Stenshoj, both of Bettystown, Co Meath, each held one ordinary €1.27 share.
The High Court heard on Tuesday that Mr Stenshoj, a Danish national, would co-operate with the liquidation of the company. Mr Stenshoj agreed to sign on a daily basis at Bettystown Garda station.
The court heard the furniture retailer had about 2,000 depositors who have paid €500,000. The liquidator, Mr Martin Ferris, said a company stock-take on June 6th recorded approximately €1 million worth of stock. However, the stock currently on the premises and held by a freight company was worth only a fraction of this amount. Mr Ferris could find no explanation for the discrepancy.
One investor said he had put money into the company in 1999 after receiving advice that it was a good company and should survive. "I was hoping to get my investment back at the end of the five years and now I am kissing it goodbye," said the investor, who did not want to be named.
Under the terms of the BES, investors could claim their investment against tax and could redeem their investment after five years.
"There's a number of people like me in the same boat," the investor said. "We expected the company would expand and we would get our money back. As far as I was aware, nothing untoward was happening and then I heard the company was in the High Court." He said the tax break he got on his investment softened the blow.
The company, which operated from Rosemount Business Park, Blanchardstown, Co Dublin, is the 100 per cent owner of House of Denmark Kitchens Ltd.
The largest A ordinary shareholder in House of Denmark Ltd listed in its latest annual return is Delphinium Ltd, which has 120,000 shares. The directors of Delphinium Ltd are Mr Frank Masterson, Corbally House, Athy, Co Kildare, and Ms Sheena Agnew, Waterloo Lane, Dublin 4.
The directors of House of Denmark Ltd are listed as Ms Annette Stenshoj and Mr Carsten Stenshoj.
