The former Taoiseach, Mr Albert Reynolds, is owed €224,798 in unpaid fees and a loan from Bula Resources, according to the company's draft statement of affairs, writes Colm Keena.

Mr Reynolds is an unsecured creditor of the company, which is in liquidation and of which he was a former chairman. The excess of creditors over assets is €1.95 million, according to the statement, published yesterday.

Another unsecured creditor identified is property developer, Mr Seán Mulryan.

A debt of €937,500 linked to the Al Thamer Establishment, Bahrain, and arising out of a Bula deal in which Mr Reynolds played a central part, is given a value of nil in the draft statement of affairs.

The only asset identified in the draft statement is €254,297 in the bank. Investments and loans to Bula subsidiaries, totalling €6.6 million, are given a value of nil. Likewise, €103,992 in unpaid calls (shares issued and not paid for) is given a value of nil.

Unsecured creditors include: Mr Tom Kelly, former director, fees and expenses, €142,827; Computershare, share registrars, €200,671; Brendan Johnson/Sean Mulryan, shareholders' loans, €254,000; Mr Omar Yazigi, director, fees and expenses, €320,000; Revenue Commissioners, stamp duty, €659,176.

There are 15 other creditors who are owed a total of €401,984, according to the draft statement.

Mr Jim Stafford was appointed liquidator to the company by the High Court in March 2004, on foot of a petition issued by Computershare. The sole Bula director at that date, Mr Yazigi, was ordered to submit a statement of affairs by April 5th. However, Mr Yazigi has not been in the State since the order was made. A draft statement of affairs was given to Mr Stafford by Mr Yazigi's accountants.

The draft statement includes the following: "The audited accounts to 31st December 2001, include a note that the company has guaranteed the liabilities of all its Irish incorporated subsidiaries for the year ended 31st December 2001. In preparing the above creditor list, no allowance has been made for creditors of the Irish subsidiaries."

Notes to those accounts estimate the liability to subsidiaries creditors as €462,000.

"I will not be taking any steps to formally agree the claims of unsecured creditors until I am confident that a dividend will be payable," Mr Stafford said in a note posted on the www.liquidations.ie website yesterday.

Mr Stafford said Bula did not hold any gas or oil interests directly. As the interests are held by subsidiaries that are not 100 per cent direct subsidiaries of Bula, Mr Stafford does not have control over them.

The assets held by the subsidiaries include modest bank balances, seismic data, and interests in licences and/or concessions. Mr Stafford said he believed the seismic data might be of limited value and the intermediate companies through which the assets are owned, are insolvent.

In relation to interests and concessions he stated: "In recent years the Bula Group concentrated its exploration activities in Libya and Iraq. While the group has spent considerable monies in progressing these interests, no contracts were ever ratified by the appropriate authorities to secure the interests. Accordingly, it appears that the expenditure incurred in developing interests in these two countries have no value."

"I believe the only subsidiary which is capable of producing a dividend to the company is Bula Oil Canada Ltd. This company has a 10 interest in two oil and gas fields, which appear to produce monthly royalty cheques of approximately €400. Canada Ltd owes the company €13,000 on an inter-company account, and there might be a prospect of receiving a dividend on this."

The €103,992 in book value due on shares issued but not paid for relates to shares issued to Mr Yazigi.

"Mr Yazigi tells me that he paid for the shares by set off of consultancy charges and expenses," according to Mr Stafford.

Mr Stafford notes that his Section 56 report to the Office of the Director of Corporate Enforcement will cover three individuals whom he considers were Bula directors in the 12 months prior to his appointment. They are: Mr Yazigi, Mr Kelly and Mr Timothy Torrington.