THE HIGH Court has made an order winding up a company that operated a licensed premises at the Stephen’s Green Shopping Centre in Dublin, after hearing that the directors could not pay debts of more than €400,000.
Yesterday Mr Justice Iarfhlaith O’Neill made an order to wind up Belew Ltd, which operated Major Tom’s, on the South King Street side of the St Stephen’s Green Shopping Centre, after being informed that the company was insolvent and unable to pay its debts.
The petition to have the company liquidated was brought on behalf of Irish Life Assurances, which the court heard was owed €411,000 by Belew Ltd.
Irish Life Assurance said that the bulk of the debt, more than €300,000, consisted of rent owed, while the remainder consisted of a service charge and rent insurance.
The firm could not dispute that debt, the court was told by Tim Gleeson, a director and company secretary of Belew Ltd.
He said that they had tried to negotiate with Irish Life Assurance.
The firm had offered them 10 per cent of their turnover in order to pay off the debt, Mr Gleeson said.
Mr Gleeson said the offer was not accepted and that Irish Life Assurance wanted all the money that was due. In light of that they could not contest the application to have the company wound up.
The judge appointed a liquidator and ordered the directors to submit a statement of affairs within 21 days.
The judge also granted the liquidator a number of orders, including one that would allow the company to trade until October 12th.