THE Advanced Technology College Ltd was wound up yesterday by order of the High Court and an official liquidator appointed.
Mr Justice O'Sullivan made the order winding up the company at Merrion Square, Dublin, and appointed Mr Patrick McSwiney, chartered accountant, as official liquidator. He also ordered that two directors, Mr John Thewlis and Ms Pauline Harcourt, prepare a statement of affairs within 21 days.
Mr Brian Farren, counsel for the company, which petitioned for the winding up, said that previously an examiner bad been appointed on the petition of the students. However, the examiner then informed the directors that none of the various potential investors was willing to make the investment necessary for the company to survive.
The examiner was withdrawn on May 6th last and the provisional liquidator appointed.
He said the petition for the winding up stated that the company was insolvent. The company had a capital deficit of approximately £157,000.
The Revenue Commissioners were owned approximately £108,000. Neither the students nor the Revenue was opposing the winding up.