Company wound up by High Court

The High Court yesterday granted an application by the Revenue Commissioners for a winding-up of Countyglen plc.

Mr Justice O'Sullivan made the order for a court winding-up of the company and appointed Mr John McStay as the liquidator. The company had sought voluntary liquidation.

Mr Pat Quinn, for the Revenue, said his client had a judgement against Countyglen plc for £231.539 which was dated September 23rd last. There was no application to set that aside.

Mr Quinn said the company was unable to pay its debts and should be wound up. The company had not said it could pay the judgment outstanding. It was to be wound up and it was just a case of how it was to be wound up.

The company had not paid the amount owing to the Revenue Commissioners and had not said it was in a position to pay.

Mr Oisin Quinn, for Countyglen, said the Revenue Commissioners had not satisfied the court that the company was unable to pay its debts. The company felt a voluntary liquidation was in the best interests of all concerned. He suggested an alternative liquidator.

Mr Brian O'Moore, representing Barton Kilcoyne of Aylesbury, Donnybrook Castle, Dublin, a creditor of Countyglen, said he would prefer a court winding-up of the company. He would prefer the court to appoint a liquidator rather than wait for the creditors' meeting.

Mr Justice O'Sullivan said it was quite clear from the evidence that substantial money was owed by the company to the Revenue Commissioners.

He was satisfied that the company should be wound up by the court and that the liquidator appointed should be Mr McStay.