The full extent of Internet publishing company Nua's debts should be known early next week, but are thought to be about £850,000 (€1.1 million). It has also emerged that several US and European firms have expressed an interest in some of the company's assets.
Earlier this week, a receiver was appointed to Nua at the directors' request. Rumours of its demise had been circulating for weeks. The firm, in which Eircom held a 20 per cent stake, employed 35 people.
The receiver, Mr David Hughes of Ernst & Young, said yesterday he was still evaluating Nua's assets. "I have been surprised by the level of interest which other companies in Europe have expressed," he said.
One of Nua's offerings was an Internet-based newsletter and surveys product. It is understood it has a database of around 80,000 users. Mr Hughes said there was a "certain awareness" of the firm and its operations abroad.
Although it is unlikely that it will be sold as a going concern, Mr Hughes said the purchaser of certain assets might take on some employees. Employees are owed a month's wages.
Other creditors include Eircom, which is owed £220,000 back rent for use of offices it owns in Dublin, the Revenue Commissioners (approximately £300,000) and a number of companies with which it traded. The company ran out of funding - it reportedly needed £3 million - and, for its part, Eircom decided not to provide any more investment as part of a review of its multimedia subsidiaries.
Eircom, then Telecom Eireann, used Nua as a vehicle to make its first significant entry into the commercial Internet market when it took a 90 per cent shareholding in Local Ireland, a fledgling Internet site created by Nua. As part of the deal, it took a 20 per cent stake in Nua.
Eircom was to have invested £4 million in Local Ireland over two years. It had previously been aiding Nua financially. It also paid £1.3 million for its 20 per cent stake in Nua, which was founded by Mr Gerry McGovern. Nua was in talks for several weeks with potential investors but these failed.
