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‘Financial doctor’ puts firm into liquidation

The man who promoted himself as the "financial doctor who engineers successful outcomes to difficult financial situations" is liquidating his company, the High Court heard yesterday.

Mr Justice Paul McDermott heard that St John Culligan had put Acorn Corporate Services Ltd into voluntary liquidation on Thursday.

Barrister Mark O’Mahony told Judge McDermott that he represented the Collector General, Michael Gladney, who had brought a petition to court yesterday for the winding-up of Mr Culligan’s company.

"We do not now need to go ahead with that petition since the company went into voluntary liquidation yesterday," Mr O’Mahony said.

Documents showed that Acorn Corporate Services owed the Collector General more than €152,000 in unpaid VAT and PAYE/PRSI taxes.

Mr Gladney, Sarsfield House, Francis St, Limerick, said the company, registered at An Leacht, Memberton, Whitegate, Co Cork, had been served with a demand for the tax arrears last March but they had not been paid.

He said the company was unable to pay its debts and should be wound up.

Mr Gladney told the court that Acorn Corporate Services had been established in 2001 as expert consultants to provide financial advice and management services relating to the organisation of industry and business.

Mr Culligan promoted himself publicly as "The Financial Doctor who engineers successful outcomes to difficult financial situations", claiming he and his company had the necessary skill sets to engineer solutions to quite complex financial situations.

Judge McDermott struck out the Collector General’s application.

The distribution of company funds will be dealt with by a company liquidator.