High Court makes order for winding-up of finance company

THE High Court has made an order for the winding up of financial loans company FAI Finance Corporation Ltd, which had losses of about £36 million (€48m) up to December last and negative net assets of £32m (€43m).

On the application of Fexco, 51% majority shareholder in FAI Finance, Ms Justice Mary Laffoy granted the winding up orders and appointed William O’Riordan of Pricewaterhouse Coopers of Spencer Dock, Dublin, and Simon Granger of FTI Consulting, Holborn Gates, Southhampton Buildings, London, as joint liquidators of the company.

FAI Finance Corporation has registered offices at Swords Business Campus, Balheary, Swords, Co Dublin, and was engaged in providing loans, including right-to-buy loans, a scheme operated by the British government under which local authority tenants in Britain could buy their rented homes at a discount. It also provided industrial disease loans, essentially loans to assist workers in Britain to make claims under industrial disease legislation there.