Irish Psychics Live firm in liquidation

A liquidator has been appointed to the firm behind Irish Psychics Live.

Eamon Leahy of Leahy & Co, has been appointed as liquidator arising from a resolution of members of Realm Communications.

The liquidation comes eight months after the company ceased trading.

The appointment of Mr Leahy also follows the Revenue Commissioners publishing a notice in January confirming it had petitioned for the High Court to wind up the firm.

The notice confirmed creditor, Collector General Michael Gladney, Sarsfield House, Francis St, Limerick, presented to the High Court on January 15 the petition for the wind-up.

The premium phone line business was established by former journalist, Tom Higgins, in 1998.

Mr Higgins and his wife, Theresa Dunne cashed out in 2009 sharing a dividend payout of €9m.

Callers were charged €2.40 per minute for instant psychic readings.

Mr Higgins sold Realm Communications to Gavin Hickey and Maxine Payne in 2009. The most recent figures show that after his departure as director, the firm recorded a pre-tax loss of €315,225 in 2010 after recording a post tax profit of €1.1m in 2009.

In the year to April 30, 2010, its gross profit fell to €1.19m. At the end of the period, €805,714 was owed to Revenue. Mr Leahy did not return a call for comment yesterday.

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