Exploration firm effectively insolvent, High Court told

The directors of a Dublin-based mineral exploration company have repeatedly failed to file annual returns over a three-year period and the firm is effectively insolvent, the High Court has heard.

The shareholders of Aventine Resources, formerly Minmet plc, have been “completely handicapped” by the failure of the directors to meet their basic obligation to file returns for 2010, 2011 and 2012, said Shelley Horan, counsel for the Director of Corporate Enforcement.

The director is seeking that Aventine directors John Francis Liwosz and Anthony William Brown be disqualified from acting as directors of any company over the failure to file returns or financial statements.