‘Legal matters’ delay wind-up of firm behind Irish Psychics Live

Unspecified legal matters are delaying the winding up of the collapsed firm behind Irish Psychics Live.

‘Legal matters’ delay wind-up of firm behind Irish Psychics Live

The firm, founded and subsequently sold on by space buff, Tom Higgins, left debts of over €2m to unsecured creditors when it collapsed — four years after Mr Higgins sold the business.

Realm Communications was behind what was Ireland’s most high profile and controversial premium phone line service before it ceased trading in 2013.

Eight months later in February 2014, Eamon Leahy of Leahy & Co, Fairview, Dublin was appointed as liquidator to the firm after Revenue petitioned the High Court to wind up the company.

The premium phone line business was established by former journalist, Tom Higgins in 1998 and built up a large cash pile before Mr Higgins and his wife, Theresa Dunne cashed out in 2009 sharing a dividend payout of €9m.

Callers to the controversial premium phone line were charged €2.40 per minute. Realm became loss-making in 2010.

Documents lodged with the Companies Office show that there is little prospect of the unsecured creditors recovering any of their monies.

The liquidator has realised only €631 from the liquidation to date with assets valued at ‘nil’.

Total disbursements made from the liquidation up to February 23 of this year are ‘nil’.

Under the heading of ‘the causes which delay the termination of the winding up’, the liquidator’s statement reads ‘legal matters’. The winding up of the firm will take two years.

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