The High Court has made an order winding up a company that operated a licensed premises at the Stephen's Green Shopping Centre in Dublin after hearing that the directors could not pay debts of more than €400,000.
Today Mr Justice Iarfhlaith O'Neill made an order to wind up Belew Ltd, which operated the premises known as Major Tom's, Unit 3B St Stephen Green Shopping Centre, South King Street, Dublin 2 after being informed that the company was insolvent and unable to pay its debts.
The petition to have the company liquidated was brought on behalf of Irish Life Assurances, which the court heard was owed €411,000 by Belew Ltd.
Irish Life Assurances said that the bulk of the debt, more than €300,000, consisted of rent owed while the remainder consisted of a service charge and rent insurance.
At the High Court today Mr Tim Gleeson who said he was one of the directors of Belew Ltd and the company secretary said that the firm could not dispute the debt.
He said that they had tried to negotiate with Irish Life Assurances, and had offered them 10% of their turnover in order to pay off the debt.
However they said that offered was not accepted and that Irish Life Assurance wanted all the money that was due. In light of that they could not contest the application to have the company wound up.
The judge, in appointing a liquidator, ordering the directors to submit a statement of affairs within 21 days.
The judge also granted the liquidator a number of order including one that would allow the company to trade until October 12 next.