Companies warned they face being wound up

A group of related companies have been warned that they face being wound up unless they can satisfy a €3.89m demand from the Revenue Commissioners for unpaid taxes by early next week.

The warning was made today at the High Court as Mr Justice Mary Laffoy, following a request by counsel for the companies, adjourned till next Monday an application by Revenue to have a liquidator appointed to eight companies.

The companies are Askon Homes Ltd, Askon Investments Ltd, Askon Properties Ltd, Lance Homes Ltd, Lance Investments Ltd, Lance Properties Ltd, Lordford Land Ltd, and Vilbrook Ltd.

The registered address for all eight, which are involved in the construction, property development and property acquisition business, is Eustace Street, Temple Bar, Dublin 2.

They were incorporated on dates between 1980 and 1998 and directors of companies in the group are Mr Peadar Macanna and Ms Josephine Walsh of Kilmurray House, Falls Road, Shankill, Co Dublin.

Lawyers for the companies asked the court for an adjournment of one week. In that time it is hoped that the company will be able to come up with €1.158m to help satisfy some of the debt owed to Revenue.

However Dermot Cahill Bl for Revenue said that his clients wished to proceed with its petition to have the companies wound up and have a provisional liquidator appointed, on the grounds that the firms are insolvent and are unable to pay their debts.

Counsel said that last October Revenue made a demand to the companies for a total of €3.89m for unpaid VAT, CT, PAYE plus interest. Opposing the application for an adjournment Counsel said that the petition had been previously adjourned to allow the company come up with proposals to Revenue how to satisfy the debt.

However the proposals, which counsel said were not on affidavit, was not deemed acceptable. Counsel added that Revenue did not believe that the companies would be able to satisfy Revenue's demand within a week.

Ms Justice Laffoy said in granting the adjournment said that if the debt is not satisfied within a week the court would make ordering winding up the firms.