The High Court has ordered the winding up of Eventelephant, a software firm which creates webpages to advertise and sell tickets for various events.
The court made the order after being told the company has no prospect of survival.
The company provided a self-service online event registration website called eventelephant.com. It processes ticket payments on behalf of the event organiser for which it receives a commission.
It’s Irish clients include RTÉ, the IRFU, An Post, the ESB, the Law Society of Ireland as well as British Airways, Arsenal FC and Newcastle Utd FC in the UK.
The company had been in examinership since mid-July.
Yesterday, following an application by the firm’s interim examiner Joseph Walsh, Mr Justice Paul McDermott removed the protection of the courts from the company.
The judge also appointed Mr Walsh and Neil Hughes as joint liquidators of the firm.
Last month the company, of White Ash, Ashbourne, Co Meath, entered examinership after experiencing cash-flow difficulties.
The company’s directors had petitioned the court for Mr Walsh’s appointment arguing it had a reasonable prospect of survival if certain measures could be agreed with its creditors.
However yesterday, solicitor Barry Lyons for Mr Walsh asked the court to end the examinership because monies promised by the firm’s directors to pay wages during the period of protection had not been made available.
Staff were leaving the company and in order protect the value of the firm’s assets, maximise the return to creditors, and save some of the jobs it was appropriate Eventelephant be wound up.
Mr Lyons added Mr Walsh also had concerns about a criminal investigation into the company being undertaken by Revenue.
Mr Walsh also had sought information about €1.4m in funds which had not been paid over by the company to parties who had organised events. That information was not provided.
The appointment of a liquidator would protect those funds pending the completion of an investigation regarding the status of those funds, the court heard.
Lawyers for both the company and Revenue told the court they had no objections to the applications sought by Mr Walsh.
After making the order to wind-up the company the judge adjourned the matter to a date in early September.
Earlier this year the company was the subject of a number of complaints on RTÉ’s Liveline programme from event organisers who claimed they had not been paid their money.
In response the company said the delays were caused by “chargebacks” or payments that are challenged by credit card holders when they get their statements, if they don’t recognise the transaction. The firm added it was doing everything it could to resolve the issues.
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