A body representing providers of premium services to mobile phones have secured a High Court order staying sections of a new code of practice for the industry due to be introduced next Tuesday.

A body representing Irish companies providing premium services to mobile phone will be immediately forced out of business and their market taken over by foreign firms if a new code of practice for the industry is introduced, the High Court has heard.

Irish providers of premium rate services such as competitions, chat lines and ringtones claim new regulations will wipe out their businesses.