Court overturns order dissolving Siteserv

A High Court judge has overturned an order dissolving Siteserv, the firm whose sale by State-owned IBRC to a company of billionaire businessman Denis O’Brien is being investigated by a commission of inquiry.

Mr Justice Michael White was told an application for an order voiding the dissolution was being made by Kieran Wallace in his capacity as liquidator of Siteserv and following a request of Judge Brian Cregan, who is heading the commission.

The commission is inquiring into 38 transactions involving IBRC where there were writeoffs of €10m or more on loans. The transactions include the sale of contracting firm Siteserv to Mr O’Brien’s company, Millington, with a writeoff of €119m.

Rossa Fanning BL, for Mr Wallace, said Siteserv was placed in liquidation in July 2012 and Mr Wallace, as liquidator, had progressed and concluded the liquidation to the dissolution of the company on August 6.

The application to void the dissolution arose in “somewhat unusual circumstances”, counsel said. For reasons beyond the scope of this application, there was a “degree of public controversy” over the sale by IBRC of some loans at a discount.

Among the transactions being investigated by Judge Cregan was that involving Siteserv, counsel said.

In a letter dated November 17 from solicitors for the commission to solicitors for Mr Wallace, it was stated the commission had expected to be in a position to write to Siteserv and receive responses from that firm concerning certain matters. It had also expected to be in a position to issue directions, including discovery.

The fact Siteserv has been dissolved means there is no corporate entity to whom such directions can be made, the letter said.

Mr Fanning told Mr Justice Michael White the appropriate application was to have the dissolution order voided and that was what Mr Wallace was seeking.

Mr Justice White said that he was satisfied to grant an order under Section 708 of Companies Act 2014 declaring the order dissolving Siteserv is void.