McFeely company wound up after bill for VAT left unpaid
A QUARRYING company of which developer Thomas McFeely is a director has been wound up by the High Court over failure to pay a VAT bill of more than €60,000.
Yesterday, Ms Justice Mary Laffoy made an order winding up Sugarbowl Holdings, of 1 Holles Street, Dublin 2, and appointed Jim Hamilton of BDO as official liquidator.
Sugarbowl Holdings was established in 2002 to carry on the business of exploiting natural resources including quarrying.
It directors are Thomas McFeely, of Aylesbury Road, Ballsbridge, Dublin 4, and William Francis Wilson, who is also the firm's secretary, of Portmarnock Drive, Portmarnock, Co Dublin.
The judge also made an order restoring the company to the Companies Register.
It was struck off last year after it failed to file accounts for 2009-2011. The restoration order was sought to allow the Revenue, as a creditor, to have a liquidator appointed.
The Revenue sought the winding-up and the restoration order on the basis that the company had failed to satisfy a demand for unpaid VAT and interest totalling €61,816.
Dermot Cahill, for the Collector General, said the demand was made on the company at the end of February and had not been paid.
Lawyers acting for Mr Wilson asked the court not to make a winding-up order, and that instead a creditors' voluntary winding-up meeting be allowed to go ahead instead.
The court heard the company had liabilities of about €300,000 but had one valuable asset -- a quarry in Co Westmeath that was worth €1m. It was submitted that voluntary liquidation would be a better option in terms of the costs involved in winding up the firm.
The Revenue opposed that proposal and asked that the company be wound up and Mr Hamilton be appointed. Mr McFeely was not present in court for the hearing, and lawyers for Mr Wilson said that he had "gone to ground".
The judge said that given the circumstances of the case she was making firstly an order winding up the company and appointing Mr Hamilton as liquidator.
The judge further ordered that the directors provide the court with a statement of affairs within 21 days.
The matter was adjourned to a sitting of the Examiner's court in September.