Markets International (MMI) Stockbrokers Limited was wound up by order of the High Court yesterday after it was described as "clearly and extensively insolvent". A Dublin accountant, Mr Tom Kavanagh, who was appointed by the court to act as provisional liquidator on February 19th last, was yesterday confirmed as liquidator of MMI by Ms Justice Macken.

Mr Kavanagh's report of what he has found since he took over the company was presented to the court but was not made public.

Mr John O'Donnell, on behalf of the company, said it was "clearly and extensively insolvent" and moved the petition for it to be wound up.

Mr Bill Shipsey SC, counsel for Mr Kavanagh, told Ms Justice Macken there were assets relating to what he described as "settled transactions" totalling £3.5 million. Those transactions related to clients who got their securities and where money had been paid by MMI but where the client had not settled his account with MMI.

There were unsettled transactions of £13 million, said Mr Shipsey. Trade debts were £150,000. Ulster Bank was owed £550,000 and was claiming it held an assignment of a stamp duty refund due to MMI from the Revenue authorities.

Mr Shipsey said the £13 million of unsettled transactions would not be a claim in the liquidation as "counter parties" (brokers who dealt with MMI) were being put in touch with "principles" (persons or organisations who bought shares through MMI). In those circumstances MMI's interest would amount to the commission it would have earned on the £13 million.

Ms Justice Macken granted an application by Mr Michael Collins SC, for the London Stock Exchange, for orders allowing the counter parties to be in touch with the principles.

Ms Grainne Clohessy, for the Revenue authorities, said her clients were in an unusual position in that they had funds that the company claimed to be due by way of a stamp duty refund. It appeared the Revenue would be a creditor in the liquidation.