Formus Broadband owes its creditors more than €21 million (£16.5 million). The Dublin-based company, which secured one of four local loop broadband licences in 1999, ceased operations on March 14th. Its parent, Denver, Colorado-based Formus Communications, is owed more than €14.75 million, a creditors' meeting heard yesterday. The largest Irish creditor is Lucent Technologies, which is owed around €2.65 million. A further €1.7 million is owed to IDA Ireland.

Other big creditors include: Siemens, which is owed around €270,900; Deutsche Bank, which is owed €221,900; Lease Plan FMS Ireland, which is owed more than €200,000; and Dillon Eustace, which is owed more than €180,000. Brothers Charlie and Rory Ardagh, who founded Formus Broadband through their company European Access Providers, are each owed more than €20,000.

Last summer, they sold the 20 per cent stake they held in Formus Broadband for what is understood to be a shares-only deal in Formus Communications. At the time, the US group was planning a market flotation.

It pulled its proposed Nasdaq flotation in November due to a downturn in market conditions for technology stocks. All of the staff - 68 full-time and three contract workers - are understood to have been paid up to the time the company ceased operations. Formus has assets of more than €9 million, which includes its network infrastructure and management centre, computer hardware and software, leasehold and cash. It is estimated that around €1.9 million will be realised.

Mr Tom Kavanagh of accounting firm Kavanagh Chartered Accountants has been appointed liquidator.