A petition by Guinness & Mahon (Ireland) Ltd for the winding up of Fleetvale Ltd (in liquidation) was granted by the High Court yesterday. Mr Justice O'Sullivan also made an order removing Mr Michael Grimes as liquidator to the company and installing Mr David Hughes as the court-appointed liquidator.

The court was told that Fleetvale, with a registered office at Grange House, Beaumont Avenue, Churchtown, Dublin, was, in July 1998, indebted to Guinness & Mahon by more than £71,000 (#90,151)and interest in respect of an overdraft facility provided to the company. It was also claimed that Fleetvale has a debt of almost £19,000 to the Revenue Commissioners, who supported the petition.

Granting the petition, Mr Justice O'Sullivan said the company was clearly unable to pay its debts as was apparent from an affidavit of Mr Grimes, of Washington Street West, Cork. Mr Grimes had also made clear that he had not called a creditors' meeting as required by the Companies Acts.

In the circumstances, as a matter of general discretion, he would accede to the petition and appoint a liquidator under court order.

The judge made an order removing Mr Grimes as liquidator and appointing Mr Hughes. He directed that a statement of affairs be prepared by persons who were directors of the company at yesterday's date, by Mr Patrick Kenny, of Sutton Grove, Dublin 13 and any other person who was director of the company in July 1998.

On the application of a solicitor for the Revenue Commissioners, the judge further ordered that Mr Grimes hand over to Mr Hughes all documents received by him in the course of the winding up; that Mr Grimes make, within six weeks, an affidavit which specified all documents, book and records in his power, possession or procurement or under his control in the course of the winding up and prohibiting Mr Grimes from destroying any such documents in his possession.

(# signifies the euro)