The High Court made an order yesterday for the winding-up of Bula Resources (Holdings) plc, with registered office at Priory Hall, Stillorgan, Co Dublin.

The winding-up order was sought by Computershare Investor Services (Ireland) Ltd, with registered office at Fitzwilliam Street, Dublin.

Mr James Stafford, of Friel Stafford accountants, was appointed liquidator.

In the petition presented to Ms Justice Laffoy by Mr Declan Murphy, for Computershare, it was stated that Bula Resources (Holdings) plc was incorporated on January 28th, 1986.

The objects for which it was established were to take or otherwise acquire and hold the shares of Bula Resources plc and to act as holding company of that company.

Bula Resources (Holdings) plc was indebted to Computershare for €200,670 for services provided within the past six years.

On November 5th last, a demand for payment was delivered by hand.

In an affidavit, Mr Mark Woodcock, solicitor for Computershare, said that when the matter was before the court on February 23rd last, Mr Murphy had explained that Bula Resources Holdings plc had assured them that it was due to receive imminent inward investment and would be in a position to refinance itself for the benefit of the company as a whole and for all of its creditors.

"We informed the court that, in the light of this assurance, we were prepared to give one further final adjournment to allow the company put its financial affairs in order," Mr Woodcock said.

However, his side had not received any information or confirmation to the effect that the company had, in fact, been in position to refinance itself.

Already, the company had acknowledged that it owed Computershare Investor Services (Ireland) Ltd an amount of €200,670.

In light of the company failing in its attempt to refinance itself, and in light of its open acknowledgment of the debt, his client sought the winding-up order, Mr Woodcock said.