The High Court has ordered the winding up of Eventelephant, a software firm which creates web pages to advertise and sell tickets for events.
The court made the order after being told the company had no prospect of survival.
The company provided a self-service online event registration website called eventelephant.com. It processes ticket payments on behalf of the event organiser for which it receives a commission.
It's clients include RTÉ, the IRFU, An Post, the ESB, the Law Society of Ireland as well as British Airways and English soccer clubs Arsenal and Newcastle United.
The company had been in examinership since mid-July.
Yesterday, following an application by the firm's interim examiner Joseph Walsh, Mr Justice Paul McDermott removed the protection of the courts from the company.
The judge also appointed Mr Walsh and Neil Hughes as joint liquidators of the firm.
The company’s directors had petitioned the court last month for Mr Walsh’s appointment after experiencing cash-flow difficulties, arguing it had a reasonable prospect of survival as a going concern if certain measures could be agreed with its creditors.
However, yesterday, solicitor Barry Lyons for Mr Walsh asked the court to end the examinership because monies promised by the firm's directors to pay staff wages during the period of protection had not been made available.
Staff were leaving the company and, in order to protect the value of the firm’s assets, maximise the the return to creditors and save some of the jobs, it was appropriate Eventelephant be wound up.
Mr Lyons added Mr Walsh also had concerns about a criminal investigation into the company currently being undertaken by Revenue.
Mr Walsh also had sought information about €1.4 million in funds which had not been paid over by the company to parties who had organised events. That information was not provided.
The appointment of a liquidator would protect those funds pending the completion of an investigation, the court heard. Lawyers for both the company and Revenue told the court they had no objections to the applications sought by Mr Walsh.
The company's main creditors include the Revenue Commissioners and AIB. The company was established in 2008 and its directors are Alan Barrett and Ron Downey.
