The company claiming €47 million in compensation from Dun Laoghaire-Rathdown County Council following the compulsory acquisition of some of its lands for a motorway has been dissolved.
Jackson Way Properties Ltd was struck off by the British Companies Office for failing to file its annual accounts on time.
A spokesperson for the UK's Treasury Solicitor's Office said the company's assets, including more than 100 acres at Carrickmines would be held "bona vacantia" meaning they now belong to the Crown for the duration of the dissolution.
The company, which is under investigation by the Flood tribunal and the Criminal Assets Bureau, will have to file a set of accounts due on February 2002 before the company can be reinstated.
The High Court appointed arbitrator, Mr John R. Shackleton is currently compiling his judgement into the compensation claim after hearing submissions from both sides late last year.
A legal source told ireland.comthat in order for any compensation of 20 acres for land required for the last stretch of the M50 in South Dublin to be paid, title over the assets has to be proven by the owner, which could not happen if the company were dissolved.
He said a company is a vehicle to carry out a strategy. If that company is dissolved it can no longer carry out that strategy.
Just before Christmas Jackson Way informed the Flood tribunal it would no longer be co-operating with its inquiries. Lawyers based in the UK told the tribunal the company was not prepared to provide documents and affidavits requested.
The Chairman of the tribunal Mr Justice Flood said it was "manifestly clear" Jackson Way had no intention of assisting the tribunal.
The arbitration hearing heard that Birmingham estate agent, Mr Alan Holland claimed he was the sole director and shareholder of Jackson Way. The most recent accounts available, for the year ended April 30th, 2002, show Mr Holland held two £1 ordinary shares in the company.
However, the Flood tribunal has since heard that Mr John Caldwell is one of the co-owners of the Carrickmines lands. Mr Caldwell is due to appear before the tribunal in the next few weeks.
Claims by the lobbyist and former government press secretary, Mr Frank Dunlop that he paid councillors bribes in a bid to have land owned by Jackson Way rezoned are currently being investigated by the tribunal.
