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High Court, on foot of a petition by bank seeking to enforce its security, orders that a company involved in the development of a nursing home be wound up in circumstances where the company had failed to file annual returns and its lack of engagement with the bank had prevented the bank from taking the necessary steps to recover debts.
Company law - application to wind up company - s.213(f) of Companies Act 1963 - classification of categories - just and equitable ground - whether ground should be enlarged to exemplify court's jurisdiction to grant order winding up company - company seriously in default of obligation to file annual returns - struck off register of companies in past - subsequent successful application to Companies Office to restore company to register - continued default in filing returns - company incorporated as vehicle to develop nursing home - petitioner bank provided loan facilities of €15 million - present attempts by bank to enforce security require sale of control of nursing home - compliance of company directors required - attempts at engagement with company through its directors unsuccessful - whether alternative steps available to petitioner - most serious lack of compliance coupled with absence of reasonably available alternatives required - whether existing or impending prejudice against the petitioner - impending striking off from the register of companies delayed on application of petitioner - strike off now imminent - no realistic prospect of alternative mechanisms to resolve situation apparent - practical steps exhausted - winding up order made.
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