The High Court has ordered Sulu Software Consultancy Limited to be wound up after finding the start-up had effectively ceased operating and was only months away from running out of money.
The petition was brought by Susan O’Neill, a shareholder, director and CEO of the company. It was opposed by fellow founder and director Luke Hudner, who held just over 25% of the shares when the petition was filed.
Mr Justice Oisín Quinn found that the company was on the cusp of insolvency, had no employees and was carrying on only minimal activity. As of October 22, 2025, it had monthly revenue of €700, monthly costs of €12,000 excluding legal and accounting fees, just under €65,000 in cash and 0.039 Bitcoin worth less than €4,000.
The judge made the order under the Companies Act provision allowing a company to be wound up where it is “just and equitable” to do so. In ordinary terms, this gives the court a broad discretion where the company’s circumstances make continued operation unfair or impractical.
The court found an irretrievable breakdown between Ms O’Neill and Mr Hudner, no realistic prospect of further investment and a degree of deadlock. All other shareholders had supported a voluntary winding-up, but Mr Hudner had been able to block the necessary special resolution.
Mr Hudner argued that the court should refuse the petition because of disputes over the acquisition of his shares, the removal of non-compete clauses and Ms O’Neill’s involvement in another start-up. He also contended that the winding-up petition was intended to frustrate separate oppression proceedings he had brought.
The judge rejected those arguments as insufficient to prevent winding-up. He found no evidence that company intellectual property, patents or other assets had been taken, and noted that any such issue could be investigated by the liquidator.
The court appointed Colin Gaynor as liquidator. It left directions concerning a statement of affairs and costs to be addressed with the parties.