Oman Resources wound up by High Court over £18.6m loans

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

Oman Resources Ltd was wound up by the High Court on 16 March 2015 after failing to repay £18.6m in loans. The Irish-registered mining and exploration company had interests in oil and gas projects in Turkey and elsewhere outside Ireland.

Mr Justice Paul Gilligan appointed Kieran Wallace of KPMG as liquidator after finding the company insolvent and unable to pay its debts as they fell due. The Niche Group plc had petitioned for the winding-up after four loan facilities advanced between May 2010 and April 2011 were not repaid. Counsel said Oman Resources Ltd had initially opposed the application, but the judge was informed on 16 March 2015 that it now consented to the appointment of a liquidator.

The directors were directed to file a statement of affairs within 21 days. The matter was listed for the Examiner’s Court in April.