Bula director fails to file report on company with High Court

The remaining director of Bula Resources plc has failed to file a statement of affairs for the company as ordered by the High Court.

Mr Omar Yazigi was ordered by the court to produce the report by April 5th, 2004, but has not been in the State since the order was issued.

The official liquidator appointed to Bula on March 15th, 2004, Mr Jim Stafford, has said that as a result of his being outside the state, Mr Yazigi had practical difficulties in complying with the court order.

"Mr Yazigi has now instructed a Dublin-based firm of accountants to prepare the statement of affairs on his behalf, which he will then be in a position to swear," Mr Stafford has said in an updated statement on his website, www.liquidations.ie. "It may be some time before Mr Yazigi is in a position to provide the sworn statement of affairs."

Mr Stafford said one of the issues Mr Yazigi would have to address in the statement of affairs was the impact of certain guarantees that were purportedly provided to all of Bula's Irish incorporated subsidiaries for the year ended December 31st, 2001. Note 21 to the audited accounts of the company for the year ended December 31st, 2001, quantified these liabilities at 462,000.

Mr Stafford said he had received formal notification of claims from five creditors totalling 349,545. "I am aware of at least another 13 creditors who will have claims of at least 888,342 against the company. In addition, certain creditors of some of the Irish incorporated subsidiaries may have claims against the company in respect of guarantees."