A High Court judge has granted a petition brought by a 78-year-old Irish woman, to wind up an Irish firm owned by a collapsed German property company.
Mr Justice Brian O'Moore made the order in relation to MUT 103 Limited, based in Naas, Co Kildare, which was linked to the German Property Group (GPG) formerly known as Dolphin Capital.
He said on the evidence before him MUT 103 was "plainly insolvent" and around €107m is still outstanding to Irish investors in GPG.
The judge said his decision was influenced by the fact that investors had been continually reassured since July 2019, that the sums advanced by MUT 103 were fully secured but further information in an options paper circulated five days ago, described a "much more insecure position".
The petition was brought by Kathleen Dineen from Ballincollig in Cork who says she is owed €135,000 including €8,000 in interest.
Her Senior Counsel, Bernard Dunleavy, said Mrs Dineen, who has multiple sclerosis, had been "consistently fobbed off" when she sought repayment of her investment.
It was due to be repaid in February last year.
MUT 103 wanted her petition to be dismissed, adjourned or a stay put on it.
The company's senior counsel, Peggy O'Rourke said there was a very complicated process involved and creditor meetings of Irish loan note holders to assess future options could start soon.
But Mr Justice O'Moore said there was no credible basis to dismiss Mrs Dineen's petition.
If he did that, he said the current unsatisfactory situation would continue indefinitely.
He said the validity of the company's security was under threat and enforcement of security over assets "may not be plain sailing".
He appointed Myles Kirby as liquidator of the company.
The court has previously heard that the GPG collapsed last year after taking more than €1 billion from investors in Ireland, the UK, Asia and elsewhere.
Money had been raised from almost 2,000 Irish investors for the purpose of buying and renovating listed buildings in Germany, with promises of annual returns of as much as 15%.