The Hon. Mr Justice Ground ordered the winding up of CTRAK Ltd., TBL Ltd., and Compuguide Ltd.

He also awarded legal costs against the companies' directors, Mr. Thomas Burns, Mr. Richard Burns and Mr. Christopher Donnachie.

They should pay from the time they signalled opposition to winding up the firms, said Mr. Justice Ground.

His ruling followed fierce clashes over costs between the directors' lawyer Mr. Julian Hall and Mr. Alan Dunch.

Mr. Dunch was representing the UK's Dominion Group and its bankrupt subsidiary Sarnia Mutual Investments Ltd.

Sarnia was an investor in CTRAK and TBL, and has sought to recover money from the companies.

Meanwhile, a date has to be fixed for a hearing on the winding up of the two other companies in the troubled group -- Televest and Telecheck Holdings Ltd.

It is thought it will start either at the end of April or beginning of June.

The Supreme Court placed Televest and the four related companies into provisional liquidation last year.

Televest -- owned by Telecheck Holdings Ltd. -- offered annual returns of seven to nine percent on purchases of preferred shares.

Preferred shareholders are those who have chosen to receive a fixed return on their investment -- regardless of the company's performance.

This contrasts with ordinary shareholders whose dividends fluctuate with the company's profitability.

Telecheck operated the Signature and Travel Card credit cards and provided a cheque authorisation service.

At yesterday's Supreme Court hearing Mr. Hall said petitions to wind up CTRAK, TBL, and Compuguide would not be opposed.

Mr. Dunch immediately asked for costs to be awarded against the firms' directors.

He said a week of the court's time had been taken up because of the directors' opposition to the winding-up petitions.

It was only at 9.41 a.m. yesterday Mr. Hall formally announced withdrawal of that opposition, said Mr. Dunch.

"There has been a horrendous waste of court's time and it has all been as a consequence of a frivolous attempt on the part of these three directors to contest the petitions that on the face of it ought not to have been contested in the first place.'' Mr. Dunch said the directors should pay the price for an abuse of the legal process.

And he called for costs to be awarded on a "solicitor/client'' basis.

Legal sources later told The Royal Gazette this would allow for a "more generous scale of costs''.

Mr. Dunch also told the court he had heard Mr. Donnachie was "about to leave the jurisdiction''.

"I understand he is in the process of disconnecting himself from our jurisdiction.'' Mr. Hall said he had been taken "completely by surprise'' by Mr. Dunch's bid for costs on a "solicitor/client basis''.

He said there had only been "limited opposition'' to the winding-up petitions for CTRAK, TBL, and Compuguide -- describing the companies as "dormant''.

The directors main focus of concern was Televest and Telecheck.

He said petitions to wind these two companies up were still being "vigorously and strenuously opposed''.

Mr. Hall accused Mr. Dunch of seeking "back door payment'' by applying for costs.

He said Mr. Dunch was worried about his law firm, Appleby, Spurling & Kempe, not being paid.

Mr. Justice Ground, however, directed costs be awarded against the directors of CTRAK, TBL, and Compuguide on a "solicitor/client'' basis -- from the time they opposed the petitions to wind up the companies.

Mr. Alan Dunch Mr. Julian Hall