The holding company now has a market capitalisation of just €1.1m (£910,000) and its portfolio of businesses, which was built from €85m of the proceeds from its 2007 listing on the Dublin and London exchanges, was downgraded last year to €11.2m.

The company said in a statement that it ended last year with a net asset deficit of €29m and debt owed to Anglo Irish Bank worth €39.2m; its debt facility with the bank expired at the end of 2009 and negotiations are currently ongoing to extend this.

Alongside proposing to delist its shares, due to the company not being "in a position to meet the ongoing costs arising from being quoted", it will also propose that that it changes its name to Fleming Capital, allowing former executive chairman Neil McFadden to retain the Boundary name.

The proposals will be decided upon at the company's AGM, due to be held on 30 August. Boundary Capital was not reachable for comment at the time of writing.