software to operate international futures trading on computers, have put the company into liquidation.

It is understood that approximately $1.7 million is owed to an estimated 30 to 40 creditors.

Both Mr. Michael Naess, who was chairman of the company, and Mr. David Thompson, who was a director, resigned from Intex in February, leaving the company without any Bermuda representatives.

The number of directors is now at just three, down from six, and the local office that was based in Warwick has shut down altogether.

A meeting of creditors is scheduled for May 8 at 4.30 p.m. at the offices of Conyers, Dill and Pearman, when a liquidator will be appointed. It is understood that Mr. David Anfossi, of Anfossi & Butterfield, is being proposed as the liquidator.

Proofs of debt are required to be filed by the close of business the day before the meeting, which is expected to determine the exact number of creditors and the amount owed.

It is understood that the pool of creditors are owed about $600,000, while Intex noteholders are owed $1.1 million.

The current acting chairman of Intex, Mr. Max Lewinson, based in London, could not be reached yesterday. Two months ago, he said he hoped the company could avoid liquidation, but that it was a possibility.

He said Intex was involved in financial negotiations that might have pulled the company out of its troubles.

"We are involved in financial negotiations which may or may not work out,'' Mr. Lewinson had said. "If they do work out, there is the possibility of additional benefit to the company.

"We may have a bright future, but we may have no alternative but to go into liquidation.'' Mr. Thompson, who ran Intex out of Mr. Naess' Shipping Development Co. Ltd.

offices, would only say he resigned from the company because of "pressing commitments''.

Intex has been plagued with trouble since 1989 when it claimed it was double-crossed by its Wall Street partner, Telerate, which is about to begin a foreign exchange matching service with direct dealing facilities.

Intex claimed that Telerate not only broke its 10-year agreement with Intex, but is now about to start up a futures trading business that Intex developed the technology for.

Telerate, the large financial information business owned by Dow Jones, has signed a letter of intent with Tokyo-based Minex Corporation, which was set up this year to provide a global foreign exchange transactional service.

Dow Jones and Telerate are to become one of Minex's three largest shareholders, and plan to provide a foreign exchange matching service, plus a new Minex service with automated order matching capabilities and direct dealing facilities.

But Intex in 1989 said it signed a ten-year contract with Telerate to develop automated trading systems for major futures markets. Intex argued it had spent eight years developing the necessary software for international futures trading before signing a contract with Telerate.

Before the venture could get underway, Telerate backed out of the agreement a short time after signing the contract, Intex said.