Ocean race firm set to sink with €500k debts
A liquidator is set to be appointed this week to a company involved in bringing the Volvo Ocean Race to Galway, which had debts of almost €500,000
A creditors’ meeting has been called for LDIG Management Ltd – which is a subsidiary of Let’s Do It Global Ltd, the company which brought the race finale to the city in 2012.
A note included in the most recently-filed accounts for LDIG Management (for the year ending March 2013) declares that despite a deficit of almost €330,000 in accounts, the director of a related company had committed to clearing the debts.
However, last May, the parent company accounts declared that debts of more than €1 million had been written off.
LDIG Management was set up in March 2010 by Czech national Richard Klecka, along with Dermot Doyle with an address in Luxembourg (both listed as management consultants) and Galway-based engineer Tom Ryan.
The current directors of the company are listed as Mr Klecka and Neil O’Hagan from Dublin.
According to the accounts, the company had debtors of almost €157,000, and owed creditors almost €495,000, with an overall deficit in funds of almost €330,000. Trade creditors are owed €155,000, while ‘other creditors’ are owed almost €340,000.
“The company has received confirmation from a director of another group company that he will offer assistance to the company to enable it pay its debts in full,” a note on the accounts reads. However, the director is not named.
OnTuesday, a creditors’ meeting will take place in Dublin, at which it will be proposed that Darren Flanagan of DMFN be appointed liquidator.
LDIG Management is a subsidiary of Let’s Do It Global, which noted in its most recently-filed accounts that “during the year the company came to an agreement with its trade creditors to write off the balance due to them as not payable totalling €1,055,176.”
Galway businessmen Enda O Coineen and John Killeen are the current directors of the parent company.