Monday, July 23, 2012

Magma Creditors to meet in Galway

Magma European Scripting House Ltd (which traded as Magma Films) has called a meeting of creditors for July 31st at 10.30am at the Carlton Hotel, Dublin Road, Galway. The intention of the directors (sic) of the company is to put it into liquidation.

Presumably a comprehensive statement of the company's affairs will be presented, with a detailed account of all amounts owed by the company and a full listing and valuation of all company assets retained or disposed of since the company's last accounts were provided to the year end 31/12/2008.

Creditors will also be paying close attention to transactions between MESH Ltd/Magma Films and related companies in Ireland, the UK and Germany, particularly where those transactions relate to the assignment of rights or shareholdings.

It will be particularly interesting to learn of the status of the multiple charges registered against the company by Anglo Irish Bank/IBRC, Millimages SA, the Irish Film Board, and Northern Ireland Screen.

I'm working on an expanded story about this for this weekend - any and all leads, comment, and factual information much appreciated.


Anonymous said...

More money down the drain, such a waste of money. I saw this on screen international yesterday [ ]where the producer says he spent 100 million here. Whos money did he spend?Where did he got it?Where are all these assets what happened them? Who owns them now? It would seem it is all subsidised money and Im sure he did well out of the 100 million himself. People are still owed money from these companies and its sad to see creditors wont get a penny apart from banks and Revenue who Im sure will get there dues. At least this will put an end to this producer sucking public money from Europe again. I noticed the company has not filed annual returns for 3 years so only he knows what has been going on. I heard the producer now lives in Germany and has set up a new company called Molten Rock.

irish film portal said...

I think that's the story prior to the company's botched creditors meeting more than a year ago.

It is a mistake to confuse corporate accountability with personal accountability - think of the situation regarding Mick Wallace TD and his company's VAT liability.

So a producer won't necessarily be tarred with their company failure. They can (and do) set up new production companies and are facilitated with grants and loans from the same sources to which the failed production companies owe money.

The rest of the info about Magma businesses and associated companies can be found here if you enter 'Magma' in the search box at the top left of this page.