tag:blogger.com,1999:blog-8438091720222629659.post1239526346900011449..comments2022-03-25T02:25:20.797-07:00Comments on Irish Film Portal: Magma Creditors to meet in GalwayUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-8438091720222629659.post-33810200852131370372012-07-24T04:51:08.213-07:002012-07-24T04:51:08.213-07:00I think that's the story prior to the company&...I think that's the story prior to the company's botched creditors meeting more than a year ago.<br /><br />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.<br /><br />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.<br /><br />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.irish film portalhttps://www.blogger.com/profile/07770621729947819014noreply@blogger.comtag:blogger.com,1999:blog-8438091720222629659.post-35607827246123250382012-07-24T03:35:08.709-07:002012-07-24T03:35:08.709-07:00More money down the drain, such a waste of money. ...More money down the drain, such a waste of money. I saw this on screen international yesterday [http://www.screendaily.com/news/uk-ireland/troubled-magma-looks-set-to-appoint-a-liquidator/5024858.article ]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.Anonymousnoreply@blogger.com