Inquiry sought into firms linked with Poga's Wonderland

Creditors are seeking an inquiry into transactions between two companies behind the Poga's Wonderland theme park that was wound up recently with debts of almost €1.4 million.

Last week, creditors appointed accountant Mr John McStay to Poga's Wonderland Ltd, which was placed in liquidation owing €1.37 million to a group that included more than 100 young people who had been working for the theme park in Co Kildare.

The creditors also included its directors, actor Mr Bryan Murray and Ms Kathleen Lambe, and two other companies of which they are directors and shareholders, Islandbridge Productions Ltd (owed €112,000) and Toybox Productions Ltd.

The Irish Times has learned that at a meeting to appoint a liquidator to Islandbridge, which has also been wound up, creditors questioned why the directors' statement of affairs did not list Poga's Wonderland Ltd's €112,000 debt as an asset.

The directors acknowledged this as a mistake, but they said they had not included Poga's Wonderland as a debtor because it was not likely to realise anything substantial.

Islandbridge lists its principal objects as motion picture and video production. Mr Murray and Ms Lambe own the entire issued share capital of Islandbridge, Poga's Wonderland and Toybox.

Islandbridge bought equipment used in the theme park. It is understood that a number of creditors asked Islandbridge's liquidator, Mr McStay, to investigate how the companies accounted for the transactions between them.

Mr Murray yesterday told The Irish Times that he did not want to comment on the liquidation process. He added that a liquidator would investigate inter-company accounting in these situations as a matter of course.

Creditors also want Mr McStay to establish if Mr Murray and Ms Lambe gave guarantees to Islandbridge's auditors about the company's ability to continue trading when the pair signed off on its 2003 accounts last June.

The auditors, accountants Delmar Innovation, state in their report to Islandbridge's accounts for 2003, that its ability to continue trading depended on the ongoing support of its creditors, particularly its bankers and directors. "The directors expect the company to trade profitably for the foreseeable future," it says.

Islandbridge owes Mr Murray €142,405 and Ms Lambe €104,000. Of those sums, both are claiming €102,000 in unpaid directors' salaries as unsecured creditors.

This indicates that Mr Murray advanced over €40,000 to the company while Ms Lambe gave it €2,000. Mr Murray said he did not want to comment on this yesterday. Poga's Wonderland owes Mr Murray €70,788 and Ms Lambe €66,757.

Islandbridge owes Toybox Productions €37,405. Poga's Wonderland owes it €170,102. Islandbridge's statement of affairs shows it has total debts after the realisable value of its assets of €628,609. It owes seven employees a total of €62,974.