Former 'BF' publisher ceased trading with debts of €500,000

MORANNA LTD, which used to publish Business & Financemagazine, ceased trading early last year owing more than €500,000 to its preferential creditors.

DCA Accountants Business Advisors wrote to Dublin city’s sheriff’s office last November saying Moranna was not in a position to repay any more of its non-preferential creditors. DCA was engaged by Moranna two years ago to handle Moranna’s restructuring process.

The letter said Moranna owed the following estimated debts: €300,000 to Bank of Ireland Finance; €142,000 to the Revenue Commissioners; €67,000 to Bank of Ireland and €25,000 to the Department of Trade and Enterprise. The letter also said Moranna had filed a cessation of trading form with Revenue Commissioners to formalise this situation.

Shareholder and director Ian Hyland said: “The overwhelming majority of all creditors of the Moranna Ltd business have agreed on the resolution of any debts including any which were subject to judgment.”

Mr Hyland said this included “full discharge” of all monies owed to the Revenue Commissioners and Moranna’s banks over “an agreed period”.

He said Moranna had not traded since early 2011 and had deregistered for tax purposes. It would be “a few more months” before all issues relating to “the old business” would be finalised, including “a conclusion to any outstanding negotiations”.

Mr Hyland said a company called F5 Communications (Ireland) Ltd had been publishing Business & Financesince the beginning of 2011. In 2008 Mr Hyland set up a company called Elevation Media, a holding company for F5.

In addition to publishing Business Finance, F5 operates a number of activities in the US.

Business & Finance Media Group said yesterday it would publish Doing Business in Ireland 2012, in association with IDA Ireland, to be distributed on Ireland Day 2012 at the New York Stock Exchange on March 19th.