Irish in-flight entertainment firm blames coronavirus for closure
Mythopoeia directors say halt in new orders from airlines one of the reasons for wind-up
Mythopoeia fitted in-flight entertainment systems for airlines. iStock
The coronavirus has been blamed for the failure of an Irish in-flight entertainment systems supplier that went into liquidation on Wednesday owing creditors almost €5.3 million.
Those attending the meeting reported afterwards that directors listed a halt in new orders from airlines, following the coronavirus outbreak, as one of the reasons that the company was forced to wind up.
Mythopoeia fitted in-flight entertainment systems for airlines. Customers included Mexican carrier VivaAerobus, whose investors include members of Ryanair founder Tony Ryan’s family.
A statement of affairs shows that it owes creditors €5.285 million while the assets are estimated to make €600,000, leaving the business with a shortfall of €4.685 million.
According to the figures, unsecured creditors are due €5.25 million. The biggest of these is Wellbeing Financial Services Ltd, owned by Mythopoeia investor and director Maurice Mason, which is due almost €2.2 million.
Martin O’Malley, another shareholder and director, is due €242,752, while the company owes €501,840 to VivaAerobus and €489,855 to Rossiya Airlines.
Trade creditors are due about €3 million of the total. These include AIB Finance and Leasing, owed €69,000, lawyers William Fry, due €14,760, and aircraft maintenance specialist SR Technics, which is owed €361,117.
Five workers – classed as preferential creditors, which means they are entitled to be repaid before unsecured debts – are due more than €15,700. Mythopoeia owes the Revenue Commissioners €13,000 in income tax and social insurance.
Accounts for 2018, the last year for which figures are available, show that Mythopoeia Holdings had accumulated losses of €4.2 million.Wellbeing Financial Services was due €900,000 on December 31st, 2018, according to those accounts, while the company owed directors €200,000.