Volvo Race finale firm writes off €1m in debts

The company behind the 2012 Volvo Ocean Race finale in Galway has written off more than €1 million in debts owed to businesses that provided services for the

event.

Let's Do It Global Limited, which organised the race finale three years ago, reported the write-down in its latest accounts filed to the Companies Registration Office (CRO).

The accounts for the year ending March 31st, 2014, include an exceptional item resulting in an adjustment to the firm’s profit and loss account of €1,055,174.

“During the year the company came to an agreement with its trade creditors to write off the balance due to them as not payable totalling €1,055,176,” the document notes.

The directors of the company are businessmen and sailing enthusiasts John Killeen and Enda O'Coineen.

The finale of the global sailing event was reported to be worth €60 million to the regional economy and attracted up to 500,000 visitors to Galway during the nine-day festival, according to a report compiled by NUI Galway.

Controversy followed as it emerged a large number of businesses were not paid for services they provided to the organisers during the event. Subvention was subsequently sought from Government agencies to pay some of the suppliers left out of pocket.

Subsidiary companies

Documents filed by Let’s Do It Global Ltd include an update on events that have occurred since the end of the financial year covered by the accounts. This concerns the status of Event Explorer Ltd and Let’s Do It Green Ltd, subsidiary companies owned by Let’s Do It Global Limited. “On May 5th, 2015, Event Explorer Limited called a creditors meeting and was put into voluntary liquidation. The directors of Let’s Do It Green Limited have indicated they will apply to have the company wound up and struck off the company register in the near future.”