CALYPSO PRODUCTIONS, a theatre company renowned for its politically and socially-engaged plays, has gone into liquidation.
A meeting of creditors yesterday was told that the company had no option but to voluntarily follow this course. Eamonn Leahy of Leahy Co Chartered Accountants was appointed as liquidator with immediate effect.
A statement of affairs showed that the company’s debts amounted to €103,767. The company has 21 creditors.
Founded in 1994, Calypso Productions specialised in plays exploring social and political issues. Actor Donal O’Kelly was instrumental in its founding, and its board members include the artist Robert Ballagh.
When contacted by The Irish Times, Mr Ballagh said he felt the company could have been saved, and he was disappointed Calypso didn't get more help from the Arts Council.
“Calypso was notified that they were to get €350,000 from the Arts Council for 2009. Then, like all theatre companies, we were told that the offer had to be withdrawn and renegotiated because of cutbacks.”
A spokesman for the Arts Council said that it did not comment publicly on individual cases but that the council was very aware of its responsibility to get value for money.
Applicants for funding needed not only to have an excellent programme, but to have the capacity to implement and deliver on that programme, the spokesman added.
The company was represented yesterday by board member Tony O’Dálaigh, former director of the Dublin Theatre Festival and a well-known figure in the theatre world.
He told The Irish Timesthat the company was having problems when he was invited on to the board in February 2008. "It's unclear whether it was a case of too many shows, or a dip in box office receipts."
He said the Arts Council withheld funding for 2009. “They looked at the level of debt, and realised that it wasn’t feasible for the company to recover.”
Preferential creditors include former artistic director Bairbre Ní Chaoimh and the Revenue Commissioners, which is owed almost €10,000.
The biggest non-preferential creditor is Bank of Ireland, which is owed more than €34,000 in loan repayments. Other creditors include Gerry Lundberg PR, accountancy firm RFK Spicer, and the Arts Council.
The liquidator confirmed yesterday that the company had no assets or cash, and would be unable to meet the debts owed to preferential and non-preferential creditors.
