A NUMBER of creditors have registered judgments against one of the companies in the group that publishes Business & Financemagazine.
Two creditors have this year obtained judgments totalling €41,979 against Moranna Ltd, one of the group’s operating companies. Company documents show that a third judgment for €11,380 has been outstanding since 2010.
Returns to the Companies Registration Office show that Avcom Audio Visual Communications Ltd, based in Sandyford, Dublin, obtained a judgment against the company for €34,680 in June.
On the 25th of last month, Moenste Boente, with an address in Co Kilkenny, registered a judgment for €7,299 against the company.
A third judgment against Moranna for €11,380, was obtained by Glenageary-based direct mail specialist, Sooner Than Later Ltd, in June 2010. According to Companies Registration Office filings, this has yet to be satisfied, ie paid off.
In addition, three of the group’s companies, Baal Securities, Cloughmore Media, and Moranna, have been listed for strike off with the Companies Registration Office.
Companies are normally listed for strike off for failing to file annual returns and accounts on time. A strike-off listing means that the company runs the risk of being struck off the register.
If a company is struck off, it can no longer benefit from limited liability, which exposes shareholders to potential liability for the company’s debts – which creditors can still enforce against the company.
The group publishes Business & Financemagazine, and a number other titles, including a Who's Who in Irish Business.
It also runs conferences and events and has a number of other interests.
Its parent is Cloughmore Media, of which the group’s chief executive, Ian Hyland, is a majority shareholder.
That company owns Baal Securities which in turn owns Moranna, which took over the rights to the Business & Financename in 2002, after the previous publisher of the title was liquidiated.
Mr Hyland and Paul Connolly are listed as directors of all three companies.
The group was restructured after part of it went into liquidation in 2002.
Attempts to contact a spokesman for the company yesterday were not successful.
