Irish in-flight entertainment firm blames coronavirus for closure

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.

Creditors agreed to the appointment of accountant Tom Murray of Friel Stafford as liquidator of Wicklow-based Mythopoeia Holdings Ltd at a meeting in Dublin's Harcourt Hotel.

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.

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Other airlines with which Mythopoeia has recently done business include St Petersburg, Russia-based Rossiya Airlines and Air Greenland.

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.

Unsecured creditors

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.