Celtic Helicopters Maintenance & Services, a subsidiary of Celtic Helicopters, has been listed for strike off by the Companies Registration Office.
The subsidiary owed £192,826 (€2,448,385) to the parent company on March 31st, 2000, according to accounts of the parent company filed in late August. The parent company's accounts were filed after the CRO secured an order from the High Court compelling Celtic Helicopters to do so, the first time the CRO had taken such a move.
Companies entered on the CRO's strike-off list can be taken off the companies register if they do not file required returns within two months.
The directors of both companies are Mr Ciaran Haughey (40) and Mr John Barnicle (56). There was no comment from Celtic Helicopters yesterday.
According to Celtic Helicopter accounts, Mr Haughey and Mr Barnicle have personally guaranteed, jointly and severally, the company's loans and overdrafts. "One of the lenders to the company holds the joint and several guarantee of Charles Haughey, together with the guarantee of the company's subsidiary undertaking, Celtic Helicopter Maintenance & Services, supported by a specific chattel mortgage over that company's helicopter," the accounts state.
During the year to March 31st, 2000, Celtic Helicopters was charged £97,200 in respect of helicopter leases and £12,500 in respect of an administration fee, by Medeva Properties, a company controlled by Mr Barnicle and Mr Haughey, who are directors of the company. At March 31st, 2000, £5,144 was owed by Celtic Helicopters to Medeva Properties.
Celtic Helicopters recorded accumulated losses of £162,163 at March 31st, 2000, up from £100,015 a year earlier. It has called up share capital of £370,329. The accounts note certain company transactions have been examined by the McCracken (Dunnes Payments) and Moriarty tribunal and that an authorised officer was appointed to the company in September 1999.
"In February 1998 the Revenue Commissioners commenced inquiries into the taxation affairs of the company.
"The financial implications for the company, if any, of these matters cannot be ascertained with certainty. The directors believe that adequate provision has been made for all of the company's taxation liabilities."
The notes say any liabilities which might arise from these inquiries can be financed out of future cash flow and surplus assets.
The directors' report for the year ended March 31st, 2000, records Mr Barnicle as having 60 £1 A ordinary shares and Mr Haughey having 125 £1 A ordinary shares and 64,837 £1 B ordinary shares.
