Joe Walsh of JW Accountants has been appointed as liquidator to Emuse, which was established by Patrick Rainsford in the late 1990s
Equity investors in Dublin-based media technology company Emuse Corporation are set to lose nearly €32 million ($36.98 million) after the appointment of a liquidator to the company was confirmed.
Joe Walsh of JW Accountants has been appointed as liquidator to Emuse, which was established by former college lecturer Patrick Rainsford in the late 1990s. Mr Rainsford’s former business partner Peter Conlon, who in recent years was convicted of embezzlement in Switzerland, was also an early backer of Emuse, but he resigned from its board in 2014.
The company sold interactive software for advertising and its services were previously used in campaigns for Audi, Barbie and also for early series of the ITV production I’m a Celebrity… Get Me Out of Here! During the Celtic Tiger years, it was regularly touted as a potential candidate for a stock market flotation, but the business has been heavily loss-making for many years.
The term “Celtic Tiger” refers to the economy of Ireland from the mid-1990s to the late 2000s – a period of rapid real economic growth fuelled by foreign direct investment (FDI).
Emuse was backed by a range of wealthy foreign investors, some of whom used a network of offshore companies to hold their shares in the company. Its shareholders once included former Bank of Ireland deputy governor and Tory peer George Magan, who was discharged from bankruptcy last month, according to the UK insolvency register.
Other early investors included Andy Anson, the former Manchester United executive who is now the chief executive of the British Olympic Association. He served as a director of Emuse between 2011 and 2012.
Its backers currently include another British peer, Jonathan Marland, the former treasurer of the Tory party and one-time trade envoy for former British prime minister David Cameron. Mr Marland is now the chairman of the Commonwealth Enterprise and Investment Council.
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