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Security firm’s rescue plan costs the state €520,000

Gavin Daly - The Times

The Revenue Commissioners and Department of Social Protection are more than €520,000 out of pocket following an examinership rescue plan for Business Mobile Security Services (BMSS), a security company that worked at Shell’s Corrib gas pipeline project in Co Mayo.

IRMS assaulting campaigners on a public road in Mayo

BMSS, which trades as Senaca and Integrated Risk Management Services, sought protection from creditors after its finances were hit by the end of the Corrib project, and large redundancy costs. It has been rescued with a €75,000 injection from Scoria Investments, whose directors are London-based William Farrell and Emily Farrell.

Revenue will be repaid 10% of the €414,219 it is owed as a preferential creditor of BMSS. The department is owed just over €155,000 and will get €15,500 from the company.

Bank of Ireland will get 5% of the €287,000 it is owed as a floating charge creditor, but a separate €523,379 owed to the bank on an invoice discounting facility is being repaid in full. Unsecured creditors owed almost €683,000 by BMSS will be paid 5% of the debts. One unsecured creditor, John Murray, is owed €400,000.

BMSS was founded in 2005 by Terry Downes and Jim Farrell, two former soldiers. Downes swapped his BMSS shares for a 70% stake in Senaca in Kenya in 2013, leaving Jim and Grainne Farrell owning BMSS.

Head of IRMS, Jim Farrell infront of an appropriate sign

Posted Date: 
30 April 2017