Revenue Commissioners target more Dublin firms controlled by businessman Colm Wu
Report says he ‘may not have a complete grasp on his directorial duties and obligations’
The Revenue Commissioners has tightened the screws on Chinese businessman Colm Wu, as it seeks to have two more companies in his sprawling empire wound up.
The Revenue also petitioned last year to have a slew of other firms controlled by Ireland-based Mr Wu wound up.
Two of those firms – including one behind the Mulligan & Haines gastropub in Dublin city centre – subsequently entered examinership.
An independent expert report prepared for the examinership found that Mr Wu – also known as Guoqing Wu – “may not have a complete grasp on their directorial duties and obligations” and that a number of “serious issues” had been identified.
It emerged that neither of the bar premises was operating with a valid liquor licence
The latest firms to face being wound up are Merrion Court Capital Ltd and Abbey Celtic Café Ltd. The petitions from the Revenue are due to be heard in the High Court later this month.
Merrion Court Capital was placed into receivership in 2021 by Apex Corporate Trustees in the UK, pursuant to powers contained in a 2017 mortgage debenture. The receivership ended in early 2022.
The charges held via the 2017 debenture by Apex over Merrion Court Capital included those over 58-59 Middle Abbey Street in Dublin. The receiver put that property up for sale in 2021 via Knight Frank with a €2.5m guide price.
Accounts for Merrion Court Capital haven’t been filed at the Companies Registration Office since early 2022.
Abbey Celtic Café was also previously placed in receivership in 2021 by Apex. Abbey Celtic Café controlled 38-39 Upper Abbey Street. That property was also put up for sale later that year.
The two firms owned by Mr Wu which are currently subject to examinership are Castor Ventures Ltd, which operates the Mulligan & Haines pub, and Mulligan & Haines Hospitality Ltd, which despite its name operates The Lock Keeper bar and restaurant in Ashtown, Dublin. The pubs employ a total of 57 staff.
The examiners are John Healy of Kirby Healy Chartered Accountants and Joe Walsh of JW Accountants. They were appointed in November.
It emerged then that neither of the bar premises was operating with a valid liquor licence. The Mulligan & Haines premises had not had use of one since September 2021 and the Ashtown premises since September 2023.
A report presented to the Circuit Court in December noted that Castor Ventures had a “poor historical record” with the Revenue Commissioners and that resulted in the winding up petition being filed by Revenue in September.
Revenue is owed €512,000 by Castor Ventures Ltd and an additional €787,000 by Mulligan & Haines Ltd.
The report presented to the Circuit Court also noted that “certain payments have been made out of the company [Castor Ventures Ltd] bank account, that do not appear to relate to the company, since the commencement of the protection period.”
A new chief operations officer was overseeing the two venues, which the examiners said in December would “assist with the strengthening of corporate governance issues”.