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Monday 27 March 2017

Broadcaster's company had racked up debts of €355,000

Shane Phelan

Shane Phelan

LARGE debts were racked up by Gerry Ryan's company through which the broadcaster was contracted to work for RTE.

Accounts recently filed with the companies office show that Balcom Management Ltd had debts of over €355,000, which were due to be repaid to creditors this year. The accounts do not reveal to whom the money was owed or whether the debts have been met.

The 2FM presenter's wages were paid directly to Balcom, rather than into a personal bank account.

As one of the national broadcaster's top earners, his contract has been consistently worth more than €500,000 since 2002, when it was substantially increased. Its value was €630,000 in 2008 and €567,000 last year.

Mr Ryan and his wife Morah were the company's only directors at the time of his death.

The abridged accounts offer only limited information about the state of Mr Ryan's finances. They do not reveal, for example, what dividend he was paying himself from the company.

However, they do show that sums owed by the company jumped dramatically between 2008 and 2009.

Accounts for 2008 showed that sums falling due to creditors the following year totalled just €91,414. But the 2009 accounts show how debts due to creditors for 2010 totalled €355,744.



Loans

The accounts also show Mr Ryan took a series of interest-free directors' loans from the company, the total value of which came to €316,470 by the end of last year. It is not clear whether any of the money was invested in properties or other ventures.

Land registry records show no evidence of speculation, with the only property in his name being the family home in Clontarf, where he lived with his wife prior to their separation in 2008.

Three separate mortgages were taken out on the property over the past eight years, during which time the house was extended. All of the mortgages, drawn down in March 2002, December 2005 and April 2006, were with Irish Life & Permanent. The amounts borrowed were not revealed.

Yesterday's inquest verdict of death by misadventure is unlikely to have any implications for any life assurance policy's Mr Ryan may have had.

Irish Independent

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