[EVENT] Tri-Athy News

sconhome · 05-02-2015 11:01am #1

A bit of an unusual situation here hopefully it doesn't turn out to be the loss of a great event:

http://m.independent.ie/business/irish/athy-triathlon-will-go-ahead-despite-company-being-struck-off-director-30964902.html

No legal expert but I wonder how the event is going ahead if the company that organises the event is gone. Anyone know the behind the scenes stuff?

boysinblack · 05-02-2015 11:24am

Dosent sound good, only signed up recently! Hope my money is safe

Kurt Godel · 05-02-2015 11:38am

Not good- the T&C when you sign up are now void. I've been trying to cancel my Double Oly entry for a while; no response to email. Entry is still open on the website- very hard to know what you're paying for now.

gerfmurphy · 05-02-2015 11:46am

boysinblack wrote: »

Dosent sound good, only signed up recently! Hope my money is safe

+1
did the 50/50 so its not alot.
They had an insurance option seemed a bit odd but I guessed it was for so act of God type cancellation.
I like the atmosphere in Athy so it would be a pity to see it cancelled

Oryx · 05-02-2015 12:04pm

No company returns sent in to the cro since 2012

Chartsengrafs · 05-02-2015 12:52pm

Oryx wrote: »

No company returns sent in to the cro since 2012

Ffs. I've paid up for the sprint as it's NS and was really hoping for a podium/top 50 this year.

Oryx · 05-02-2015 12:54pm

I was in for the double oly too, if its gone, I'll have to look for another half to do.

tunney · 05-02-2015 12:56pm

I'm told by a reliable source that the event will go ahead.

Chartsengrafs · 05-02-2015 1:38pm

The organiser just mentioned on FB that a change to the run course will be announced shortly. Good news in that it sounds like business as usual, also won't have to do that old run course! Hopefully be less congested.

sconhome · 05-02-2015 1:40pm

tunney wrote: »

I'm told by a reliable source that the event will go ahead.

Of course nothing to stop a management buyout of the event from the dissolved /dissolving company either if there is a liquidation of assets. There is too much interest in the event for it to be allowed go so you could be confident that something is being worked out where possible.

Good luck to the organisers.

plee · 08-02-2015 6:57pm

Interesting scenario how professional organisers can dissolve a company for an 'ongoing' business - TriAthy Limited CRO Ref. 437781 - Registered on 11th April 2007 in advance of first triathlon in Athy and now dissolved on 28th January, 2015, with an outstanding Annual Reurn due since 11th October 2013!

By my guesstimate company would turn c. 140,000 euro per annum - 100k fees from participants and 40k in sponsorship (Failte Ireland, Waterways Ireland, Local Authority, Product Placement, etc).

Cost to run event - c. 30k per annum

One wonders why the Directors (an accountant and a solicitor) would decide to dissolve a successful company with over 100k gross profit every year at their disposal...
Arthur Lynch - Accountant per LinkedIn
Angela Lang - Solicitor per LinkedIn

What will be the future for Tri Athy and related events from the same team - Swim Athy and Stone Mad Ultra?

Podge83 · 08-02-2015 7:26pm

The TriAthy race is an asset of the Company, not the Company.

As an asset someone else can take the race over, whether that's a shadow of the previous company or a totally new operation altogether. Usually the assets would be sold off to pay off the bills of (or part of) the old company.

I wouldn't be rushing to enter till things are made more certain though

mossym · 08-02-2015 7:58pm

plee wrote: »

Interesting scenario how professional organisers can dissolve a company for an 'ongoing' business - TriAthy Limited CRO Ref. 437781 - Registered on 11th April 2007 in advance of first triathlon in Athy and now dissolved on 28th January, 2015, with an outstanding Annual Reurn due since 11th October 2013!

By my guesstimate company would turn c. 140,000 euro per annum - 100k fees from participants and 40k in sponsorship (Failte Ireland, Waterways Ireland, Local Authority, Product Placement, etc).

Cost to run event - c. 30k per annum

One wonders why the Directors (an accountant and a solicitor) would decide to dissolve a successful company with over 100k gross profit every year at their disposal...
Arthur Lynch - Accountant per LinkedIn
Angela Lang - Solicitor per LinkedIn

What will be the future for Tri Athy and related events from the same team - Swim Athy and Stone Mad Ultra?

ah yes, newly registered username, lots of info on the company.

hidden agenda maybe?

griffin100 · 08-02-2015 8:42pm

Limited companies are dissolved all the time for various reasons. Perhaps the owners wanted to revert to sole trader status. At the end of the day you don't need a company to run a race. If you're really interested in their t/o and profit get a copy of their annual accounts, they're publicly available (edit: or they should be from 2012 if that's last when they made a submission).

Kurt Godel · 08-02-2015 9:05pm

griffin100 wrote: »

Limited companies are dissolved all the time for various reasons. Perhaps the owners wanted to revert to sole trader status. At the end of the day you don't need a company to run a race. If you're really interested in their t/o and profit get a copy of their annual accounts, they're publicly available (edit: or they should be from 2012 if that's last when they made a submission).

This isn't a dissolution, its a strike-off.

You don't need a Company to run a race, but you need a system of accountability in place to know where your entry fees are going. At the moment, entries are still open, and TriAthy is still operating under the auspices of their Company, which they shouldn't be doing.

griffin100 · 08-02-2015 9:25pm

Kurt Godel wrote: »

This isn't a dissolution, its a strike-off.

You don't need a Company to run a race, but you need a system of accountability in place to know where your entry fees are going. At the moment, entries are still open, and TriAthy is still operating under the auspices of their Company, which they shouldn't be doing.

Oops, wasn't paying attention, I assumed a voluntary strike off / dissolution.

So who exactly are TI dealing with with regards to this race? If the company is gone what is now in place to ensure TI's quality requirements are met?

MD1983 · 08-02-2015 10:15pm

it was an involuntary strike-off for not filing annual returns and accounts with the CRO, quite common really. the company can be restored if it brings its records up to date. sometimes it suits the participators in the company to let the company be struck off as it avoids the hassle of having to wind it up yourself. it would also cost a nice bit now to restore it as the company accounts would no longer be audit exempt etc

michael noonan is now the proud owner of triathy

plee · 08-02-2015 11:23pm

Great to get some knowledge of actually what this all means. No agenda here except that read story in paper and trying to piece it all together from what one can get freely on the net. As a member of a local running club, we were interested in taking part and worry that of we all apply will our fees similarly be 'dissolved' before the race happens!

One would also wonder whether suppliers will be affected?

Claude Burgundy · 09-02-2015 11:25am

Costs of just 30k for the event..........that's laughable:D

Tri Athy will 100% go ahead in 2015.

strewelpeter · 09-02-2015 4:44pm

Claude Burgundy wrote: »

Tri Athy will 100% go ahead in 2015.

tunney wrote: »

I'm told by a reliable source that the event will go ahead.

Sounds good but they will need to communicate appropriately and quickly to clarify the situation before numbers fall off and exacerbate the situation for them.
I expect the number of new signups will be limited to people who have missed this in the news and those who paid half will hold back on paying the rest of the entry which is due in a few weeks time.

tunney · 09-02-2015 5:11pm

strewelpeter wrote: »

Sounds good but they will need to communicate appropriately and quickly to clarify the situation before numbers fall off and exacerbate the situation for them.
I expect the number of new signups will be limited to people who have missed this in the news and those who paid half will hold back on paying the rest of the entry which is due in a few weeks time.

I have mentioned the need for timely communications to my source.

Officer Giggles · 10-02-2015 5:24pm

tunney wrote: »

I have mentioned the need for timely communications to my source.

Just got an email from triathy telling me how they're nearly fully subscribed but not a word about the recent trouble they've been in

MojoMaker · 12-02-2015 3:31pm

Really? There were taking registrations up to May last year so is it massively more popular this year or have the numbers been cut?

Officer Giggles · 12-02-2015 3:40pm

MojoMaker wrote: »

Really? There were taking registrations up to May last year so is it massively more popular this year or have the numbers been cut?

Well just cause they said it doesn't mean it's true I suppose

Claude Burgundy · 12-02-2015 4:43pm

I'd say at this stage its at about 60% capacity. From what i've been told entry is going well and on track to sell out again.

Oryx · 12-02-2015 4:54pm

Why are there no emails winging around explaining the state of play re the company strike off? Who is actually running the show now?

Kurt Godel · 12-02-2015 5:00pm

Oryx wrote: »

Why are there no emails winging around explaining the state of play re the company strike off? Who is actually running the show now?

+1 Who is now responsible for insurance, bank accounts, course safety, etc. ?

I've gotten no response in over 4 weeks to any emails I've sent looking for a refund (as per the T&C on signing up).

Claude Burgundy · 12-02-2015 5:06pm

Kurt Godel wrote: »

+1 Who is now responsible for insurance, bank accounts, course safety, etc. ?

I've gotten no response in over 4 weeks to any emails I've sent looking for a refund (as per the T&C on signing up).

I have no idea, i only know about my area of involvement with the event.

boysinblack · 12-02-2015 5:39pm

Strangely the best way to contact these guys is through Twitter. The guy who runs it is very timely in his responses to queries!

MojoMaker · 12-02-2015 11:34pm

Good to hear. The organising committee have been very slow in the past to send out prizes and much longer than any other race to update NS points, so at least it's consistent I guess

plee · 14-02-2015 3:33pm

Just found interesting article in the local paper
'Triathy floundering'- Kildare Nationalist- Tuesday, 10th Feb...

SPECULATION is rife about the future of TriAthy, the prestigious event that attracts thousands of people to the south Kildare town every year. This year’s event, planned for 30 May, will go ahead, but a lack of clarity on the reasons for the dissolution of the company that runs the event is leading to speculation about its long-term future.

TriAthy Ltd, which was set up to run the event, was dissolved on 28 January.

The Companies Registration Office website shows that the company submitted a B10 Form on 26 January 2015. This form notifies the office of a change in director or secretary. The website also notes that the company was then dissolved on 28 January. However the reason for the dissolution remains a mystery after director Arthur Lynch declined to comment on the reasons for the change in status of the company.

Speaking to the *****Kildare Nationalist******** on Monday morning Mr Lynch, who along with his partner Angela Lang, was a director of Triathy Limited said: “I won’t comment on that aspect of things but I can confirm that the event is going ahead on 30 May and everything we are doing right now is to ensure that the event is a success and is bigger and better than ever.”

When it was put to Mr Lynch that patrons signing up for the event would like to have assurances that the company was secure from a corporate governance perspective Mr Lynch said: “The event will be stronger and more professional and I can assure patrons that the most positive event that has ever come to Athy will go ahead again this year. TriAthy was started nine years ago and has been delivered every year since then and this year will be exactly the same.”

Reports on social media suggested that the company has an outstanding tax bill dating back to 2013 and Mr Lynch denied knowledge of this and he said: “I have nothing to say about that.”

Cllr Mark Wall said that he is concerned about what he has heard in recent days. “TriAthy has been a tremendous asset to Athy and it has been great for showcasing Athy due to the number of people it brought to the town. I hope TriAthy goes ahead in 2015 and over the years ahead. However I would have concerns for the future of the event and I hope those concerns are allayed and that the event can continue.”

786 entrants had signed up for TriAthy 2015 up to Monday last. Competitors can compete as either an individual or as a group relay across four events Try, Sprint, Olympic and Double Olympic Triathlon events.

Almost 2,000 people took part in last year’s event.

I see from the Tri Athy website that they are up to 830 entries from last night and wonder who's in charge now- Is it still with Lynch & Lang?

Also, any news on the Swim Athy or Stone Mad Ultra which all take place in Athy?

At least the Athy Duathlon - which is organised by the local Triathlon Club appears to be taking place tomorrow Sunday!

[EVENT] Tri-Athy News

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