A liquidator has been appointed to an island-based advertising company that’s being wound up over the non-repayment of a £48,000 government loan.

The Department for Enterprise had applied for Octopus Media Limited to be wound up, claiming it is unable to pay its debts.

Octopus Media had been provided a loan in 2020 under a support scheme set up to help businesses affected by the Douglas Promenade refurbishment project - but never paid it back.

Laura Craine Watterson-Woodall was appointed liquidator and deemed official receiver by order of the court on September 2.

She has called for creditors to send in their particulars of debts or claims.

Octopus Media, based at The Park, Onchan, was incorporated in August 2006, with its joint owners and directors being Matthew Oliphant-Smith and Patricia Blackmore, of Beaumont Road, Ramsey.

It promoted itself as offering a ‘completely “Done For You” social media service’ for local Isle of Man businesses including content creation, media and print advertising, PR and marketing.

In September last year, the DfE issued proceedings against the company seeking repayment of £48,019 owed to it under a loan agreement.

The DfE had established a scheme January 2020 to allow retail and hospitality businesses financially affected by the Promenade refurbishment to apply for an interest free unsecured loan support of up to £50,000.

At the time of the loan, Octopus owned a fish and chip shop on Central Promenade. That business has since changed hands.

Judgment and execution in default was awarded in favour of the department in October last year. That judgment was in the sum of £49,107 with interest accruing at a rate of 4% per annum.

To date, no money has been recovered.

The judgment was sent to the Coroner for Middle, Kelly Sloane for execution. In February this year, she certified that she could find no land or other property which could be used to settle the debt.

In its application to have Octopus Media wound up, the DfE said that a company is deemed to be unable to pay its debts if ‘execution or other process issued on a judgment, decree or order of any court in favour of any creditor of the company is returned unsatisfied in whole or in part.’

In January this year, Companies Registry wrote to Octopus Media warning that it would struck off the register, and the company dissolved, within two months for failing to file its annual return.

Creditors of the company are being asked to send their names, addresses and particulars of their debts or claims to the liquidator LC Watterson-Woodall on or before September 26, at Ground Floor, Dorchester House, Belmont Hill, Douglas IM1 4RE.

They, or their advocates, may be required to come in and prove their debts and claims.

The Douglas Promenade Refurbishment Scheme began in November 2018 and was initially expected to be completed by April 2021.

But the £27.7m project was beset by delays and a number of defects during work. It was not completed until March 2022.