It is with great sadness that we have to inform you that Let’s Run Ireland Limited, the company that operates the Tough Mudder event under licence in Ireland, will be put into insolvent liquidation.
It has been an incredibly difficult period for everyone in the event industry. COVID restrictions pushed many events scheduled for 2020 into 2021. Unfortunately, the continued disruption means many events, including Tough Mudder Ireland 2021, cannot go ahead and need to be further pushed into 2022.
We did everything we could to bring Tough Mudder to Ireland again, first in 2021 and then in 2022, but a combination of COVID restrictions and changes to the insurance market has made it impossible for us to stage the event here in the near future.
WHAT HAS CAUSED THE INSOLVENCY?
Since you purchased your ticket, the insurance industry in Ireland has been hit very hard. Primarily due to Brexit, most of the major underwriters have pulled out of the Irish market. As a result, we have been unable to secure insurance for a Tough Mudder event in 2022 or beyond, which means that we are not in a position to defer your ticket to a future event. We do not have the cash necessary to offer a full refund to all ticket holders which, without the opportunity to defer, forces us into insolvency.
WHERE HAS THE TICKET REVENUE GONE?
Pre-COVID, we had paid all booking deposits to secure the venue, event suppliers, licencing fees and marketing expenses for Tough Mudder 2020; these are not recoverable. After the costs and expenses of the liquidation, the balance of the monies remaining with the liquidator will be available to provide a dividend to creditors, which includes ticket holders. This process may take 12 months or more.
WHAT DOES THIS MEAN FOR TICKET HOLDERS?
We have coordinated with the Spartan Race Group to offer you the following options:
1) Exchange your ticket for an equivalent Tough Mudder UK Flex Ticket, which is valid for UK events in 2021.
2) Exchange your ticket for an equivalent 2021 UK Spartan Race.
If you do not request a transfer to a UK event, you’ll be contacted by the liquidators after 14th July and can request to be listed as a creditor. Once the legal process completes, any funds remaining in the company will be used to pay a dividend to creditors. At this point, we do not know what the dividend will be.
As the company is now insolvent we cannot make any payments to any class of creditor. You will in due course receive notice of the meeting of creditors to be held. Subsequent to the creditors meeting the appointed liquidator will be in contact with you to set out your claim against the company in liquidation.
Once again we would like to thank you for your incredible support over the years – it’s a sad day for our team and the Tough Mudder community in Ireland. We tried so hard to bring Tough Mudder events back to Ireland and know how disappointed you will be.
We’d like to give a special thank you to all the volunteers, sponsors and participants who played a part in making Tough Mudder Ireland so special over the past 4 years.
Regards
Let’s Run Ireland