Altada liquidator alleges private investors urged company to ‘burn’ creditors owed €10m

The directors of the Cork-based tech firm were allegedly told to set up a new phoenix-type entity called ‘Altada 2’ and ‘shake-off’ unsecured creditors owed millions

Allan Beechinor and Niamh Parker, co-founders of Altada: a liquidator’s report quoted in the High Court last week stated that an employee of the company sent an email to a company formation agent in Malta at the same time that the company was under increasing financial pressure. Picture: Clare Keogh

In October last year, as Altada was under increasing financial pressure, an employee at the tech firm sent an email to a company formation agent in Malta, according to a liquidator’s report filed in the High Court last week.

“We wish to expedite the set-up of a new company (entity) formation in Malta. This needs to be set up in the quickest time possible. Re: Holding structure to benefit from 5 per cent tax we ...