An Irish scaffolding company wound up with debts of almost €2.4 million owed to Revenue has allegedly diverted its business to a Gibraltar-registered entity as part of an attempt to place its assets beyond the reach of creditors, it has been claimed in the High Court.
Adrian García Díaz, a liquidator appointed to Instant Upright Ltd, alleges the company – despite its winding up – has moved customer money to a bank account in the name of a Gibraltar entity, also named Instant Upright Ltd.
This week Judge Brian Cregan granted several reliefs to Bernard Dunleavy, counsel for the liquidator with Keith Farry, including an interim freezing order of the company’s assets.
The judge also granted permission for the liquidator to serve the proceedings on several defendants outside the jurisdiction, including the Gibraltar entity and named individuals the liquidator says are linked to the company.
The individuals are: Robert Stowe, with an address in Monaco, who the liquidator says is 50 per cent beneficial owner of Instant Upright Gibraltar; Andrew James Haynes of Cadiz, Spain, who the liquidator says is also a 50 per cent shareholder; Joseph Oxley of Dubai, who the liquidator says is a company director; Serge Marino of Le Cannet, France, who the liquidator says is a company director; and Graham Donald Croot of Melbourne, Australia, who the liquidator says is a company director.
Reporting on the proceedings was restricted for 48 hours to allow time for the liquidator’s lawyers in Gibraltar to make an application to the courts there for an equivalent freezing order.
In a sworn statement Díaz said he was seeking the freezing orders in circumstances where there was “a real and substantial risk” the defendants will “dissipate, conceal or remove” money in the bank account held in the Gibraltar company’s name beyond the liquidator’s reach.
Díaz said he was appointed as liquidator over the company by court order in January, following a petition by the Revenue Commissioners. He said the company is also indebted to the ESB in the sum of €30,831, RFC Security Ltd for €43,405, and Korea South East Power Co Ltd for €2.9 million.
The liquidator said he sought to obtain information from Instant Upright directors about the company’s affairs but no response was received.
The case will return next week.