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

📆 2023/03/20 2:00:00
📰 businessposthq

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The directors of Altada were allegedly told to set up a new phoenix-type entity called “Altada 2” and “shake-off” unsecured creditors owed millions, according to a new affidavit seen by the Business Post.

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 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 ...

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