Altada lost average of €867,000 a month in first half of 2022

His allegation is based on two claims: first, that the company was insolvent at the time the loan was secured by way of debenture against Altada’s assets; and second, that the decision was taken without the knowledge and consent of shareholders and creditors.

In the High Court in January, the Revenue Commissioners — who are owed in excess of €2 million by Altada — questioned the legality of the loan and the appointment of Nicholas O’Dwyer of Grant Thornton as receiver. After recording “large losses for every single month of 2022 without fail”, Mr Healy said the company’s “cash at bank” figure dwindled to just €16,000 at the end of July 2022, a decline of more than 99 per cent.

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