Businessman Colm Wu is under scrutiny in Commercial Court for allegedly diverting funds from ten companies he controlled to meet debts and failing to maintain proper records.
Liquidators Myles Kirby and Padraic O’Malley claim that Wu engaged in reckless trading and transferred company assets to benefit himself, leading to unpaid obligations to creditors. Mr Kirby, of Kirby Healy Chartered Accountants, is joint voluntary liquidator with Padraic O’Malley, of JW Accountants, of the Clifton Court Hotel Ltd, among other companies.
From 2021 to 2023, investigations revealed approximately 1,100 money transfers between the companies, suggesting fraudulent operations while insolvent.
The liquidators estimate creditors’ claims amount to €2.2m and are pursuing orders to prevent Wu from depleting company assets or removing them from the State.
