Collapsed clothing group 'real controller' allegedly used €1m to buy two Thai villas
A clothing group, which is in liquidation, was allegedly stripped by a shadow director of more than €1 million to buy two luxury holiday villas in Thailand while it was in a precarious financial position, the High Court has heard.
The Born Clothing group of companies, which had 15 shops around the country, went into liquidation with debts of €7.82 million, including €2.2 million owed to Revenue.
John Curley, who the court heard was previously the life partner of Born's sole director, Joan Lynch, claimed the company entered into a voluntary co-investment arrangement with him to buy the Thai properties, and it was "not a passive victim" of this.
The properties were put in his sole name, and he claimed he invested €220,000 and was entitled to a 30 per cent share in them.
His claims are strongly disputed by joint liquidators David O'Connor and Ian Barrett, who were appointed by the court in May.
On Friday, Judge Brian Cregan granted Lyndon MacCann, for the...
We've summarized this news for a quick read. If you're interested, you can read the full article here:
