London-based GP Eugene O'Connor has been awarded compensation after winning an unfair dismissals claim against the would-be unicorn that collapsed into liquidation last year.
The founders of Altada once predicted it would be worth $1bn but instead, it went into liquidation. Now there are questions about spending at the start-up, which its founders are expected to defend.
The liquidator of the Cork-based technology company has also told creditors that settlement talks are under discussion in relation to separate proceedings.
As Judge Brian Cregan phrased it: “This is very choppy waters now, for everyone.” So what happened over the past week to bring Altada, Cometgaze, Datech, creditors, and employees into this period of squally swell?
A group of investors that includes Eddie Jordan, Elkstone, Princeton and others has edged ahead for the insolvent Cork AI firm. But staff are objecting to the deal.
In terms of value, the insolvent Cork artificial intelligence firm was described as a "melting ice cube"; without a quick sale staff will leave and there will be nothing left. But a liquidation report has raised "weighty" concerns about the company's borrowings and spending.
The buyer of loans owed by the Cork artificial intelligence start-up in receivership has a long history with the company. The move comes as bidders express interest in acquiring the business.
Just a few months after lending debt finance to Altada, a group of Irish investors have appointed a receiver to the firm. How its founders will respond remains unclear.
The Cork-based AI start-up has admitted to funding difficulties leading to staff lay-offs in recent weeks. But it is only revealing now that the investor who rescued the company from insolvency resigned as director three months ago.
To exit a 2019 examinership, cash-strapped Altada agreed to replace its co-founder Allan Beechinor with new shareholders and directors three years ago. Within months, he returned - here is how it happened.
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