Revenue to challenge legality of €500,000 loan to Cork-based AI firm Altada

If Revenue is correct in its contention that the €500,000 loan is unlawful, the appointment of a receiver over the Co Cork company in November 2022, on foot of a petition from four lenders, would also be invalid, court heard

Allan Beechinor is chief executive and founder of Altada Technology Solutions.

The Revenue Commissioners plans to bring a court application challenging the legality of a €500,000 loan made to troubled artificial intelligence firm Altada when it was allegedly heavily insolvent.

The High Court heard on Monday that Revenue continues to be concerned about the September 2022 debenture, whose terms stipulated it was to be repaid to the four lenders within eight months along with an additional €500,000 “premium”.