Businessman allegedly diverted money from 10 companies to pay debts, court told

It is claimed that Colm Wu left creditors of the trading companies, as well as Revenue and trade creditors, unpaid in many instances

On Monday, Mr Wu's lawyer consented to an application by the liquidators to have the case against him and the 10 companies admitted to the fast track Commercial Court list. Picture: iStock

Businessman Colm Wu was involved in a scheme to divert monies out of 10 companies he controlled to pay debts and obligations, it has been claimed in Commercial Court proceedings.

It is also claimed he had engaged in fraudulent and/or reckless trading, and had transferred assets of the companies to related companies and, in some cases, to himself.