Instant Upright Ltd, an Irish scaffolding company wound up with nearly €2.4 million in debts owed to the Revenue Commissioners, allegedly diverted its business and customer payments to a Gibraltar-registered entity of the same name to place assets beyond creditor reach.
The Bottom Line
- Asset Diversion Allegations: The court-appointed liquidator claims customer funds were funneled into a Gibraltar bank account held by an identically named entity while the Irish firm was in liquidation.
- International Legal Reach: The High Court granted an interim freezing order and permitted legal service across multiple foreign jurisdictions, including Monaco, Spain, Dubai, France, and Australia.
- Cross-Border Complexity: Modern business operations, digital banking and cross-border corporate structures complicate efforts by liquidators and creditors to trace money.
High Court Freezing Orders and International Defendants
Judge Brian Cregan granted an interim freezing order over the company assets following an application by Bernard Dunleavy, counsel for the liquidator Adrian García Díaz, with Keith Farry. The court also permitted the liquidator to serve legal proceedings on several individuals and corporate entities outside the Irish jurisdiction. Reporting on the court proceedings was temporarily restricted for 48 hours to give lawyers in Gibraltar time to secure an equivalent freezing order in local courts.
In a sworn statement, liquidator Adrian García Díaz stated there was a real and substantial risk that the defendants would dissipate, conceal, or remove funds held in the Gibraltar entity’s bank account. Díaz was appointed liquidator in January following a petition by the Revenue Commissioners. Alongside the tax debt, court filings show the company owes €30,831 to the ESB, €43,405 to RFC Security Ltd, and €2.9 million to Korea South East Power Co Ltd.
Global Footprint of the Gibraltar Entity
The liquidator identified multiple individuals linked to the Gibraltar-registered Instant Upright Ltd. According to court filings, the individuals named in the proceedings include Robert Stowe of Monaco, who the liquidator says is 50 per cent beneficial owner, and Andrew James Haynes of Cadiz, Spain, who the liquidator says is a 50 per cent shareholder.
Additional defendants named include Joseph Oxley of Dubai, Serge Marino of Le Cannet, France, and Graham Donald Croot of Melbourne, Australia, who the liquidator says are company directors. The liquidator stated that he sought to obtain information from Instant Upright directors about the company’s affairs but no response was received.
Digital Banking Obstacles and Cross-Border Traceability
Beyond traditional corporate insolvency, the case underscores modern vulnerabilities in digital asset tracking and multi-jurisdictional compliance. Cases involving mirrored corporate names and cross-border invoicing structures expose significant hurdles for liquidators attempting to construct clear financial audit trails.
| Creditor / Entity | Reported Claim / Debt | Jurisdiction / Status |
|---|---|---|
| Revenue Commissioners | €2.4 million | Ireland (Petitioning Creditor) |
| Korea South East Power Co Ltd | €2.9 million | Corporate Creditor |
| RFC Security Ltd | €43,405 | Corporate Creditor |
| ESB | €30,831 | Utility Creditor |
The ability to transfer operational revenues rapidly across international digital accounts highlights why asset preservation now demands simultaneous legal maneuvers across multiple territories. The case will return next week.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
