Further adjournment given for Altada sale discussions

The High Court has adjourned for a week liquidation proceedings over artificial intelligence firm Altada Technology Solutions to facilitate further discussions about its possible sale.

The court previously heard discussions were taking place between parties involved in the case over a plan to sell the company to tech entrepreneur Eoin Goulding.

A liquidator was appointed to the firm by the court on the application of creditor Datech Ltd. The liquidator reported the company was insolvent and defaulting on its creditors for at least 12 months prior to his appointment.

It owed unsecured creditors in excess of €5.3 million and employees close to €637,000 in back pay.

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A receiver had been appointed previously to the firm and the plan is now to sell it.

The court heard in January the proposal to sell was a tentative deal which had been selected over a higher competing bid.

As a result there have been discussions between the various parties involved and the case has been adjourned to allow these discussions to take place.

On Wednesday, Mr Justice Brian Cregan was told those discussions were continuing and a further week was sought to facilitate all involved. The judge agreed to adjourn for one more week.