The article discusses allegations against Guoqing Wu (Colm Wu) regarding fraudulent and reckless trading practices involving his companies. Liquidators claim Mr. Wu improperly transferred company assets to related entities, failed to maintain accurate records, and neglected his fiduciary duties. Investigations reveal he left creditors unpaid while benefiting from improper inter-company transactions. On Monday, his lawyer agreed to fast-track the proceedings in Commercial Court. The liquidators, Myles Kirby and Padraic O'Malley, are pursuing claims against him and ten other companies he controls, which are alleged to have operated insolvently.
"The liquidators uncovered a series of transactions which appear to us to be entirely improper and to amount to frauds on the companies and/or their creditors."
"Based on investigations to date, Mr Wu left creditors of the trading companies unpaid, while using company funds to pay the liabilities of other companies in a manner that benefitted him."
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