An order for judgment for £770,000 against the Label Centre, Ltd., Canal Turn, Clondalkin Industrial Estate, Dublin, was granted by the High Court yesterday to Ulster Bank Commercial Services Ltd.
Mr John Trainor SC, for UBCS, said he was applying for the judgment in view of admissions made verbally at a meeting last October, and the fact that the company had not made an appearance at any of the court hearings to date.
At a previous court hearing it was stated that at the start of the October 15th meeting with Ulster Bank executives, one of the directors of the Label Centre, (TLC Ltd) Mr Niall Clarkin, of Woodend, Rosbarnagh, Foxrock, Dublin, had observed that it was "hands-up time".
UBCS has obtained injunctions against three company directors, Mr Clarkin, Mr James Kenny, Redford Park, Greystones, Co Wicklow, and Mr Frank Donnelly, Merrion Village, Ballsbridge, Dublin, and the company secretary, Mr Gerald Roche, Sacre Coeur, Killiney Road, Killiney, Dublin.
UBCS alleges it was the victim of a "massive" fraud through the use of an "elaborate but bogus" invoice system.
Substantial sums were alleged to have been transferred from TLC, Clondalkin, to the Label Centre (UK) Ltd., to enable the fraud to be carried out through an invoice discount scheme.
Granting the judgment order, Mr Justice O'Sullivan also agreed to continue for another six months an injunction against TLC Ltd., restraining it from reducing or disposing of its assets below £800,000. A receiver has been appointed to TLC by the ICC.