The Belfast trial of Cork-born financier Mr Finbarr Ross heard yesterday of the final months in the life of the Gibraltar-based company, International Investments Ltd (IIL), which went bust owing millions in 1984.
An Isle of Man businessman, Mr Ronald Vincent, told the Crown Court that 54-year-old Mr Ross, by this time living in the US, claimed he was unaware of the financial problems facing IIL, but agreed to help where he could.
Mr Vincent said that he and his wife became non-executive directors of IIL at the request of Mr Ross, whom he took to be a "man of integrity and substance".
However, Mr Vincent said that, in the end, he felt as if he and his wife had been "left to carry the can" because all of the original directors of IIL had either left or resigned. So he went to the authorities in Gibraltar and surrendered the banking licence of the company and asked for IIL to go into liquidation.
Mr Vincent said, had he known of the financial problems facing International, he "would never have held a directorship, nor became the beneficial owner" of the company, but added that in the end he tried, "to salvage what was left of the company".
However, despite proposals to get IIL back on its feet, including one where the depositors would become shareholders by April or May 1984 it became clear that IIL could not meet its liabilities.
Asked by Crown lawyer, Mr Gary McCrudden what was meant when a company could no longer meet its financial obligations to its creditors, Mr Vincent replied: "In simple terms that means the company is insolvent". The trial continues today.
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