Crucial to Mr Ross's defence was an allegation that IIL's assets were plundered in the subsequent liquidation. "[IIL] may have been insolvent in the sense that it could not meet its day-to-day debts, but he [Mr Ross] believed there were sufficient assets to enable the company to be restructured," Mr Harvey alleged.

Several valuable commercial properties in Dublin and elsewhere had "disappeared", yielding no funds whatever to the liquidation. Other properties and paintings were sold for less than book value.

This amounted to an "appalling neglect" of the interests of IIL and its depositors, said Mr Harvey, when summing up. "If this liquidation wasn't conducted properly, how can we ever know that this company wasn't secure in its assets?" he asked.

An audit of the firm by a Dublin accountant, Mr George Balmer, in April 1982 valued the company's assets at £5.45 million, £166,214 more than its liabilities. And the "approximate statement of affairs" document compiled by Mr Revill estimated the firm's assets to be worth £1.86 million in April 1984.

But the liquidation, which continued from 1984 to 1991, realised less than £200,000. "Not a solitary brass farthing was raised, other than funds to meet the cost of the liquidation itself," said Mr Harvey.

Mr Harvey questioned why Mr Collins, the liquidator's Irish agent, had not given evidence to the trial, as the prosecution had planned to call him. "It is monstrous to suggest there was not any money in IIL, and even more monstrous that the people charged with realising these assets are not here to give an explanation," alleged Mr Harvey.

"We have nothing from Mr Collins in relation to any of the valuations of these properties." The Northern Ireland court had no power to subpoena Mr Collins, as he lives outside its jurisdiction.

Not "a single dollar" was raised from IIL's US investments, while properties in the Republic realised only £120,000. The sale of art work realised £65,000. Unsecured loans realised nothing. The court heard Mr Ross held only a minority share in IIL's US properties and they were in debt to American banks which "foreclosed" on the deals.

Rejecting a contention by Mr Galliano that property held by IIL in Dublin and London was of "very poor quality", Mr Harvey alleged the liquidation was seen as an "opportunity for self-enrichment" in the "greed and graft" of Dublin society in the 1980s.

"Mr Galliano was a courteous, pleasant individual, but unfortunately, as Mr Creaney put it, he was unprepared for a commercial world in Dublin full of piranhas," Mr Harvey said.

Valuable properties on Baggot Street, Baggot Court and on Cope Street in Temple Bar had yielded nothing in the liquidation, he alleged. A Co Sligo property, adjacent to a supermarket, also realised no money. "What happened to it?" asked Mr Harvey. "Valueless apparently."

Nor was money realised from IIL's headquarters at Leeson Park in Dublin 4. "The leasehold value is gone. In 1984, it just disappears from the books - in the centre of Dublin in the embassy area. Why? We haven't been told. Mr Galliano claimed it wasn't a good property."

Mr Harvey claimed a 28,000 sq ft office building held by IIL in Aungier Street, Dublin, had been sold for £60,000 to the former Irish Press solicitor Mr Elio Molocco who allegedly sold it on for a profit of £225,000 on the same day. The court was told the original sale realised £6,000 for the liquidation.

"It meant that he was never the purchaser, he was fronting for people," Mr Harvey said of Mr Molocco. "The people buying from him don't want to be known. Instead of paying him, they could have taken it themselves. This thing stinks. There's a smell that rises that doesn't pass the nose-test of any individual."

Further difficulties arose during the disposal of 130 sites valued at £5,000 each in Balbriggan in north Co Dublin. More than 100 sites were sold for £105,000, alleged Mr Harvey. "Whoever caught that made a killing."

The disposal of a shopping centre in Clondalkin in Dublin also realised less money than expected. The centre was valued at £480,000 and an adjacent site was worth £120,000 in April 1983. Both were sold for a total of £82,000. "The rent book was worth £500,000 in 1982. Why was it sold for £82,000. Who bought it? Who valued it? Who sold it?" Mr Harvey asked.

The court heard also of problems when Mr Ross's home in Clonee, Co Meath, was being auctioned after he separated from his wife. "A senior partner in Stokes Kennedy Crowley [Mr Collins] arrives in the middle of the auction, telling everyone not to bid as there was a problem in relation to the title. "What problem? There was no problem," alleged Mr Harvey. "This must have had an adverse effect on the money realised." The court heard the property, built for £200,000 along with land worth £60,000, realised only £33,000 for the liquidation after expenses following its sale for £165,000.

When Mr Revill commenced the provisional liquidation in June 1984, the court heard he moved quickly to seize control of all IIL's assets. He alleged Mr Vincent did not disclose matters in full to him and felt Mr Murray "was not in any way helpful". Although Mr Revill identified all the Dublin properties, he was unable to determine their valuations.

On July 23rd, 1984, Mr Revill froze the assets by securing injunctions against all individuals who held property for the company. Among these was Mr Murray. But Mr Murray's senior counsel, Mr Allen, applied successfully to have the injunction lifted in the High Court in Dublin later that month on the basis that he had "absolutely no involvement" with IIL. "Mr Revill was shocked by this," Mr Harvey said.

Mr Revill subsequently liaised with Mr Ross in the US in an attempt to value IIL's assets there. "Mr Ross indicated his willingness to do anything he could," Mr Harvey alleged.

The court heard Mr Revill was removed from the liquidation in what Mr Justice Gillen described as "very unhappy circumstances". In late August, Mr Revill attended a creditors' meeting in Dublin. Mr Revill testified that Mr Allen had more than three million of the four million proxies of creditors.

The creditors removed Mr Revill from his position at this meeting. Mr Revill alleged his removal was a "successful assassination". Mr Harvey alleged the manoeuvre was "no more than an attempt to strip the company of its assets".

He continued: "Mr Revill had a burning sense of gross professional injustice because he regarded this liquidation as being taken over by a group of people utterly unsuited to it."

The court heard a broker who was a member of the committee of inspection, Mr John Barbour, had undertaken to guarantee the return of their depositors' funds. Mr Harvey alleged he had an interest in "drawing this process out" so they did not incur losses.

Mr Harvey questioned whether another committee member and broker, Mr Bryan Fryer-Kelsey, was an "appropriate individual" to deal with a liquidation as he had claimed he was a "substantial depositor" with £400,000 in the company, when the court was told he had no money in the firm.

Mr Harvey claimed Mr Allen had a "huge and insurmountable" conflict of interest in becoming chairman of the committee of inspection, which was appointed by the Gibraltar authorities.

"Mr Colm Allen, the individual who appeared in the Dublin court saying Murray had no interest in IIL, turns up in Gibraltar as chairman of the committee of inspection. How could Mr Colm Allen ever, ever, be an impartial chairman?"

Referring to the defence's allegations about the liquidation in his summing up, Mr Justice Gillen urged the jury not to lose sight of the Crown's allegation that IIL had a shortfall of more than £5 million when it collapsed.

To convict Mr Ross, the jury must satisfy itself beyond reasonable doubt that Mr Ross was guilty as charged under the law. "This is not a court of morals, this is a court of criminal law."

But in the event, the jury was unable to reach a decision and the Director of Public Prosecutions in the North must now decide whether to proceed with a new trial.