High-resolution (0.'' 03-0.'' 09 (9-26 pc)) ALMA (100-350 GHz (lambda 3 to 0.8 mm)) and (0.'' 04 (11 pc)) VLA 45 GHz measurements have been used to image continuum and spectral line emission from the inner (100 pc) region of the nearby infrared luminous galaxy IC 860. We detect compact (r similar to 10 pc), luminous, 3 to 0.8 mm continuum emission in the core of IC 860, with brightness temperatures T-B > 160 K. The 45 GHz continuum is equally compact but significantly fainter in flux. We suggest that the 3 to 0.8 mm continuum emerges from hot dust with radius r similar to 8 pc and temperature T-d similar to 280 K, and that it is opaque at millimetre wavelengths, implying a very large H-2 column density N(H-2) greater than or similar to 10(26) cm(-2). Vibrationally excited lines of HCN nu(2) = if J = 4-3 and 3-2 (HCN-VIB) are seen in emission and spatially resolved on scales of 40-50 pc. The line-to-continuum ratio drops towards the inner r = 4 pc, resulting in a ring-like morphology. This may be due to high opacities and matching HCN-VIB excitation- and continuum temperatures. The HCN-VIB emission reveals a north-south nuclear velocity gradient with projected rotation velocities of nu = 100 km S-1 at r = 10 pc. The brightest emission is oriented perpendicular to the velocity gradient, with a peak HCN-VIB 3-2 T-B of 115 K (above the continuum). Vibrational ground-state lines of HCN 3-2 and 4-3, HC15 N 4-3, HCO+ 3-2 and 4-3, and CS 7-6 show complex line absorption and emission features towards the dusty nucleus. Redshifted, reversed P-Cygni profiles are seen for HCN and HCO+ consistent with gas inflow with nu(in) less than or similar to 50 km S--(1). Foreground absorption structures outline the flow, and can be traced from the north-east into the nucleus. In contrast, CS 7-6 has blueshifted line profiles with line wings extending out to -180 km S-1. We suggest that a dense and slow outflow is hidden behind a foreground layer of obscuring, inflowing gas. The centre of IC 860 is in a phase of rapid evolution where an inflow is building up a massive nuclear column density of gas and dust that feeds star formation and/or AGN activity. The slow, dense outflow may be signaling the onset of feedback. The inner, r = 10 pc, IR luminosity may be powered by an AGN or a compact starburst, which then would likely require a top-heavy initial mass function.