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High Court makes a declaration that each respondent shall not for a period of five years be appointed to act in any way directly or indirectly as a director or secretary of a company or be concerned in or take part in the formation or promotion of a company unless that company meets the requirement set out in legislation, on the grounds that: (a) the efforts to secure new business and taking advice from persons having relevant experience was insufficient to discharge the onus of proving that the respondents acted responsibly in relation to the affairs of the company; (b) the continued payments in respect of directors’ salaries, defined pension contributions and rates and rent in respect of the premises in circumstances where that was the fourth continuous year of losses resulted in a further deficit growing; and (c) the Court concluded that the respondents did not demonstrate that they acted honestly and responsibly in relation to the affairs of the company.
Application brought by a liquidator seeking a declaration that both respondents, being persons to whom Chapter 3 Part 14 of the Companies Act 2014 applies, shall not for a period of five years be appointed or act in any way, whether directly or indirectly as a director or secretary of a company or be concerned to take part in the formation or promotion of a company unless that company meets the carried on business as wholesale traders of pet products to retail shops - the first respondent was the managing director of the company - the second respondent was in charge of operations of the company - the company had an excess of liabilities over assets of over €1 million at the time it was wound up - whether the respondents failed to place the company in a timely liquidation - whether the respondents acted honestly and responsibly in relation to the affairs of the Company - declaration made pursuant to s.819 of the Companies Act 2014.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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