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High Court grants restriction orders sought by company's joint liquidators against its former directors, on the grounds that they failed to act honestly and responsibility in the management of that company's affairs in that they: (a) delayed in lodging a statement of affairs of the company with the court; (b) refused to adequately explain certain behaviour with the Revenue Commissioners both pre- and post- liquidation; and (c) failed to put in place reasonable measures to maintain company records.
Company law - restriction applications by joint liquidators against number of respondents - company unable to pay its debts - declarations to be made unless court is satisfied the respondents acted honestly and responsibly in conducting affairs of company - burden on respondents - invoice discounting facilities - enormity of debt - unsatisfactory answers given by respondents regarding their behaviour - statement of affairs - actions of directors following appointment of liquidators - revenue lability - books of account - absence of sufficient records - no acceptable reason offered as to why restriction orders should not be made - orders granted.
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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