Two directors of a liquidated pet products company have been restricted by the High Court for five years from involvement with any company unless it meets capitalisation requirements under the Companies Act. Brian Stenson was managing director and David Stenson was in charge of company operations. In opposing the application, both respondents said they acted honestly and responsibly at all times in relation to the conduct of the company’s affairs. In his judgment on Tuesday, Mr Justice Quinn said the company traded profitably, and without significant issues, between 1992 and 2012. From the time the directors were aware of the insolvency, they had to have regard to the interests of creditors and “act accordingly”.

Source: The Irish Times June 02, 2020 16:18 UTC