Firm’s director did ‘absolute best in very tragic circumstances’

Businessman Alan Hynes has done “his absolute best in very tragic circumstances” in addressing the difficulties facing Tuskar Asset Management plc and should not be disqualified from involvement with companies, his lawyer told the High Court yesterday.

The company’s collapse had to be seen in the context of the global economic collapse and particularly the Irish property collapse of 2008, Alan Cormack argued.

The nature of the company’s investments were speculative and the risks attaching to them were set out to investors in memoranda prepared on the advice of solicitors and accountants, he said.