Ex-directors reject claim of ‘self-delusion’

Four former directors of Pierse Contracting, once Ireland’s third-largest building contractor, are men of honesty and integrity who believed they were acting responsibly in allowing the firm to continue trading beyond 2009, the High Court has been told.

Lawyers for the four have strongly rejected arguments by the company’s liquidator that their conduct amounted to “wilful self-delusion” justifying the making of restriction orders against them.

Mr Justice Brian Cregan heard final arguments yesterday before reserving judgment on the application by liquidator Simon Coyle for restriction orders, under Section 150 of the Companies Act, against former chief executive Charles Norbert ‘Nobbie’ O’Reilly, chairman Ged Pierse, worker director Michael McNamara and non-executive director Kieran Duggan.