Lease and franchise deal worth €825k ‘not on books’

The High Court has made restriction orders against two directors and one non-executive director of a company which operated a restaurant in the Liffey Valley shopping centre, Dublin.

In granting the orders, Mr Justice David Keane noted lease and franchise arrangements with another company, of which two of the directors were shareholders, cost the company about €825,000 and were not reflected on the balance sheet in the company’s financial statements.

The fact the third director played an “entirely passive” role in the company did not exonerate that director from responsibility, the judge added.