Investment firm directors liable for costs

Three former directors of the collapsed Custom House Capital investment firm are jointly and severally liable to pay €214,457 to a liquidator for the cost of his investigation, collection of evidence and for the legal fees, the High Court has ruled.

It means liquidator Kieran Wallace can pursue either Harry Cassidy, John Whyte or John Mulholland for the total amount and they would have to sort out themselves their share of the costs.

Last December, the trio received disqualifications from involvement in companies of 14, 10 and 12 years respectively — 14 years being the longest period ever handed down under company law — over the misappropriation of some €66.5m in client funds.