11 credit union directors won’t face sanctions

A High Court ruling means restriction orders contained in the Companies Acts cannot be imposed on the directors of credit unions.

Mr Justice Robert Haughton yesterday found the High Court lacks the jurisdiction to impose sanctions, as contained in various sections of the 2014 Companies Act, on 11 directors of Newbridge Credit Union, in Co Kildare.

He struck out an application to restrict the 11 directors. The credit union went into liquidation in 2013.