A man who syphoned off nearly €1m from his business PayPal account to his own bank account has been disqualified by the High Court from acting as a company director for five years.

A company director who was served with legal proceedings last Saturday checked himself into St John of God’s the following day, the High Court has heard.

BANKING software group CR2 managed to reduce its losses last year and sales in 2005 are running ahead of target.