Brothers Michael and Tom Bailey banned from being directors for seven yearsMonday 09 December 2013 21.31
The High Court has ordered the directors of property development company Bovale Developments, brothers Michael and Tom Bailey, to be disqualified from being directors of any company for seven years.
Ms Justice Mary Finlay Geoghegan made the orders after an application by the Director of Corporate Enforcement.
She said the systematic falsification by the brothers of books of account and understatement of their remuneration during two years from 1996 to 1998 was serious enough to merit disqualification for 14 years.
But she took into account the fact that the misconduct ended in 1998.
The fact that they had been revenue compliant and kept proper books and records since 2001 was also taken into account.
However, she said because of the gravity of the conduct and the deterrent purpose of disqualification orders, there must still be a significant period of disqualification.
She disqualified them each for seven years.
She put a stay on her orders until 20 January.
The court was told the brothers have been cooperating with NAMA since 2010 and there would be an application to vary the disqualification orders to allow that cooperation to continue.