The High Court yesterday found that three directors of a company which went into liquidation in 1996 after encountering difficulties with a supermarket chain in Moscow had at all times acted honestly and responsibly.
Mr Justice Shanley refused Musgrave Limited a Restriction Order under the 1990 Companies' Act against the three directors - Mr Michael Coughlan of Inniscarra, Co Cork; Mr Brendan Flannery of Model Farm Road, Cork and Mr Kieran Walshe of Fairyfield, Parteen, Co Limerick.
Refusing the application, Mr Justice Shanley said he was satisfied the three, directors of Steamline, had not been guilty of dishonesty of any kind and had acted responsibly.
He believed the directors thought, up to April 1996, that the company could survive and prosper. After Steamline had gone to Musgrave in November 1995 and informed it of the situation it found itself in, Steamline had continued to trade but on a cash-on-delivery basis. This displayed an attitude of responsibility on the part of Steamline's directors and was not an example of trading at the expense of the creditors.
