An official liquidator yesterday in the High Court withdrew claims of fraudulent and reckless trading against two directors of Arrow Domestic Appliances Ltd, which was wound up by the High Court in February 1995.
Mr Liam Kelly, the liquidator, had brought proceedings against Mr John Hubert Lyons and his wife, Caroline, of Cherry Hill, Church Road, Ballybrack, Co Dublin.
The couple were directors of Arrow which had registered offices at Crofton Road, Dun Laoghaire, Co Dublin, and which held agencies for domestic electrical appliances.
Mr Kelly sought declarations under Sections 297, 297A and 298 of the 1963 Companies Act that the couple were liable for all or some of the debts and liabilities of Arrow. He alleged Arrow had a deficit of more than £730,000 (€927,000) when it ceased trading.
At the beginning of the proceedings before Ms Justice Macken, Mr Kelly had withdrawn his claim of fraudulent and reckless trading against Ms Lyons. Counsel for Mr Kelly later sought to withdraw the same claims against Mr Lyons. The proceedings were struck out.
Ms Justice Macken subsequently ordered that Mr Lyons should not, for a five-year period, be appointed or act as a director or be concerned in the promotion or formation of any company unless the company met the requirements set out in the Act.
The court found that Ms Lyons was not in breach of Section 150.
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