High Court lifts restraining orders on two MMI directors

Orders restraining two directors of Money Markets International (MMI) Stockbrokers Ltd (in liquidation) from reducing their assets here below £1.4 million were lifted by the High Court yesterday following undertakings by both men.

Mr Oisin Fanning, of Forenaughts House, Forenaughts, Naas, Co Kildare, gave an undertaking not to reduce his assets below £936,816 and a similar undertaking for the sum of £106,842 was given by Mr John Curran, of Kingsley Mews, Raglan Road, Dublin.

Mr Fanning and Mr Curran are among seven directors of MMI being sued by the company's liquidator, Mr Tom Kavanagh, for damages for alleged fraudulent conversion and breach of fiduciary duty.

Mr Kavanagh, who was appointed by the court last March, told a court hearing last week he believed the amount of misappropriation was over £1.9 million. He alleged that he could connect Mr Fanning with £936,816 and Mr Curran in the amount of £106,842.

Mr Justice Kelly had granted injunctions last week, which continued until yesterday, when lawyers for Mr Fanning and Mr Curran said their clients were willing to give undertaking not to reduce their assets below the stated figures and were looking for an early trial of Mr Kavanagh's action.

Mr Brian O'Moore SC, for Mr Curran, described the liquidator's allegations against his client as "fanciful" and inaccurate. Both men were seeking an early trial of the action.

Mr O'Moore said it was quite clear that as long as there was any cloud of suspicion hanging over the men, it would affect their abilities to earn a livelihood. Mr Mark Sanfey, for Mr Fanning, said his client denied the liquidator's allegations.

Mr Justice Kelly said he would make orders to "accelerate" the time for the hearing of the action and would lift the interim injunctions following the undertakings from Mr Fanning and Mr Curran.

He put the matter in for mention on November 10th to see what progress had been made in preparing for the trial. If the paperwork was complete, he would consider giving the case a listing in the next law term.