Two of the richest property developers in the State are facing possible disqualification from acting as company directors.
Director of Corporate Enforcement Paul Appleby is to seek the disqualification of Thomas and Michael Bailey, directors of Bovale Developments Ltd, in the High Court next month.
Mr Appleby issued a short statement yesterday confirming "that following a lengthy investigation by my office, I initiated High Court proceedings earlier this month for the disqualification of Messrs Michael and Thomas Bailey, the directors of Bovale Developments, under paragraphs (a), (b) and (d) of Section 160 (2) of the Companies Act 1990."
He would not comment further.
A spokesman for the two multimillionaires said they would not be commenting. Earlier this year, Bovale made the largest published tax settlement in the history of the State when it paid €22.17 million in unpaid taxes, interest and penalties.
The successful property concern became the focus of Revenue attention after it was investigated by the Flood tribunal. Michael Bailey was criticised by the tribunal for making corrupt payments.