The Director of Corporate Enforcement AND Lawrence O’ Neill. In the matter of Fastnet Broadband Holdings Limited AND In the matter of Teocom Limited and in the matter of Section 160 of the Companies Act 1990.
Fastnet Broadband Holdings Limited
Company Number: 407380
Registered Office: Fitzwilton House, Wilton Place, Dublin 2
Company Number: 453877
Registered Office: 19 Elgin Road, Ballsbridge, Dublin 4
Details of Respondent:
Lawrence O’ Neill
Address: Kindlestown House, Blackloin Road, Delgany, Co. Wicklow
High Court, Dublin.
Justice Mary Finlay Geoghegan
Under Section 160(2)(h) of the Companies Act 1990 (as amended by section 42(b) of the Company Law Enforcement Act 2001), the Director may seek the disqualification of the directors of a company, which has been involuntarily struck off the Register of Companies pursuant to Section 12 of the Companies (Amendment) Act 1982.
Under Section 160(3A), directors may successfully defend such an application for disqualification by demonstrating to the High Court that the company had no liabilities at the time of involuntary strike-off or that any such liabilities were discharged before the date of the making of the disqualification application. Where it deems that a sanction is appropriate, the Court has discretion to either disqualify the director for such period as it deems fit or restrict him or her for a five year period.
On the 4th of March 2013, Lawrence O’ Neill, was restricted for a mandatory period of 5 years from the 4th of March 2013 pursuant to Section 160(9A) of the Companies Act 1990.
The consequence of the High Court restriction is that Lawrence O’ Neill is prevented from being a company director or secretary or being involved in the formation or promotion of any company, unless it is adequately capitalised. In the case of a public limited company, the capital requirement is €317,435, and in the case of any other company, €63,487. In both cases, the allotted share capital must be fully paid up in cash.
An Order for High Court costs was made in favour of the Director of Corporate Enforcement against Mr. Lawrence O’ Neill.