Two directors behind various high-profile franchises in Ireland have been restricted in acting as company directors for five years after the High Court found they had failed to act responsibly in their roles as directors of one company, Downtul Ltd, which ultimately went into liquidation.
Downtul Ltd leased a premises to Atercin Liffey Unlimited Company, which operated a Starbucks in a prominent location at St Stephen’s Green in Dublin. Atercin occupied the property rent-free for 2.5 years while also obtaining support from the government to deal with the effects of the Covid pandemic. However, the court noted that during that period Downtul Ltd, the entity responsible for paying the rent, failed to receive any “contribution from…