Latest news with #CompaniesAct2014
Irish Examiner
12 hours ago
- Business
- Irish Examiner
Directorship bans imposed on brothers behind Starbucks franchise in Ireland
Two brothers behind various Irish franchises, including several Starbucks cafes, TGI Fridays, Mao, and Hardrock Café, have been banned from acting as company directors of any company for five years. A High Court judge imposed the restriction after finding Colm and Ciaran Butler failed to prove they acted responsibly in their operation of one of their companies, Downtul Ltd, which leased a premises at St Stephen's Green, Dublin, that operated as a Starbucks. In a judgment published on Wednesday, Ms Justice Nessa Cahill noted the brothers are directors of more than 130 companies each. 'It is plain from this fact — and from the vigour with which this application was opposed — that the declarations of restriction sought in the particular circumstances of this case would have significant implications for them, beyond the symbolic or reputational,' she said. Her orders followed an application from the liquidator of Downtul, Patrick O'Connell. Downtul was placed into voluntary liquidation in November 2022. Mr O'Connell later raised concerns that the brothers did not act honestly and responsibly 'with regard to their duties, responsibilities, and actions' as directors of Downtul. Arising from this, Mr O'Connell sought an order for the brothers to be restricted from acting as company directors or secretaries for five years unless the company meets certain requirements set out in the Companies Act 2014. The Butlers opposed Mr O'Connell's application. A hearing of the case lasted five days, with both sides calling expert witnesses. Acceding to the liquidator's request, Ms Justice Cahill said she was not satisfied the brothers acted responsibly in relation to Downtul's affairs, but they showed they acted honestly. Ms Justice Cahill said her findings arose primarily from the brothers' operation of Downtul, and a related company they controlled: Atercin Liffey Unlimited Company. Downtul's function was to lease a premises at Stephen Court, St Stephen's Green, and it did not trade or carry on a business. It entered into a lease agreement for the premises in December 2013, its sole transaction. Atercin operated a Starbucks cafe out of the Stephen's Green premises. The judge noted that Atercin operated from the premises rent-free for two-and-a-half years and obtained government supports to deal with the impacts of the covid-19 pandemic. In effect, Downtul bore the liability and cost of the lease, while Atercin occupied the leased premises and earned revenue from its trade there. The judge said Downtul received no contribution from Atercin towards rent due on the Stephen Court premises 'and, consequently, was unable to pay its debts as they fell due'. 'In allowing the company to enter and maintain these arrangements, and in failing to ensure an enforceable mechanism by which the company could obtain the funds necessary to discharge its liabilities as they fell due or otherwise protect its position, the respondents [the Butlers] failed to demonstrate responsible conduct with regard to the interests of the company,' the judge said.
Scotsman
11-05-2025
- Business
- Scotsman
Firm behind collapsed performing arts college was being shut down by Irish courts 3 months ago
The company, which had bought the Scottish Institute of Theatre and Drama, is being struck off in the Irish courts. Sign up to our Arts and Culture newsletter, get the latest news and reviews from our specialist arts writers Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The Irish company behind a Scottish theatre school that suddenly fell into liquidation, leaving students stranded, was being wound up by Dublin courts three months ago. Official documents from the Irish companies register show Silver Rock Studios, which bought out the Scottish Institute of Theatre and Drama a year ago, received an "involuntary strike off order" in February. Advertisement Hide Ad Advertisement Hide Ad The Scottish Institute moved to a new campus in Livingston last year. | Scotsman The Irish firm, headed by Andrew Egan, the sole director of the Scottish Institute, has also made no progress on an ambitious plan to create a film studio in rural Ireland - billed as one of the biggest in Europe. Locals have claimed the site, in the town of Nenagh, County Tipperary, is dormant. The Scottish Institute in Livingston closed its doors on Wednesday without any notice for staff or students. Parents of students enrolled on degree courses warned they had been left in limbo, saying their children were 'devastated'. Advertisement Hide Ad Advertisement Hide Ad A document published on the site of the Companies Registration Office (CRO), the Irish equivalent of Companies House, listed Silver Rock Studios among firms that were to be struck off after failing to file an annual return. They were given 28 days to comply. However, no such document from Silver Rock appears to have been filed on the CRO website. Contemporary dancers at The Scottish Institute of Theatre, Dance, Film and Television The site said: 'The companies mentioned herein have failed to file an annual return as required by section 343 companies act 2014. Notice is hereby given pursuant to section 730(1) of the Companies Act 2014 that at the expiration of 28 days from the date of the notice specified in respect of each company, the name of the company mentioned herein will, unless all outstanding returns are delivered to the registrar, be struck off the register, and the company will be dissolved.' The institute moved last year from Edinburgh to a new campus in Livingston in a renovated former building of a tax office after being taken over by Silver Rock. At the launch of the new campus in April last year, Mr Egan said the institution would undergo a 'pivotal expansion'. Advertisement Hide Ad Advertisement Hide Ad He said: 'We aspire to nurture a hub that champions creativity, entrepreneurship, and learning to inspire the next generation of talent.' Despite receiving the go ahead from planners in 2021, it is understood that ground has not been broke on the site in Nenagh. Silver Rock's X profile still claims it is due to open this year. The proposals claimed up to 2,000 people would be employed by the 190,000sqft film studios within two years of it opening. Silver Rock's website claims the Irish film studios would be 'equipped with sound stages and the most advanced film and TV technology in existence globally'. Advertisement Hide Ad Advertisement Hide Ad Formerly known as the MGA Academy of Performing Arts, the institute was Scotland's only fully-accredited college with the UK's Council for Dance, Drama and Musical Theatre and offered degree level qualifications, some through its partner Bath Spa University in England. As recently as January, it announced plans to invest in new student housing on the site.
