Two directors who recklessly presided over the Ђ6 million collapse of Doherty Advertising will each pay back just Ђ150,000 under a confidential settlement.
The reckless trading orders arose from proceedings launched last July by Kavanagh of Dublin firm Kavanagh Fennell. The case was based on bogus or false invoices used by the firm to obtain finance from Ulster Bank under an invoice discounting agreement.
Mark Beggs and Anthony Martin accepted personal responsibility for Ђ2.2 million in liabilities suffered by the agency after a High Court action last December. The pair agreed that they had “knowingly conducted the business of the company in a reckless manner'‘.
Receiver Tom Kavanagh said they benefited to the tune of Ђ1.47 million from Doherty in the two-year period leading up to the agency's collapse in 2003.
