The Director of Corporate Enforcement confirmed this morning he has begun High Court proceedings for the disqualification of Michael and Thomas Bailey as company directors.
Paul Appleby issued the statement on foot of press reports today.
Mr Appleby said the action was being taken against the directors of Bovale Developments "under paragraphs (a), (b) and (d) of Section 160(2) of the Companies Act 1990."
As the matter is sub judice, Mr Appleby said he would make no further statement.
In June this year the Revenue Commissioners revealed details of a record €22.17 million settlement from Bovale Developments. This included tax owed of almost €12.5 million and interest and penalties of almost €9.7 million. The case arose as a result of the Flood tribunal.
Shortly before the details of this settlement were revealed in the tax defaulters list published in Iris Oifigiúil, the brothers, in a brief statement confirmed they had reached a "full and final settlement with the Revenue Commissioners".
Bovale Developments has featured in the proceedings of the Flood, now Mahon, tribunal. This tribunal is inquiring into certain planning matters.
Bovale also recently abandoned its limited liability status. This means it no longer has to publish detailed accounts.
A recent statement lodged with the Companies Registration Office by Bovale's auditors said the firm had made a loss in the year to June 30th, 2005.
