THE former world boxing champion, Barry McGuigan, and his wife, Sandra, have been banned from being company directors for five years.
Neither of them was in the High Court in Belfast yesterday when Master Basil Glass said that their conduct as directors of Barrandra Ltd, formed to promote the former champion, made them unfit to be concerned in the management of a company.
The application followed the collapse of Barrandra - an amalgam of the couple's first names - with debts of £80,000.
Mr Michael Keogh, defending, said that the McGuigans admitted failing to keep proper accounts, but they denied inferences of wrongdoing in relation to allegations of misappropriating company funds and assets. He said that Mr McGuigan had allowed company expenditure to become mixed up with personal spending.
Barry admits that they fell into the habit of paying personal bills out of the company's bank account", said Mr Keogff. "He denies any intention to misappropriate company funds, but admits - it was unbusinesslike."
Master Glass asked about motoring fines, life insurance and medical expenses, which had been classified as company expenditure.
Mr Keogh replied: "His accountant weeded out the personal expenditure at the end of each year. But when a company becomes insolvent in the middle of a trading year, it is then too late to do the weeding out."
Master Glass asked about an indemnity which Barrandra granted Mr McGuigan in relation to the award of £450,000 in libel damages to his former manager, Mr Barney Eastwood.
Mr Keogh said that, while Mr McGuigan was the celebrity defendant, a corporate body with deep pockets - Channel 5 Video - had been the main target. An appeal against the libel award had been abandoned because the corporate body was anxious to settle the matter.
Mr Brian McLoughlin, for the Department of Economic Development, which applied for the disqualifications, said that the McGuigans bore equal responsibility for the failings in the management of the company.
Master Glass said that disqualification ranged from two to 15 years and in the circumstances be felt that five years was an appropriate period.