The liquidator appointed to MMI Stockbrokers Ltd last March initiated proceedings two weeks ago against the company's seven directors alleging fraudulent conversion and breach of fiduciary duty.

Mr Tom Kavanagh was also granted restraining orders against Mr Oisin Fanning and Mr John Curran, preventing them reducing their assets in this jurisdiction to below £936,816 and £106,842 respectively. These orders were lifted earlier this week when the two directors gave undertakings they would not reduce their assets below the stated amounts.

Counsel for the two men asked for an early hearing of the case. Counsel for Mr Curran said his client considered the allegations to be "fanciful" and inaccurate. Counsel for Mr Fanning said his client denied the liquidator's allegations.

The MMI directors are: Mr Fanning; Mr Curran; Mr Paul Boucher; Mr Colm O'Reilly; Mr Tim Murphy; Mr Cian Kealy; and Mr Peter O'Byrne.