By Shannon Power, 24th June 2025
Two directors of Tower Trade Finance Ireland Limited (TTFI), which collapsed owing investors over €14 million, have formally accepted five-year disqualification orders following extensive investigations by the company’s liquidator and the Corporate Enforcement Authority (CEA).
The disqualifications of Joe Diggins and Neil Buckley, directors of TTFI, took effect on 19 October 2024, prohibiting them from acting as directors or being involved in the promotion or management of any company for a period of five years.
Background to the TTFI Collapse
TTFI, established in 2013 to provide supply chain finance solutions to businesses, collapsed in 2023 alongside its related entity, Deal Partners Logistics Limited (DPL). The liquidation followed the failure of an examinership process after significant losses, mainly arising from bad debts, particularly exposure to JACC Sports Distributors Limited, which went into liquidation in 2022. JACC Sports Distributors Ireland was the supplier of jerseys and sportswear for the Football Association of Ireland (FAI) until the contract was terminated by the FAI in October 2022.
Extensive investigations led by liquidator Declan McDonald of PwC revealed several factors contributing to the insolvency. According to the liquidator’s report, some of TTFI’s shortcomings included:
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Concentrated and repeated lending to JACC Sports, with inadequate risk management.
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Irresponsible lending practices and poor credit controls by the directors.
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Inadequate insurance arrangements.
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Conflicts of interest and misrepresentations made to investors.
Although the investigation found no evidence of misappropriation of investor funds, the directors’ conduct was deemed irresponsible, prompting the CEA to propose disqualification undertakings.
Settlement and Distributions to Creditors
The disqualification was part of a wider resolution package negotiated by the liquidator, which included:
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A waiver of over €250,000 in creditor claims by a related entity, Thomondview Trust Limited (TTL).
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An additional payment of €60,000 by the directors.
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Commitments to pursue further recoveries through legal proceedings against third parties.
To date, creditors have received:
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An initial distribution of 10% of loan note claims.
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A second interim distribution of 3%, as announced in June 2025.
The liquidator has indicated the potential for further, albeit limited, recoveries, subject to the resolution of ongoing debtor collections and litigation.
Implications for Irish Directors and Investors
This case highlights the importance of robust corporate governance, transparent investor communications, and responsible lending practices, particularly in the financial services sector.
Disqualification orders serve as a reminder of the legal obligations directors face and the enforcement actions the CEA can pursue in cases of corporate mismanagement.
If you have any questions regarding Irish company law, compliance, and director responsibilities, please do not hesitate to contact the Company Bureau team. Give us a call at +353(0)1 6461625 or fill out our online contact form.
Disclaimer: This article is for guidance purposes only. It does not constitute legal or professional advice. No liability is accepted by Company Bureau for any action taken or not taken in reliance on the information set out in this article. Professional or legal advice should be obtained before taking or refraining from any action as a result of this article. Any and all information is subject to change.
