The High Court was previously told that Alan Hynes and his cousin, Frank Hynes, withdrew hundreds of thousands of euro in cash and rented luxury cars
Mr Hynes has been the subject of significant legal actions, including efforts to disqualify him from acting as a director.
His wife, Noreen Hynes, was also adjudicated bankrupt on Monday this week, court records confirm.
Alan and Noreen Hynes were each adjudicated bankrupt on foot of applications by Bridget and John Atkinson of Glenbrien, Enniscorthy, Co Wexford.
Last December, the High Court was told that Alan Hynes and his cousin, Frank Hynes, withdrew hundreds of thousands of euro in cash and rented luxury cars while deliberately defaulting on debts owed by firms they were claimed to be running.
Myles Kirby was appointed liquidator in early 2020 to companies controlled by the men, Tuskar Property Holdings and two related entities,
Hynes Jewellers (Wexford), and JW Fashions on foot of a petition from the Revenue Commissioners.
The firms were connected to a jewellery business at Main Street in Wexford that lost its premises in 2016 due to rent arrears.
Mr Kirby has sought the disqualification of Alan and Frank Hynes as directors and the return of assets that were allegedly transferred from the three related firms they are claimed to have controlled.
The court heard that Tuskar companies were “run in an entirely improper manner” and that they had been managed “so badly and so irregularly” that the men were not fit to be company directors.
Although the action was heard towards the end of last year, Mr Kirby is still awaiting a ruling in the case.
Alan Hynes had initially told the court that he was prepared to accept a disqualification and simply wanted to determine how much liability he was to assume.
However, days later in court, Alan Hynes said that he now intended to contest the application to disqualify him as a company director, as well as the personal liability application and allegations of fraudulent trading, failing to maintain proper books and records and acting as a shadow director.
He insisted he had not acted in breach of a previous disqualification/restriction order, adding that he was “upstanding in everything I have done”.
He denied most allegations made against him in court, including that he fabricated an employment contract from Tuskar Property Holdings and a deed of retirement to get €1m from the firm’s liquidation.