Businessmen Jonathan and Jamie Irving have been told they must pay costs to the financial regulator after losing their appeal against disqualification.

The Irvings have been ordered to pay costs totalling £96,930 to the Financial Services Authority within the month.

In a judgment handed down in February, Deemster Aidan Christie QC said he had ’little option’ but to disqualify Jonathan Irving for eight years and son Jamie for seven years.

They were subsequently ordered to pay costs of more than £155,000 plus VAT to the FSA, which has brought the proceedings against them.

The disqualification relates to the Irvings’ Street Heritage Limited company, which was wound up by court order in February 2010 over non-payment of tax debts totalling £182,929.

Last month, the appeal court upheld the decision to disqualify them, ruling it was neither wrong nor manifestly excessive.

And now the same court has ruled the Irvings must pay the FSA £75,000 on account of costs, assessed on the indemnity basis, within 28 days plus £21,930 for the regulator’s legal costs of the appeal within 14 days.

Judge of appeal Jeremy Storey QC said: ’There can be no doubt that the FSA is entitled to its costs of the defendants’ unsuccessful appeal.’

In his judgment, he said there were a number of factors which took this appeal ’out of the norm’.

These included the defendants’ ’deliberate deflection of attention’ away from their own actions and onto others including former Attorney General Stephen Harding who was government advocate at the time of the winding up hearing.

The Irvings had insisted that the claim was brought against them for malicious purposes and they could not receive a fair trial.

In the disqualification proceedings, the FSA said the Irvings had shown themselves unfit to serve as company directors. It identified seven areas of major concern including allowing SHL to trade while insolvent.