Used specifically in Ireland by a parents or teachers to denote when a child has behaved or is behaving badly.
Some chap in my class found an empty birds egg on the beach so carried it home carefully in the car, brought it into school and put it on display. Upon noticing it on display I took the initiative to strength test it and crushed it in my hand. He was very upset upon returning to the display to see it crushed and started crying. When the teacher found out I was denounced as a “bold, bold boy,” to my entire class.
In Ireland if something is fun, it's probably bold.