Couple hit with 10-year director ban
Published 18/10/2011 | 08:00
A Co Tyrone husband and wife have been given boardroom bans of a decade each for their conduct while running a property company.
Terence Corrigan (56) and his 55-year-old wife Ann Marie were directors of Terann Developments, which went into liquidation two years ago owing nearly £750,000.
The pair, who lived at Lurgaboy Lane in Dungannon, gave disqualification undertakings to the Department of Enterprise, Trade and Investment (DETI) and admitted they had allowed £1.07m to be transferred from the business account into accounts in their own names. They did that while knowing that they owed over £100,000, of which £75,000 was for corporation tax.
Mr and Mrs Corrigan also failed to pay Crown debts, and to inform HMRC of a taxable gain. They did not register a PAYE system with HMRC and did not pay tax and national insurance of £563,000 on their own salaries.
The length of the couple's bans is at the higher end of DETI penalties for directors' misconduct of two years to 15 years disqualification. DETI said disqualification periods of 10 years and over were reserved for 'particularly serious' cases.