Belfast Telegraph

Friday 19 September 2014

Couple hit with 10-year director ban

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.

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Comment

More

Company Profiles

More

Help & Advice

More

People on the move

More