Belfast Telegraph

Saturday 19 April 2014

Father and son in boardroom ban after failing to pay over £150k tax

Father and son property developers whose Co Armagh company went bust owing £2.5m have been banned from being directors for eight years.

Co Antrim men Maurice Colville Stewart and Ben Stewart each gave disqualification undertakings over their 'unfit' directorship of Corinth Developments, including failing to pay over £150,000 in corporation tax.

The bans on Colville Stewart (61) from Moira Road, Ballinderry and his 35-year-old son from Belfast Road in Antrim, were imposed by the Department of Enterprise, Trade and Investment. Their residential buying and letting company, based at Church Street, Portadown, went into administration in February 2010 owing nearly £2.5m to creditors while holding assets of only £423.

The action followed their failure to maintain and or deliver accurate books and records; failing to keep up payments of rental income to secured lender Ulster Bank; failing to pay £1,151 worth of tax and £1,418 in national insurance payments; and failing pay over £157,000 in corporation tax.

The pair also admitted failing to file annual returns for two years, and filing them late five times. The Stewarts also accepted they failed to file accounts for the company for four consecutive years. All breaches were between 2003 to 2010.

The Stewarts' ban brings to 50 the number of disqualification undertakings accepted by DETI in the financial year up to April.

Some 21 disqualification orders have been made by the courts in the same period.