Belfast Telegraph

Northern Ireland building firm bosses banned over £5m debts

The Department for the Economy has accepted disqualification undertakings from the directors of Northern Ireland building company McCann Brothers

The undertakings were received for five years from Liam Hugh McCann (61) and for three years from Paul Gerard McCann (37) both of Tullyvalley Road, Seskinore, Omagh.

The firm went into liquidation in 2012, with estimated total assets available for creditors of £622,202, liabilities to preferential creditors of £15,000, liabilities to unsecured creditors of £5,661,969 and an estimated deficiency as regards creditors of £5,054,767. After taking into account the losses incurred by members of the company the estimated total deficiency was £5,054,769.

The department accepted the disqualification undertaking from Liam Hugh McCann on 23 June 2017 based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed:

  • Causing and permitting the firm to submit a materially inaccurate statement of affairs;
  • Obtaining a loan from the company in contravention of Article 197 (1) of the Companies Act 2006 of which at least £170,966 remained unpaid at the date of liquidation;
  • Causing and permitting the company to misuse it’s accounts with the Bank of Ireland in that he caused and permitted the company to tender cheques and standing orders/direct debits of a large value without due regard to their being honoured upon presentation and also caused and permitted the misuse of banking facilities.

The Department accepted the disqualification undertaking from Paul Gerard McCann on 23 June 2017 based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed:

  • Causing and permitting the Company to misuse it’s accounts with the Bank of Ireland in that he caused and permitted the company to tender cheques and standing orders/direct debits of a large value without due regard to their being honoured upon presentation and also caused and permitted the misuse of banking facilities.

The Department has accepted eight Disqualification Undertakings and the Court has made one order disqualifying directors in the financial year commencing 1 April 2017.

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