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Director banned for £400,000 debts

A director of an Armagh business that supplied timber-frame housing kits has been banned from being a company director for nine years, after running up company debts of more than £400,000 that the firm could not pay off.

Timber Frame Homes Limited had liabilities of £422,000 to non-preferential creditors, £263,000 to floating charge holders and £10,000 to preferential creditors. The company’s assets were worth £289,000. Barry Dobbin of Holywood was disqualified from being a company director for nine years for his role in running the company. Fellow director Joanne Jones, also of Holywood, accepted a disqualification of four years.

Jones was banned for failing to supply appropriate declarations to the tax authorities, failing to properly pay debts to the tax authorities and causing and permitting the company to fail to pay dividends in accordance with the articles of association.

Dobbin was banned for these breaches, plus others, including failing to learn from previous insolvencies and breaching conditions imposed relating to a previous disqualification as a result of his directorship of SBS Timber Frame (NI) Limited, which was wound up in 2002.

He was also found to have caused and permitted the company to be financed by failing to pay debts due to the tax authorities; failing to properly account for an inter-company transaction with another company, of which he was also a director; and taking money from the company without authority from the board and describing this as a dividend.