Director disqualified over 'unfit conduct'
A south Belfast man has been disqualified as a director for six years over his conduct as director of a decorating company.
The Department of Enterprise, Trade and Investment (DETI) said it had accepted a disqualification undertaking from Kieran Murphy, 42, of Stranmillis Wharf, over his conduct as a director of Ashley Directors.
The painting and decorating business at Malone Avenue, Belfast went into liquidation in April 2008, with assets of £200, liabilities of £609,514 to non-preferential creditors, and owing other creditors £619,314.
After taking into account the losses incurred by members (shareholders) of the company, the total deficiency was around £619,315.
The Department accepted the disqualification undertaking from Mr Murphy based on unfit conduct, which was not disputed. The unfit conduct entailed Mr Murphy not fully co-operating with the Official Receiver by failing to submit a statement of affairs and other information requested from him. He also caused the company to fail to pay £156,860.59 of debts properly owed to the Crown.
DETI also said Mr Murphy also allowed the company to "misuse" a First Trust bank account. Between June 2007 and March 2008, 35 cheques totalling £94,906 were dishonoured upon presentation and fees totaling £926 were charged in respect of these and that in the period June 15, 2007 to March 25, 2008, 17 direct debits totaling £11,684.71 were returned unpaid. No annual accounts were filed for the company for the year ending March 31, 2007, nor were annual returns filed for the years ending July 9, 2006 and July 9, 2007.