Belfast Telegraph

Ex-owners of Lough Erne barred as directors

By Margaret Canning

The developer of the luxury Lough Erne Resort in Co Fermanagh and his wife have been given boardroom bans over their conduct as company directors.

James and Eileen Treacy from Aughrim Road in Enniskillen are barred from acting as company directors for four years each following the insolvency of their company, Castle Hume Leisure.

Mr Treacy unveiled the £25m 120-room Lough Erne venue in 2007, but lost control of it four years later when lender Bank of Scotland withdrew its support.

The proceedings against the couple were brought by the Department for the Economy, which said Castle Hume Leisure owed £26m to secured creditors and £3m to unsecured creditors when it went under.

Golfing superstar Rory McIlroy had been an ambassador for the resort and acted as its touring professional.

The couple accepted two instances of misconduct - keeping back £0.7m in unpaid Vat and PAYE, and failing to cooperate with the administrators of Castle Hume Leisure by not submitting a statement of affairs.

Company directors can be disqualified as directors for between two and 15 years, depending on the severity of misconduct.

Lough Erne is now owned by Vine Avenue Advisors and TRU Hotels and Resorts.

Belfast Telegraph