Property boss given boardroom ban by DETI
The boss of a commercial property company on the north coast has received a boardroom ban of nine years.
Colin Richard Fletcher of Ballymacrea Road in Portrush was one of two directors at the helm of CRF Developments on Causeway Street in the town.
The company went into administration in March 2010 owing £12.4m.
Mr Fletcher gave a disqualification undertaking to DETI and accepted a number of instances of misconduct as a director, including abusing the directors’ loan account by allowing it to lend more than the statutory limit.
He also accepted that he had wrongly used company funds of nearly £660,000 to buy properties in Portugal and Spain. He was also late in filing the company’s annual return in 2004 and did not file 2005’s annual return at all.
DETI said it was also bringing disqualification proceedings against another director of the company.
Mr Fletcher was declared bankrupt in September last year following a creditor’s petition.