Bans for Northern Ireland restaurant owners who failed to account for £651,890
Two restaurateurs in Co Down have received boardroom bans for a combined 16 years for under-declaring sales and failing to account for cash.
According to the Department for the Economy, Paul Stephen O'Kane (49) of Clifton Gate, Bangor, and Amanda O'Kane (42) of Dunkeld Chase in the town, have been disqualified as directors because of their conduct at the helm of company D&L Platinum (NI).
The business ran licenced restaurants The Stables on Donaghadee Road, Groomsport, and Groomsport Inn on Main Street. But D&L Platinum went into liquidation in March 2016, owing creditors over £408,000.
Now the pair have given undertakings to the department that they will not act as company directors. In the case of Mr O'Kane, he is to refrain from acting as a director for 10 years, while Ms O'Kane cannot act as a director for six years.
The department said the disqualifications resulted from the directors failing to account for at least £651,890 in cash in the books and records of the company.
They were also found to have diverted cash from the company to their personal bank account - and according to the department, their actions contributed to the insolvency of the company.
And the company bosses were also found to have also understated their revenue, resulting in a loss to HMRC of £322,613 in taxes due.
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The department also said that the directors had failed to keep accurate accounting records, in breach of the Companies Act 2006. It added: "Their disqualification means that both will be banned from acting as company directors and from being involved either directly or indirectly in the promotion, formation or management of a limited company."
Since the start of April, the department has accepted four disqualification undertakings from company bosses.