Northern Ireland company director disqualified over £83k debt
The Department for the Economy has accepted a disqualification undertaking from the director of a food, beverages and tobacco retail business.
The undertaking was received for nine years from Patrick Owen McGrath of Long Island Drive, Newtownards, in respect of his conduct as a director of Carrickglen Retail Ltd.
The company operated as a retailer of food, beverages and tobacco formerly from Donaghadee, Co Down.
The firm then went into liquidation on September 3 2015 with estimated total assets available for creditors of £Nil, liabilities to unsecured creditors of £83,131 and an estimated deficiency as regards creditors of £83,131.
After taking into account the losses incurred by shareholders of the company the estimated total deficiency was £83,132,
The Department accepted the disqualification undertaking based on the following unfit conduct which solely for the purpose of the disqualification procedure was not disputed:
- without the leave of the High Court, acting as a de facto director of the Company whilst an undischarged bankrupt between 17 September 2014 and 7 January 2015;
- causing and permitting the misuse of the Company’s bank accounts;
- failing to maintain and / or preserve and / or deliver up proper books of account;
- causing and permitting the incorporation of the Company as a phoenix company so as to take over the business previously carried out by SRS Supermarkets Limited;
- repeating a similar pattern of unfit conduct by setting up a new company carrying out the same activities in circumstances in which a previous company under his control has failed resulting in a detriment to trade creditors;
- failing to comply with the relevant legislation in that accounts for the period ended 17th June 2014 were never filed;
- causing and permitting the Company to fail to comply with the relevant legislation in that the Annual Return for the period ended 17th June 2014 was not filed within the prescribed period and the Annual Return for the period ended 17th June 2015 was never filed.
Belfast Telegraph Digital