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11/07/2013
Newry Business Directors Disqualified Over £700k Liabilities
Disqualification undertakings have been accepted from two directors of a Newry domestic property maintenance business.
51-year-old John McKenzie Taylor of Tamnaharry Hill, Mayobridge, Newry, was disqualified for seven years and George Christopher Taylor, 53, of Springfield Road, Warrenpoint, Newry, was disqualified for eight years.
The Department of Enterprise, Trade and Investment accepted the disqualification in respect of their conduct as directors of Taylor Civil Engineering Limited.
The Company carried on the business of domestic property maintenance from Greenan Road, Newry, Co. Down and went into liquidation on 25 November 2010 with estimated assets of £3,445 and liabilities to creditors of £714,987.
After taking into account the losses incurred by shareholders, the total estimated deficiency was £711,545.
The Department accepted the disqualification undertakings from the directors on 14 June.
The disqualification was accepted in the ground of causing and permitting the company to retain a sum of £410,523, which was properly payable to the Crown consisting of £20,000 in respect of a Tax Investigation Settlement in 2001/02.
The company was also found to have traded from 1 November 2007 to June 2010, despite the knowledge it was insolvent and unable to pay its debts.
It also failed to operate a bank account from November 2008 to June 2012.
The preparation of accounts within the company was found to not give a "true and fair view" of its financial matters.
The Department has accepted 31 Disqualification Undertakings and the Court has made 5 orders disqualifying directors in the financial year commencing 1 April 2013.
(IT/CD)
51-year-old John McKenzie Taylor of Tamnaharry Hill, Mayobridge, Newry, was disqualified for seven years and George Christopher Taylor, 53, of Springfield Road, Warrenpoint, Newry, was disqualified for eight years.
The Department of Enterprise, Trade and Investment accepted the disqualification in respect of their conduct as directors of Taylor Civil Engineering Limited.
The Company carried on the business of domestic property maintenance from Greenan Road, Newry, Co. Down and went into liquidation on 25 November 2010 with estimated assets of £3,445 and liabilities to creditors of £714,987.
After taking into account the losses incurred by shareholders, the total estimated deficiency was £711,545.
The Department accepted the disqualification undertakings from the directors on 14 June.
The disqualification was accepted in the ground of causing and permitting the company to retain a sum of £410,523, which was properly payable to the Crown consisting of £20,000 in respect of a Tax Investigation Settlement in 2001/02.
The company was also found to have traded from 1 November 2007 to June 2010, despite the knowledge it was insolvent and unable to pay its debts.
It also failed to operate a bank account from November 2008 to June 2012.
The preparation of accounts within the company was found to not give a "true and fair view" of its financial matters.
The Department has accepted 31 Disqualification Undertakings and the Court has made 5 orders disqualifying directors in the financial year commencing 1 April 2013.
(IT/CD)
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