The Department of Enterprise, Trade and Investment has accepted disqualification undertakings from two directors of a Derry ventilation services business.
Ivan James and Julie Dunlop (both 42), of McCartney Park, Pennyburn, were disqualified for five and four years respectively in respect of their conduct as directors of Dunlop Ventilation Services Ltd.
The firm went into liquidation in December 2010 with estimated total assets available for preferential creditors of £12,665, liabilities to preferential creditors of £4,920, liabilities to unsecured creditors of £324,308, and an estimated deficiency as regards creditors of £316,563.
After taking into account the losses incurred by the shareholders the total estimated deficiency was £316,565.
The Department accepted the disqualification undertakings on 15 August 2013 based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed: causing and permitting the company to retain a total of £89,416 of monies due to HM Revenue and Customs consisting of £6,047 in respect of PAYE and £27,394 in respect of NIC for the years 2009/10 and 2010/11; and £55,975 in respect of VAT for the years 2008/09 to 2010/11 thereby funding substantially the company’s period of insolvent trading with the revenues so retained; allowing the company to make a dividend distribution when there were not sufficient distributable reserves to do so.
Additional matters alleged in relation to Ivan James Dunlop were: submitting a materially inaccurate Statement of Affairs; causing and permitting the company to misuse a bank account by tendering 33 cheques with a total value of £61,240 without due regard to their being honoured on presentation in the period 14 October 2008 to 4 November 2010; and by providing insufficient funds to honour 24 standing orders and 19 direct debits with a combined total of £39,677 which were returned in the period 17 November 2008 to 22 October 2010.