The Department of Enterprise, Trade and Investment (the Department) has accepted a disqualification undertaking from the director of a public house in Co Derry.
The undertakings were received for five years from Patrick Lynch (50) of Sycamore Heights, Claudy in respect of his conduct as a director of Coral Merchants Limited (the Company).
Proceedings are continuing against another director.
The Company carried on business as a public house and licensed premises from 40 Main Street, Dungiven and went into liquidation on 10 November 2011 with estimated total assets available to secured creditors of £180,000, estimated total assets available to preferential creditors of £9,101, liabilities to preferential creditors of £379,998, liabilities to unsecured creditors of £531,271 and an estimated deficiency as regards creditors of £722,168.
After taking into account the losses incurred by members (the shareholders) of the Company the estimated total deficiency was £722,170.
The Department accepted the disqualification undertaking from Patrick Lynch on 20 November 2014 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 the sum of £116,416 over the period 2007/08 to 2011/12 which was properly payable to the Crown but not paid over made up of £23,648 of PAYE for the years 2007/08 to 2011/12; £47,463 of NIC for the years 2007/08 to 2011/12 and £45,305 of VAT for the years 2008/09 to 2011/12;
Causing and permitting the Company to trade when he knew or ought to have known that the Company was insolvent;
Failure to comply with his obligations under Articles 234, 249, 250 and 252 of the Companies (NI) Order 1986 in that the accounts for the years ended 31 March 2006 and 31 March 2007 were not filed within the prescribed time period;
Failure to comply with Articles 371 (1) and 371 (2) of the Companies (NI) Order 1986 in that the Annual Returns for the years ended 20 October 2007, 20 October 2008 and 20 October 2009 were not filed within the prescribed period.
The Department has accepted 49 Disqualification Undertakings and the Court has made 13 orders disqualifying directors in the financial year commencing 1 April 2014.
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