Cookstown businessman banned from being company director for seven years

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court

A County Tyrone director has been disqualified in the High Court, Belfast in respect of his conduct as a director of a building company.

Brendan Loughran (57) of Mill Road, Dungate, Donaghmore, Cookstown was disqualified for seven years on November 13, 2014 in respect of his conduct as a director of Danlor Services Limited (the Company).

The Company carried on the business of the treatment of dry rot and installation of damp proofing as well as carrying out building and restorations.

It entered liquidation on 20 June 2011 with estimated total assets available for secured creditors of £17,500, estimated total assets available for preferential creditors of £56,300, liabilities to secured creditors of £73,446, liabilities to preferential creditors of £11,062, liabilities to unsecured creditors of £197,257and an estimated deficiency as regards creditors of £207,965.

After taking into account the losses incurred by members (the shareholders) of the Company the estimated total deficiency was £217,967.

The matters of unfit conduct alleged by the Department of Enterprise, Trade and Investment (the Department) in relation to Brendan Loughran in respect of his conduct as a director of the Company and accepted by the Court were:

· Causing and permitting the Company to make a preferential payment of £23,187 to himself to the detriment of other creditors;

· Causing and permitting the Company to fail to file an annual return for the year ended 21 October 2010.

The Department has accepted 49 Disqualification Undertakings and the Court has made 13 orders disqualifying directors in the financial year commencing 1 April 2014.