Two directors of a haulage firm based outside Clady, have been disqualified after admitting a litany of failings as their company went bust, with over £1.5m in debts.
The Department of Enterprise, Trade and Investment said they acceppted disqualification undertakings for 12 years and 11 years for Sean Convery (41) of Cherry Hill, Maghera. and Noel Convery (33) respectively.
In a statement, DETI said; “After taking into account the losses incurred by members (the shareholders) of the Company the total estimated deficiency was £1,619,896.
“The Company subsequently went into liquidation on 18 October 2012.”
DETI also revealed unfit conduct ‘which solely for the purposes of the disqualification procedure was not disputed’ by both men.
The unfit conduct included:
·failing to submit a Statement of Affairs for the Company;
·causing and permitting the Company to retain a total of £228,680 of monies due to Her Majesty’s Revenue and Custom
·causing and permitting the Company to become involved in the smuggling of goods in an attempt to avoid the excise duty payable on them;
·causing and permitting the Company to divert excise goods within the UK to avoid having to pay the full amount of excise duty payable on them;
·causing and permitting the Company’s vehicles to use laundered fuel in an attempt to avoid having to pay the full amount of excise duty on fuel properly payable to the Crown;
·failing to account for or to deliver up to the Office Holder all company assets;
·causing and permitting the Company to obtain finance on vehicles that had previously been sold by the Company and that it did not own;
·failing to take proper action to safeguard the Company’s assets contrary to Article 174 of the Companies Act 2006;
·causing and permitting the Company to misuse bank accounts held with Northern Bank by tendering 193 cheques with a total value of £829,031 during the period 11 December 2008 to 4 May 2011 without due regard to their being honoured on presentation;
The following additional matter of unfit conduct alleged by the Department in relation to Sean Convery and not disputed was: failing to account for monies paid to him in respect of the sale of the Company’s property and failing to ensure this transaction was recorded in the Company’s accounting records.