THE Department of Enterprise, Trade and Investment (the Department) has accepted disqualification undertakings for six years from two directors of a cutting, shaping and finishing stone company.
Alan George Cunningham (42) of Thornhill Avenue, Lisburn, Co Antrim and Trevor Andrew Cunningham (41) of Emdale Road, Ballinaskeagh, Banbridge, Co Down were disqualified in respect of their conduct as directors of Cunningham Stone Limited (“the Company”).
The Company carried on the business of cutting, shaping and finishing stone, from premises at Council Road, Kilkeel and entered administration on 26 September 2008.
It then went into liquidation on 29 October 2009 with estimated assets of £151,959, liabilities of £4,450,317 to non-preferential creditors and an estimated deficiency as regards creditors of £4,298,358.
After taking into account the losses incurred by members (the shareholders) of the Company the total estimated deficiency was £4,438,364.
The Department accepted disqualification undertakings from Alan George Cunningham and Trevor Andrew Cunningham on 28 November 2011 and 25 January 2012 respectively, based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed: causing or permitting the Company to retain £1,100,791 due to the Crown in respect of PAYE tax, NIC and VAT; and
causing or permitting the Company to fail to pay £22,400 to InvestNI by way of preference share dividends and preferring themselves over InvestNI in the sum of £22,400 by paying themselves £85,928 by way of ordinary share dividends.
The Department has accepted 28 Disqualification Undertakings and the Court has made eight orders disqualifying directors in the financial year commencing 1 April 2012.