Directors are disqualified

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News

The Department of Enterprise, Trade and Investment has accepted disqualification undertakings from the directors of a local property company.

Undertakings were received for eight years from Myles Scullion (47) of Malone Valley Park, Belfast and from Elaine Fitzpatrick (51) of Cherrywood Court, Banbridge, in respect of their conduct as directors of Overtown Properties Limited (the Company).

The Company owned and carried on business as the Seagoe Hotel, Portadown between 1997 and 2007.

It also traded in commercial property rental from 2005 from Old Rectory Park, Banbridge and entered liquidation on 22 September 2011 with estimated total assets available for creditors of £Nil, liabilities to unsecured creditors of £285,810 and an estimated deficiency as regards creditors of £285,810. After taking into account the losses incurred by members (the shareholders) of the Company the estimated total deficiency was £285,909.

The Department accepted the disqualification undertakings from Myles Scullion and Elaine Fitzpatrick on 5 February 2015 based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed:

· Causing and permitting the Company to file inaccurate financial accounts for the years ended 31 march 2002 to 31 March 2007;

· Causing and permitting the Company to make loans to connected companies without obtaining any or sufficient security to the detriment of the Company’s creditors;

· Failure to maintain and/or preserve and/or deliver up adequate accounting books & records; · Causing and permitting the Company to fail to pay a total of £232,461 properly payable to the Crown consisting of £42,461 in respect of VAT for the years 2009/10 to 2011/12; and £190,000 in respect of Corporation Tax for the years ended 31 March 2008 and 31 March 2009;

· Failure to file accounts for the Company for the years ended 31 March 2008, 31 March 2009 and 31 March 2010;

· Causing and permitting the Company to fail to file Annual Returns for the years ended 23 March 2008, 23 March 2009 and 23 March 2010 within the prescribed period and to fail to file an Annual Return for the year ended 23 March 2011 at all.