The directors of a Loughgall-based business – which went into liquidation five years ago – have agreed to disqualification undertakings.
The Department for the Economy has accepted the three-year disqualification from Philip Edward Cherry (48), and 47-year-old, Jeanette Elizabeth Cherry.
The action involving the two, with an address at Tullyroan Road, Dungannon, was in respect of their conduct as directors of Belfast Supplies Limited.
It operated a horsebox manufacturing business at Summerisland Road in Loughgall.
The business went into liquidation on June 23, 2011, with estimated total assets available for creditors of £31,390 and liabilities to unsecured creditors of £1,037,633 and an estimated deficiency as regards creditors of £1,006,243.
After taking into account the losses incurred by the company’s shareholders, the estimated total deficiency was £1,126,243.
The Department accepted the disqualification undertaking from Philip Edward Cherry on May 9.
It was 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 £126,908 properly due to the Crown consisting of £56,239 in respect of PAYE for the tax years 2008/09 to 2010/11 and £70,669 in respect of NIC for the tax years 2008/09 to 2010/11; Causing and permitting the company to fail to file accounts for the year ended 31 October 2007 on time and to fail to file accounts for the year ended 31 October 2009; causing and permitting the company to fail to file Annual Returns for the years to 21 October 2006, 21 October 2007 and 21 October 2008 within the prescribed time period and to fail to file Annual Returns for the years to 21 October 2009 and 21 October 2010.
The Department accepted the disqualification undertaking from Jeanette Elizabeth Cherry on the same date based on the following unfit conduct:
Causing and permitting the company to retain £126,908 properly due to the Crown consisting of £56,239 in respect of PAYE for the tax years 2008/09 to 2010/11 and £70,669 in respect of NIC for the tax years 2008/09 to 2010/11; causing and permitting the company to fail to file accounts for the year ended 31 October 2007 on time and to failed to file accounts for the year ended 31 October 2009; causing and permitting the company to fail to file Annual Returns for the years to 21 October 2006, 21 October 2007 and 21 October 2008 within the prescribed time period and to fail to file Annual Returns for the years to 21 October 2009 and 21 October 2010; failure to co-operate with the Office Holder by failing to submit a completed preliminary examination questionnaire.
The Department has accepted nine disqualification undertakings and the court has made two orders disqualifying directors in the financial year beginning April 1, 2016.
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