The Department for the Economy has accepted a disqualification undertaking from the director of a County Londonderry joinery business.
The undertaking was received for four years from Patrick Gallagher (44) of Ranaghan Road, Maghera, in respect of his conduct as a director of Gallagher Contracts Ltd.
The company, according to the department, traded as a joinery business from Ranaghan Road, Maghera and went into liquidation on March, 6 2014 with estimated total assets available for creditors of £15,000, liabilities to unsecured creditors of £261,197 and an estimated deficiency as regards creditors of £246,197. After taking into account the losses incurred by members (the shareholders) of the company, the estimated total deficiency was £246,199.
The department accepted the disqualification undertaking from Patrick Gallagher on October, 20 2016 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 £115,183 properly due to the Crown consisting of £55,174 in respect of VAT for the tax years 2009/10 to 2013/14 and £60,009 in respect of Corporation Tax for the years 2008/09 to 2011/12; during which time significant payments were made to other creditors;
Causing and permitting the company to fail to comply with its statutory obligations in that annual accounts for the periods ended March 31, 2008 to March 31, 2013 inclusive were not prepared or filed within the statutory time period;
Causing and permitting the company to fail to comply with its statutory obligations in that annual returns for the years ended March 26, 2008 to March 26, 2011 inclusive were filed late and the annual return for year ended March 31, 2013 was not filed at all.
The department accepted 25 disqualification undertakings and the court made three orders disqualifying directors in the financial year commencing 1 April 2016.