The Department of Enterprise, Trade and Investment has accepted a disqualification undertaking from a Portrush property developer.
Paul Alastair Fletcher (44), of Causeway Street, was disqualified for six years in respect of his conduct as director of CRF Developments Ltd.
DETI had previously accepted a disqualification undertaking for nine years from another director on June 21 in respect of his conduct as a director of the same company.
The company carried on the business of property development for residential and commercial sites in Northern Ireland from Causeway Street, Portrush, and went into administration on March 26, 2010 with estimated assets available for floating charge holders of £5,159,118, liabilities due to the floating charge holders of £17,048,050, liabilities of £480,504 to unsecured creditors, and an estimated deficiency as regards creditors of £12,369,436.
After taking into account the losses incurred by shareholders of the company the total estimated deficiency was £12,369,437.
The Department accepted the disqualification undertaking from Paul Fletcher on September 6 based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed:
* permitting the misuse of the directors’ loan account by allowing it to exceed the statutory limit of £5,000 as specified by Articles 338(2) and 342 of the Companies (NI) Order 1986 for the years ending 30 November 2005, 30 November 2006 and 30 November 2007. Also causing and permitting the Company to contravene Article 197 of the Companies Act 2006 by having a loan for the year ending 30 November 2008 which was not sanctioned by the member;
* permitting and/or failing to prevent the misuse of at least £659,683.46 of company funds in the Company resulting in an estimated loss of £659,683.46 in these investments;
* causing and permitting the Company to fail to file its annual return on time for the period ending 6 November 2004 and not to file the annual return for the period ending 6 November 2005 at all.