TWO directors of a company which traded as a Belfast City Centre restaurant have been disqualified for five years.
Local man Brian Smyth (61) of Gosford Castle, Armagh and Lynda Coulter (53) of Deramore Park, Belfast, were each disqualified for five years on 30 May 2013, in the High Court, Belfast in respect of their conduct as directors of BSLC (Restaurants) Limited.
The company traded as the restaurant ‘Bourbon’ from Great Victoria Street, Belfast and went into administration on 19 October 2009 with estimated total assets available for preferential creditors of £239,645, liabilities to preferential creditors of £105, liabilities to the floating charge holder of £249,393, liabilities of £487,981 to unsecured creditors, and an estimated deficiency as regards creditors of £497,834. After taking into account the losses incurred by members (the shareholders) of the Company the total estimated deficiency was £497,836.
The matter of unfit condUct alleged by the Department of Enterprise, Trade and Investment (the Department) in relation to the directors in respect of their conduct as directors of the company and accepted by the Court were:
* causing and permitting the Company to retain a sum of £281,627 which was properly payable to the Crown but not paid over consisting of £44,596 in respect of PAYE and £76,310 in respect of NIC for the years 2008/09 and 2009/10; and £160,721 in respect of VAT for the quarterly periods ending 01/09 to 10/09.
The Department has accepted 31 Disqualification Undertakings and the court has made five orders disqualifying directors in the financial year commencing 1 April 2013.