The Department of Enterprise, Trade and Investment has accepted disqualification undertakings from three directors of a company, which manufacturers waste handling equipment and which went into liquidation in 2012.
The undertakings were received for four years from Michael Maguire (57), of Liska Road, Newry, and James and Malachy Maguire, both aged 66 and of Temple Hill Road, Newry, in respect of their conduct as directors of Numac Waste Systems Limited.
The company carried on the business of the manufacture of waste handling equipment from Temple Hill Road, and entered liquidation on November 13, 2012, with estimated total assets available for creditors of £26,957, liabilities to preferential creditors of £8,347, liabilities to floating charge holders of £11,234, liabilities to unsecured creditors of £669,094 and an estimated deficiency as regards creditors of £661,718.
After taking into account the losses incurred by the shareholders of the company, the estimated total deficiency was £891,722.
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 £419,502 properly due to the Crown consisting of £140,555 in respect of PAYE for the tax years 2009/10 to 2012/13; £175,398 in respect of NIC for the tax years 2008/09 to 2012/13 and £103,549 in respect of VAT for the tax years 2009/10 to 2012/13;
· Causing and permitting the company to fail to file annual accounts for the years ended 30 April 2006 to 30 April 2009 (inclusive) within the prescribed periods with Companies House;
· Causing and permitting the company to fail to file annual returns for the periods ended 19 February 2006 to 19 February 2010 (inclusive) and for the period ended 19 February 2012 within the prescribed periods with Companies House;
· Causing and permitting the company to make unlawful payments of dividends which was in breach of their fiduciary duty and/or in the alternative was in contravention of the Companies Act 2006.
The Department accepted 62 disqualification undertakings and the court made 14 orders disqualifying directors in the financial year commencing 1 April 2014.
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