A Newry director of a bureau de change which went into liquidation has agreed to a disqualification undertaking.
The undertaking was received for six years from Barry Trainor, of Rathgullion Road, Newry.
It was in respect of his conduct as a director of Better Rate Bureau Ltd, based at Moore Street, Aughnacloy.
The business went into liquidation on 25 March 2014 with estimated total assets available for creditors of £46,518, liabilities to preferential creditors of £1,600, liabilities to unsecured creditors of £416,090 and an estimated deficiency as regards creditors of £371,172.
After taking into account the losses incurred by the shareholders of the company, the estimated total deficiency was £371,182.
The Department accepted the disqualification undertaking from 44-year-old Barry Trainor on 28 October 2016.
It was based on the following unfit conduct which, solely for the purposes of the disqualification procedure, was not disputed:
Failure to maintain and/or preserve and/or deliver up proper books of account and/or accounting records; failure to comply with the relevant legislation in that accounts for the years ended 30 November 2006, 31 March 2010, and 31 March 2011 were not filed within the prescribed period and those for the years ended 31 March 2012 and 31 March 2013 were never filed; causing and permitting the company to fail to comply with the relevant legislation in that Annual Returns for the years ended 16 November 2006 to 16 November 2011 inclusive were not filed within the prescribed period, and those for the years ended 16 November 2012 and 16 November 2013 were never filed.
The Department has accepted 28 disqualification undertakings and the court made three orders disqualifying directors in the financial year beginning 1 April 2016.