The Department for the Economy has accepted a disqualification undertaking from the Director of a property development business.
The undertaking was received for six years from Paul Robert Durnien (58) of Shore Road, Newtownabbey, in respect of his conduct as a director of Corner Blok Limited.
The Department previously accepted a disqualification undertaking for six years from another director of the company.
It operated in the property development industry from Upper Newtownards Road, and went into Administration on March 30 2011 with assets subject to a fixed charge of £13,800,000, liabilities to fixed charge holders of £13,300,000, liabilities to unsecured creditors of £2,650,000 and an estimated deficiency as regards creditors of £2,150,000. After taking into account the losses incurred by members of the company, the estimated total deficiency was £2,150,002.
The Department accepted the disqualification undertaking from Mr Durnien on February 13 2018 based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed.
This was, causing and permitting the company to retain a total of £981,529 properly payable to the Crown in VAT from 2007/08 to the date of Administration; obtaining loans from the company in contravention of article 338(2) of the Companies (NI) Order 1986 and Section 197 (1) of the Companies Act 2006 of which £516,796 remained outstanding at the date of Administration to the detriment to the general body of the company’s creditors; failing to maintain and/or preserve and/or deliver up accounting records for the company from December 31 2008 to the date of Administration; failing to file any Annual Accounts for the company with Companies House; and causing and permitting the company to fail to file Annual Returns with Companies House for the years ended May 17 2008 to May 17 2010, within the prescribed periods.