The director of a Dromore company has agreed to be disqualified after it went into administration.
The Department of Enterprise, Trade and Investment (the Department) has accepted a disqualification undertaking for six years Mark Andrew Smyth.
Smyth (43) of Dromara Road, Ballynahinch has been disqualified in respect of his conduct as a director of Alex Morton Contracts Limited.
Other proceedings are continuing against one other director. The company carried on the business of commercial buildings construction from Killysorrell Road, Dromore and entered administration on 20 February 2013 with estimated total assets available to creditors of £294,499, liabilities to preferential creditors of £17,431, liabilities to floating charge holders of £465,290, liabilities to unsecured creditors of £796,408 and an estimated deficiency as regards creditors of £984,630.
After taking into account the losses incurred by members (the shareholders) of the Company the total estimated deficiency was £994,630.
The Department accepted the disqualification undertaking from Smyth on 11 January 2016 based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed:
· Making payments of £225,000 to a person connected with the company, in preference to other creditors of the company at a time when he knew or ought to have known that the company was insolvent in so far as it was unable to discharge its liabilities as and when they fell due.
The Department has accepted 19 Disqualification Undertakings and the court has made a total of eight orders disqualifying directors in the financial year commencing 1 April 2015.