Colum McBride (30) and Adrian McBride (28) both of Magheralough Road, Trillick, Omagh, were disqualified for seven years and five years respectively at the High Court, Belfast, in respect of their conduct as directors of McBride Electrical Ltd (“the Company”).
The Company carried on the business of subcontractor to main electrical contractors from Magheralough Road, Trillick, Omagh and went into liquidation on 25 June 2009 with estimated assets of £2,000, liabilities of £182,559 to the floating charge holders, liabilities of £261,560 to unsecured creditors, and an estimated deficiency as regards creditors of £442,119. After taking into account the losses incurred by members (the shareholders) of the Company the total estimated deficiency was £442,121.
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The matters of unfit conduct alleged by the Department of Enterprise, Trade and Investment (the Department) in relation to Colum McBride and Adrian McBride in respect to their conduct as directors of the Company and accepted by the Court were:
•causing and permitting the Company to retain Crown monies in the sum of £149,669 consisting of £35,597 in respect of PAYE, £30,293 in respect of NIC and £83,779 in respect of VAT for the years 2007/08 and 2008/09;
•causing and permitting the Company to misuse bank accounts held at the Ulster Bank by tendering 209 cheques to creditors with a total value of £287,509 without due regard to the prospect of their being honoured upon presentation in the period 17 August 2007 to 26 August 2008; 25 of these cheques with a total value of £16,420 were dishonoured when presented a second time, and 2 of these cheques with a total value of £749 were dishonoured when presented a third time;
•causing and permitting the Company to fail to file an Annual Return for the year ended 15 November 2008;
•failing to file Annual Accounts for the Company for the year ended 30 November 2007.
The following additional matters of unfit conduct were alleged by the Department and accepted by the Court in relation to Colum McBride:
•failing to account for an unexplained deficiency of £350,705;
•failing to maintain and/or preserve proper accounting records for the Company, or if they were maintained and preserved, failing to deliver them up.
(CD/GK)
