Failed software firm director handed six-year disqualification
THE Co Down principal of a software development consultancy has been banned from the boardroom for six years after his company collapsed owing more than £260,000.
Darryl William Collins (56) from Grove Road in Hillsborough was a director of Banjax Limited, which operated from Botanic Avenue in Belfast.
It went into liquidation in September 2013 with an estimated deficiency of £261,558.
The Department of Enterprise, Trade and Investment (Deti), which brought the case, accepted the disqualification undertaking from Collins based on a number of areas of unfit conduct, which he didn't dispute.
He admitted causing Banjax to misapply funds by making substantial unsecured loans of £138,035 due from a connected company at a time when he knew that other firm was itself insolvent, and in so doing he failed to pay sums due to the company’s creditors.
Collins also retained £120,760 properly due to the Crown in tax, VAT and national insurance payments over a number of years dating back to 2008/09, and he also failed to make a provision for a substantial doubtful debt in its financial statements, so the accounts then reflected an inaccurate state of solvency.
Deti has accepted 19 disqualification undertakings and the court has made eight orders disqualifying directors in the financial year from last April.