Business

Portaferry director agrees to six-year boardroom disqualification

THE Department for the Economy has accepted a disqualification undertaking from the director of an electrical installation business whose firm went under owing more than £1.3 million.

The undertaking was received for six years from Maurice Bridges (56) of The Square in Portaferry in respect of his conduct as a director of VH McDevitt & Son Limited, an electrical installation business operating from Upper Newtownards Road in Belfast.

The company went into administration in August 2014 and subsequently went into liquidation in September 2015 with estimated total assets available for creditors of £300,550 but with a total overall deficiency of £1,343,821.

Bridges admitted a number of areas of unfit conduct, which included:

• Allowing the company to continue to trade when he knew it was insolvent;

• Retaining £788,319 properly due to the Crown in respect of income tax, VAT and national insurance;

• Failing to file annual returns for within the prescribed periods over a number of different trading years; and

• Causing the company to fail to file annual accounts for the periods ended 30 November 2010 and 30 November 2011 within the prescribed periods.

Since April this year the Department accepted 19 disqualification undertakings and the courts have made two orders disqualifying directors.

Enjoy reading the Irish News?

Subscribe from just £1 for the first month to get full access

Business