County Down builder disqualified
THE director of a commercial building firm has been banned from boardrooms for seven years.
Alex Morton (35) of Kinallen Road, Dromara has been disqualified in respect of his conduct at Alex Morton Contracts Limited.
The Department for the Economy said it had previously accepted a disqualification undertaking for six years from another director of the company.
The firm carried on the business of commercial buildings construction from Killysorrell Road, Dromore but entered administration to 2013.
It had 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 the shareholders of the company, the total estimated deficiency was £994,630.
The High Court in Belfast heard Mr Morton had made payments of £225,000 to a person connected with the company, ahead of other creditors, at a time when he knew or ought to have known the firm was insolvent.
The department has accepted 21 disqualification undertakings and the court has made three orders disqualifying directors so far this financial year.