Disqualification undertakings from the two directors of a Co Tyrone building company with a deficiency of £5 million have been accepted by the Department for the Economy.
The undertakings were received for five years from Liam Hugh McCann (61) and for three years from Paul Gerard McCann (37) both of Tullyvalley Road, Seskinore, Omagh in respect of their conduct as directors of McCann Brothers (Ireland) Limited.
The Company traded as building contractors from Seskinore and went into liquidation on November 23, 2012, with estimated total assets available for creditors of £622,202, liabilities to preferential creditors of £15,000, liabilities to unsecured creditors of £5,661,969 and an estimated deficiency as regards creditors of £5,054,767. After taking into account the losses incurred by members of the Company the estimated total deficiency was £5,054,769.
The Department accepted the disqualification undertakings under grounds of unfit conduct.
Unfit conduct included a loan of which £170,966 remained unpaid at the date of liquidation and failing to honour payments made in cheques and standing orders.
