A NINE-year boardroom ban has been handed down to a Belfast company director who failed to account for £600,000 invested in his property development business by third parties, or for his own share of £1.2 million invested in the firm in return for preference shares.
Adrian Martin (54) from Moss Road in Carryduff ran BMD Developments Ltd from his home address.
It went into administration in May 2010 with assets of £675,000, subject to an estimated charge of £1,337,638, estimated liabilities to unsecured creditors of £59,709 and a deficiency as regards creditors of £792,347.
After taking into account the losses incurred by shareholders of the company, the estimated total deficiency was just shy of £800,000.
The Department for the Economy accepted the disqualification undertaking from Martin based on a number of areas of unfit conduct, which he didn't dispute.
Among them, he failed to submit a statement of affairs for the company and didn't give vacant possession of one of the property assets of the company to the administrator.
Martin admitted not maintaining and preserving adequate accounting records, submitting false and misleading accounts for BMD and failing to fully co-operate with the administrator.
