The Department of Enterprise, Trade and Investment (the Department) has accepted disqualification undertakings for eight years from the directors of a Derry nightclub/off licence and a property development company.
The undertakings came from David Heaney (37) and Majella Heaney (64), both of Buncrana Road, Londonderry, in respect of their conduct as directors of Rosemount Developments (Derry) Limited.
The company traded as Bar Zu incorporating a nightclub and off-licence from Rosemount Factory Premises, 65 Rosemount Avenue and also carried on the business of property owning and managing (commercial tenanted property) from the same address.
It went into administrative receivership on 10 January, 2011 with estimated total assets of £550,000, liabilities to secured creditors of £2,500,000, liabilities to preferential creditors of £1,000, liabilities to non-preferential creditors of £185,958, and an estimated deficiency as regards creditors of £2,136,958.
After taking into account the losses incurred by members (the shareholders) of the company the total estimated deficiency was £2,136,960.
The Department accepted the disqualification undertakings from the pair on 2 January and 29 January this year respectively based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed:
causing the company to fail to conduct its trading transactions through a separate bank account in its own name from at least March 2010 to 10 January 2011;
causing the company to fail to maintain and/or preserve full accounting records;
causing and permitting the non payment of monies in the sum of £64,829 properly due to the Crown consisting of £2,581 in respect of PAYE for the years 2009/10 and 2010/11;
£5,000 in respect of NIC for the years 2008/09 to 2010/11; and £57,248 in respect of VAT for the quarter periods November 2008 to February 2011;
putting at risk the future income from the sales of intoxicating liquor and the value of the company’s intoxicating liquor licence;
failing to act in the best interest of the company by failing to properly execute leases, and failing to confirm accurate tenancy details;
failing to file the annual accounts for the company in respect of the year ending 31 July, 2009.
Tags: