The Department of Enterprise, Trade and Investment has accepted disqualification undertakings from the directors of a Co Derry consumable goods business.
The undertakings for five years were received from Robert Hazlett Millar (65), of McLean Road, Eglinton and Robert Thomas Millar (40), of Bishops Road, Limavady, in respect of their conduct as directors of Millar Savoury Foods Limited.
The Department previously accepted a disqualification undertaking for five years from another director on 25 February this year.
The company carried on the business of manufacturing and supplying consumable goods from Airfield Road, Eglinton and entered administration on 1 June 2011 with estimated total assets available to preferential creditors of £257,150, liabilities to preferential creditors of £7,500, liabilities to floating charge holders of £112,677, liabilities to unsecured creditors of £391,874 and an estimated deficiency as regards creditors of £254,901.
After taking into account the losses incurred by members (the shareholders) of the company the estimated total deficiency was £254,911.
The Department accepted the disqualification undertakings from both men on 19 September 2014 based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed:
Causing and permitting the Company to breach an Invoice Discounting Agreement held with Ulster Bank Limited by failing to pay over £107,086 to the Ulster Bank during the period 27 September 2010 to 1 June 2011, thereby withholding a maximum of £37,868 properly payable to the Ulster Bank Limited;
Failing to file the correct information relating to the Company with Companies House.
The Department has accepted 33 Disqualification Undertakings and the Court has made five orders disqualifying directors in the financial year commencing 1 April 2014.