Three Co Armagh directors from the one company have been disqualified for six years by the Department of Economy.
The Department has accepted disqualification undertakings, each for six years, from Darren McLoughlin (41) and John McLoughlin (69), both of Newtownhamilton Road, Armagh, and John Gerard McLoughlin (45) of Tullydowey Road, Benburb, in respect of their conduct as directors of McLoughlin Coachworks Limited.
The company traded in commercial vehicle body building and repairs from the Battleford Road in Co Armagh before going into administration on February 25, 2016.
The estimated total assets available for floating charge holders was £70,027, with liabilities to floating charge holders of £86,999, unsecured non-preferential claims of £1,336,037 and an estimated deficiency as regards creditors of £1,353,009.
After taking into account the losses incurred by members (the shareholders) of the Company the estimated total deficiency was £1,353,012.
The Department accepted the disqualification undertakings from John Gerard McLoughlin and John McLoughlin on July 23 and Darren McLoughlin on August 22.
These disqualifications were based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed: causing and/or permitting the Company to breach hire purchase agreements contrary to the terms of those agreements by selling assets subject to outstanding finance, which did not belong to the Company and failing to fully co-operate with the joint liquidators by not accounting for the disposal of those assets; obtaining goods from trade creditors with no prospect of paying for them and to the detriment of those trade creditors; contrary to professional insolvency advice received; failure to file annual returns within the applicable statutory time period.
The Court has made two orders disqualifying directors in the financial year commencing April 1, 2018.
The company, which has been operating since 2004, was dissolved in March of this year.
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