A county Armagh plant hire director has been disqualified after he was found to have taken money when he knew his company was in financial difficulties.
Michael Fleville, 69, of Derrytrasna Road, Lurgan was banned from being a company director for six years after his company, Michael Fleville & Sons Plant Hire LTD, went into liquidation in July 2014.
The Company traded as a civil engineering works and plant hire business and entered liquidation with estimated total assets available for creditors of £366,889, liabilities to floating charge holders of £98,701, liabilities to unsecured creditors of £728,689 and an estimated deficiency as regards creditors of £460,501.
After taking into account the losses incurred by members (the shareholders) of the Company the estimated total deficiency was £460,503.
The Department for the Economy accepted the disqualification undertaking from Michael Fleville on February 16, 2017 based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed:
— failure to co-operate with the liquidators in that he failed to deliver up the Company’s accounting records to the liquidators;
— drawing remuneration significantly in excess of what the Company could afford to pay in the year to 30 September 2013 and this caused the insolvent position of the Company which was to the detriment of creditors. He drew the excess remuneration at a time when he knew or ought to have known that the Company was having financial difficulties.
The Department has accepted 42 Disqualification Undertakings and the Court has made three orders disqualifying directors in the financial year commencing 1 April 2016.
/ 2 days ago
Lurgan Park will once again come alive with the music of the pipe bands...
/ 3 days ago
Lord Mayor Gareth Wilson recently took to the streets of Banbridge to sing the...