Disqualification undertakings for property company directors

by
Micheal McKenna
March 28, 2015

Disqualification undertakings have been accepted from the directors of a property company which previously owned and operated a Co Armagh hotel.

The undertakings for eight years were received from Myles Scullion (47), of Malone Valley Park, Belfast, and 51-year-old Elaine Fitzpatrick, of Cherrywood Court, Banbridge, in respect of their conduct as directors of Overtown Properties Limited.

Proceedings are continuing against one other director, the Department of Enterprise, Trade and Investment has confirmed.

The company owned and carried on business as the Seagoe Hotel, Portadown, between 1997 and 2007.

It also traded in commercial property rental from 2005 from Old Rectory Park, Banbridge and entered liquidation on September 22, 2011 with no assets available for creditors, liabilities to unsecured creditors of £285,810 and an estimated deficiency as regards creditors of £285,810.

After taking into account the losses incurred by the shareholders of the company, the estimated total deficiency was £285,909.

Seagoe Hotel, Portadown

DETI accepted the disqualification undertakings from Myles Scullion and Elaine Fitzpatrick on February 5, 2015 based on the following unfit conduct which, solely for the purposes of the disqualification procedure, was not disputed:

· Causing and permitting the company to file inaccurate financial accounts for the years ended March 31, 2002 to March 31, 2007;

· Causing and permitting the company to make loans to connected companies without obtaining any or sufficient security to the detriment of the company’s creditors;

· Failure to maintain and/or preserve and/or deliver up adequate accounting books and records;

· Causing and permitting the company to fail to pay a total of £232,461 properly payable to the Crown consisting of £42,461 in respect of VAT for the years 2009/10 to 2011/12; and £190,000 in respect of Corporation Tax for the years ended March 31, 2008 and March 31, 2009;

· Failure to file accounts for the company for the years ended March 31, 2008, March 31, 2009 and March 31, 2010;

· Causing and permitting the company to fail to file Annual Returns for the years ended March 23, 2008, March 23, 2009 and March 23, 2010 within the prescribed period and to fail to file an Annual Return for the year ended March 23, 2011 at all.

The Department has accepted 58 disqualification undertakings and the Court has made 13 orders disqualifying directors in the financial year commencing April 1, 2014.

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