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23/03/2010
Lomic Director Disqualified
A top Co Londonderry businessman has agreed to step down from his kitchen manufacturing business.
The Department of Enterprise, Trade and Investment has accepted a disqualification undertaking for eight years from Michael Thomas Logue of Urbalshinny Road, Maghera, in respect of his conduct as a director of Lomic Manufacturing Limited.
However, proceedings against another Respondent are continuing.
Lomic Manufacturing Limited carried on the business of manufacturing kitchens, bedroom units, reception areas and bars from June 2002 to March 2007 latterly from 89 Dowland Road Limavady.
It went into liquidation on 16 August 2007 with estimated assets of £6,200, liabilities of £721,200 to non preferential creditors and an estimated deficiency as regards creditors of £715,000.
After taking into account the losses incurred by members (shareholders, including the directors) of the company the total deficiency was £715,002.
The Department accepted the disqualification undertaking from Michael Thomas Logue on 28 January based on unfit conduct which solely for the purposes of the disqualification procedure was not disputed.
This was on account of him failing to fully co-operate with the Official Receiver in contravention of Article 199(2) of the Insolvency (Northern Ireland) Order 1989 in that he failed to attend the Official Receiver’s office as requested and in causing and permitting the Company to fail to pay £72,758.93 of debts properly payable to the Crown comprising £6,874.34 PAYE for the year 2005/06, £31,653.60 PAYE and £34,230.99 NIC for the year 2006/07 and permitting the Company to misuse bank accounts in Bank of Ireland and First Trust Bank, in that a total of nine cheques with a value of £68,256 were returned unpaid by Bank of Ireland in the period 6 February 2003 to 3 February 2005 and in the period 25 January 2005 to 2 February 2005, seven direct debits with a total value of £2,457 were returned unpaid.
A total of 36 cheques with a value of £63,112 were returned unpaid by First Trust in the period 16 June 2005 to 21 April 2006 and in the period 17 June 2005 to 27 June 2006, six direct debits with a total value of £1,565 were returned unpaid and one Standing Order with a value of £420 was returned unpaid.
The Company also failed to file annual accounts for the year ended 31 December 2005, and to fail to file accounts on time for the years ended 30 June 2003 and 31 December 2004 and didn't to co-operate with the Official Receiver in contravention of Article 111 of the Insolvency (Northern Ireland) Order 1989 in that he failed to file a Statement of Affairs for the Company at the date of Winding Up.
He also was said to have attempted to put assets of the Company beyond the reach of the Official Receiver in that he offered assets to a value of £10,000 for private sale at a time when he had been informed that the Company was in liquidation and that he would be asked to account for all of its assets and he failed to disclose assets to a value of £200 which he was using for his personal benefit in a workshop he was operating.
(BMcC/GK)
The Department of Enterprise, Trade and Investment has accepted a disqualification undertaking for eight years from Michael Thomas Logue of Urbalshinny Road, Maghera, in respect of his conduct as a director of Lomic Manufacturing Limited.
However, proceedings against another Respondent are continuing.
Lomic Manufacturing Limited carried on the business of manufacturing kitchens, bedroom units, reception areas and bars from June 2002 to March 2007 latterly from 89 Dowland Road Limavady.
It went into liquidation on 16 August 2007 with estimated assets of £6,200, liabilities of £721,200 to non preferential creditors and an estimated deficiency as regards creditors of £715,000.
After taking into account the losses incurred by members (shareholders, including the directors) of the company the total deficiency was £715,002.
The Department accepted the disqualification undertaking from Michael Thomas Logue on 28 January based on unfit conduct which solely for the purposes of the disqualification procedure was not disputed.
This was on account of him failing to fully co-operate with the Official Receiver in contravention of Article 199(2) of the Insolvency (Northern Ireland) Order 1989 in that he failed to attend the Official Receiver’s office as requested and in causing and permitting the Company to fail to pay £72,758.93 of debts properly payable to the Crown comprising £6,874.34 PAYE for the year 2005/06, £31,653.60 PAYE and £34,230.99 NIC for the year 2006/07 and permitting the Company to misuse bank accounts in Bank of Ireland and First Trust Bank, in that a total of nine cheques with a value of £68,256 were returned unpaid by Bank of Ireland in the period 6 February 2003 to 3 February 2005 and in the period 25 January 2005 to 2 February 2005, seven direct debits with a total value of £2,457 were returned unpaid.
A total of 36 cheques with a value of £63,112 were returned unpaid by First Trust in the period 16 June 2005 to 21 April 2006 and in the period 17 June 2005 to 27 June 2006, six direct debits with a total value of £1,565 were returned unpaid and one Standing Order with a value of £420 was returned unpaid.
The Company also failed to file annual accounts for the year ended 31 December 2005, and to fail to file accounts on time for the years ended 30 June 2003 and 31 December 2004 and didn't to co-operate with the Official Receiver in contravention of Article 111 of the Insolvency (Northern Ireland) Order 1989 in that he failed to file a Statement of Affairs for the Company at the date of Winding Up.
He also was said to have attempted to put assets of the Company beyond the reach of the Official Receiver in that he offered assets to a value of £10,000 for private sale at a time when he had been informed that the Company was in liquidation and that he would be asked to account for all of its assets and he failed to disclose assets to a value of £200 which he was using for his personal benefit in a workshop he was operating.
(BMcC/GK)
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