14/10/2002
Two County Tyrone directors disqualified
A husband and wife from Coalisland in County Tyrone have been disqualified from being company directors.
The High Court disqualified John Paul McGrath and Veronica Marie McGrath, both from Coalisland, from being company directors, for seven years and two years respectively, as a result of their conduct as directors of Speed Systems Limited.
The company, which commenced trading in 1994 to manufacture attachments for earth moving equipment and the general engineering industry, traded from premises at Coalisland Enterprise Park, Dungannon Road, Coalisland and was wound up by the High Court on 2 March 2000 with an estimated deficiency to creditors of £66,687.
The Court found that John Paul McGrath and Veronica Marie McGrath had failed to lodge a statement of affairs for Speed Systems Limited and failed to co-operate fully with the Official Receiver.
In addition the court also ruled that Mr McGrath had caused the company to trade in the knowledge that it was insolvent from 1 September 1998 to June 1999 and to the detriment of creditors; retaining of £33,236.41 owed in VAT, PAYE income tax and National Insurance Contributions. He also misused bank accounts, failed to prepare and file accounts and submit annual returns, and to maintain statutory records and accounting records.
In his judgement, Master Redpath stated that he considered it a serious matter that the company's records did not contain any record of sales, purchases and assets, bank statements or monies received and expended by the company.
He found that John Paul McGrath had failed to maintain the appropriate records that would have allowed the Official Receiver to ascertain exactly how the company failed.
The case was brought by the Insolvency Service of the DETI under the Companies (NI) Order 1989.
(SP)
The High Court disqualified John Paul McGrath and Veronica Marie McGrath, both from Coalisland, from being company directors, for seven years and two years respectively, as a result of their conduct as directors of Speed Systems Limited.
The company, which commenced trading in 1994 to manufacture attachments for earth moving equipment and the general engineering industry, traded from premises at Coalisland Enterprise Park, Dungannon Road, Coalisland and was wound up by the High Court on 2 March 2000 with an estimated deficiency to creditors of £66,687.
The Court found that John Paul McGrath and Veronica Marie McGrath had failed to lodge a statement of affairs for Speed Systems Limited and failed to co-operate fully with the Official Receiver.
In addition the court also ruled that Mr McGrath had caused the company to trade in the knowledge that it was insolvent from 1 September 1998 to June 1999 and to the detriment of creditors; retaining of £33,236.41 owed in VAT, PAYE income tax and National Insurance Contributions. He also misused bank accounts, failed to prepare and file accounts and submit annual returns, and to maintain statutory records and accounting records.
In his judgement, Master Redpath stated that he considered it a serious matter that the company's records did not contain any record of sales, purchases and assets, bank statements or monies received and expended by the company.
He found that John Paul McGrath had failed to maintain the appropriate records that would have allowed the Official Receiver to ascertain exactly how the company failed.
The case was brought by the Insolvency Service of the DETI under the Companies (NI) Order 1989.
(SP)
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