Menu
24/07/2002
Two Co Down company directors disqualified
The High Court has disqualified a husband and wife from Newry, Joseph Rice and Janette Rice, from being company directors for periods of seven and four years respectively.
The disqualification of the married couple was as a result of their conduct as Directors of J Rice (Contracts) Limited. Joseph Rice’s conduct as a Director of Newry Town Football Club (1997) Limited was also taken into consideration when deciding the period of disqualification to be imposed.
The case was brought by the Insolvency Service of the Department of Enterprise, Trade and Investment under the Companies (NI) Order 1989 which seeks to protect the public and trading community from the abuses of the privilege conferred by limited liability status.
J Rice (Contracts) Limited traded as suppliers of general and specialised labour to the food industry from June 1997 until 21 October 1999. It was wound up by the High Court on 21 October 1999 with an estimated deficiency to creditors of £686,025.
The Department of Enterprise, Trade and Investment contended that the two defendants had traded whilst insolvent to the detriment of creditors from 31 May 1998 to 21 October 1999;
obtained excessive remuneration from the company; and misused bank accounts by tendering cheques to creditors without due regard to the prospect of their being honoured upon presentation.
This was denied by the defendants who denied each of the allegations and disputed that the Department could establish them.
However, the defendants accepted that they had failed to ensure that accounts were prepared and filed for the company for years ended 31 August 1997 and 31 August 1998. They also accepted that that they had failed to maintain statutory records; failed to submit annual returns to Companies Registry for the company relating to the year ended 28 February 1999; and retained £523,012 which should have been paid to the Crown in respect of PAYE income tax, National Insurance Contributions and VAT.
When a company is wound up by the Court, the official receiver appointed has a duty under the Insolvency (NI) Order 1989 to investigate the causes of failure and report any conduct deemed to be 'unfit' to the Insolvency Service within the Department of Enterprise, Trade and Investment.
The Department may then bring disqualification proceedings against those directors of failed companies who have abused the privilege of limited liability status through "negligence, incompetence or lack of commercial probity."
(SP)
The disqualification of the married couple was as a result of their conduct as Directors of J Rice (Contracts) Limited. Joseph Rice’s conduct as a Director of Newry Town Football Club (1997) Limited was also taken into consideration when deciding the period of disqualification to be imposed.
The case was brought by the Insolvency Service of the Department of Enterprise, Trade and Investment under the Companies (NI) Order 1989 which seeks to protect the public and trading community from the abuses of the privilege conferred by limited liability status.
J Rice (Contracts) Limited traded as suppliers of general and specialised labour to the food industry from June 1997 until 21 October 1999. It was wound up by the High Court on 21 October 1999 with an estimated deficiency to creditors of £686,025.
The Department of Enterprise, Trade and Investment contended that the two defendants had traded whilst insolvent to the detriment of creditors from 31 May 1998 to 21 October 1999;
obtained excessive remuneration from the company; and misused bank accounts by tendering cheques to creditors without due regard to the prospect of their being honoured upon presentation.
This was denied by the defendants who denied each of the allegations and disputed that the Department could establish them.
However, the defendants accepted that they had failed to ensure that accounts were prepared and filed for the company for years ended 31 August 1997 and 31 August 1998. They also accepted that that they had failed to maintain statutory records; failed to submit annual returns to Companies Registry for the company relating to the year ended 28 February 1999; and retained £523,012 which should have been paid to the Crown in respect of PAYE income tax, National Insurance Contributions and VAT.
When a company is wound up by the Court, the official receiver appointed has a duty under the Insolvency (NI) Order 1989 to investigate the causes of failure and report any conduct deemed to be 'unfit' to the Insolvency Service within the Department of Enterprise, Trade and Investment.
The Department may then bring disqualification proceedings against those directors of failed companies who have abused the privilege of limited liability status through "negligence, incompetence or lack of commercial probity."
(SP)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
24 July 2001
Three company directors banned from holding directorships
Three company directors from two separate companies in Northern Ireland have been disqualified from their positions and banned from holding directorships for a total of 19 years after they ran up combined debts of almost £2.5 million.
Three company directors banned from holding directorships
Three company directors from two separate companies in Northern Ireland have been disqualified from their positions and banned from holding directorships for a total of 19 years after they ran up combined debts of almost £2.5 million.
21 May 2002
Greyabbey couple disqualified as company directors
The High Court has disqualified a Greyabbey couple from being company directors. At a hearing on May 16 Peter McCandless was disqualified from being a company director for six years as a result of his conduct as a director of Sefco Engineering Limited and Sefco Limited.
Greyabbey couple disqualified as company directors
The High Court has disqualified a Greyabbey couple from being company directors. At a hearing on May 16 Peter McCandless was disqualified from being a company director for six years as a result of his conduct as a director of Sefco Engineering Limited and Sefco Limited.
02 July 2002
Company directors disqualified over £768,000 debts
The High Court has completed proceedings against three Directors who were involved in Omagh-based civil engineering company, Castle Contracts (IRL) Limited.
Company directors disqualified over £768,000 debts
The High Court has completed proceedings against three Directors who were involved in Omagh-based civil engineering company, Castle Contracts (IRL) Limited.
25 January 2005
Disclosure rules on directors' pay 'working', claims Minister
Better disclosure on directors' pay is leading to "improved dialogue" between companies and shareholders according to research published today by the Department of Trade and Industry (DTI).
Disclosure rules on directors' pay 'working', claims Minister
Better disclosure on directors' pay is leading to "improved dialogue" between companies and shareholders according to research published today by the Department of Trade and Industry (DTI).
13 December 2012
Directors Disqualified From NI Property Company
Two directors of a Northern Ireland property company have been disqualified. The Department of Enterprise, Trade and Investment (DETI) has accepted the disqualifications for eight years of Maurice Colville Stewart, 61, of Moira Road, Ballinderry Upper, Lisburn and Ben Stewart, 35, of Belfast Road, Antrim.
Directors Disqualified From NI Property Company
Two directors of a Northern Ireland property company have been disqualified. The Department of Enterprise, Trade and Investment (DETI) has accepted the disqualifications for eight years of Maurice Colville Stewart, 61, of Moira Road, Ballinderry Upper, Lisburn and Ben Stewart, 35, of Belfast Road, Antrim.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
