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.

The two were directors of Corinth Developments Limited.

The news came after it was found the company continued buying and letting residential properties as well as developing residential land and properties for sale from 76-78 Church Street, Portadown, Co. Armagh.

The company entered into administration on 16 February 2010 with estimated assets available for floating charge holders of £423, liabilities due to the floating charge holders of £2,296,701, liabilities of £202,018 to unsecured creditors and an estimated deficiency as regards creditors of £2,498,296.

DETI has accepted the disqualification based on the following conduct, as declared by the Northern Ireland Executive:

- failing to maintain and / or preserve and / or deliver up accurate books and records;

- causing the Company to fail to pay over monies collected in rental income to the secured lender, Ulster Bank in breach of covenants contained within the loan agreements with Ulster Bank;

- causing and permitting the Company to fail to pay over a sum of £159,766 which was properly payable to the Crown consisting of £1,151 in respect of PAYE and £1,418 in respect of NIC for the years 2008/09 and 2009/10; and £157,197 in respect of Corporation Tax for the years 2005/06 to 2008/09;

- causing and permitting the Company to fail to comply with Article 371(1) of the Companies (Northern Ireland) Order 1986 in that the Annual Returns made up to 15 May 2003, 30 April 2004, 30 April 2005, 30 April 2006 and 15 May 2008 were filed late; and the Annual Returns made up to 15 May 2007 and 15 May 2009 were not filed;

- failing to prepare and file accounts for the Company for the years ended 15 November 2006, 15 November 2007, 15 November 2008 and 15 November 2009.

(IT)