Father and son haulage bosses disqualified after losses of £718k
A DUNGANNON father and son who ran a road haulage business have been disqualified from acting as directors after running up debts of £718,829.
Maurice Rice (57) and Maurice James Rice (29) from Killymeal Road accepted bans of 12 and 3 years respectively.
Their company, Maurice Rice and Son Ltd went bust in September 2009.
According to the Department of Enterprise, Trade and Investment, their total debt was estimated at £706,478 after taking into account the losses incurred by the company members.
The department said that Maurice Rice had failed to account for the sale of company assets to himself, failed to maintain or deliver proper accounting records, and failed to deliver up assets.
It also found that Rice had retained a sum of £66,918 which was properly payable to the Crown.
The court said he had demonstrated a complete disregard for his creditors by his failure to co-operate with the liquidator, and was actively obstructive.
His son, Maurice James Rice, was found to have shown unfit conduct by failing to address adequately the affairs of the company and allowing himself to be recorded as a director without undertaking the duties which such position entails.
The Department has accepted 47 Disqualification Undertakings and the Court has made 14 orders disqualifying directors in the financial year commencing 1 April 2012.
Email to a friend
Print this page
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Dungannon
Monday 20 May 2013
Today
Cloudy
Temperature: 7 C to 16 C
Wind Speed: 16 mph
Wind direction: North
Tomorrow
Cloudy
Temperature: 8 C to 15 C
Wind Speed: 14 mph
Wind direction: North
