A Galbally man has been disqualified from directing a business for four years after Punchtec Ltd went into liquidation, owing over £146,000 to creditors.
The Department for the Economy accepted the disqualification of Oliver Nugent (50) of Altaglushan Road, Galbally, in respect of his conduct as a director of Punchtec Ltd.
The company operated as a manufacturer of machine parts for the construction industry from Altaglushan Road, Galbally and went into liquidation on 6 October 2014.
At that time, its total assets were estimated at £Nil, with liabilities to preferential creditors of £800 and liabilities to unsecured creditors of £145,419 - an estimated deficiency as regards creditors of £146,219.
After taking into account the losses incurred by members (the shareholders) of the company the estimated total deficiency was £146,220.
It is understood Nugent has a history in relation to his conduct in business, with the department saying he had failed to learn from previous insolvencies and/or had demonstrated a repeated pattern of unfit conduct.
The department accepted the disqualification undertaking from Oliver Nugent on March 1, 2017 based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed:
- Causing and permitting the company to operate a policy of discrimination against the Crown in that, during the period 1 July 2009 to the date of liquidation, £83,918 was retained which was properly payable to the Crown consisting of £17,074 in respect of PAYE for the tax years 2010/11 to 2014/15, £25,387 in respect of NIC for the tax years 2009/10 to 2014/15 and £41,457 in respect of VAT for the tax years 2011/12 to 2014/15
- This was significantly in excess of the debt due to any other trade creditor; failing to comply with the Companies Act 2006 in that accounts for the years ended 30 June 2012 & 30 June 2013 were not filed within the prescribed periods
- Failing to learn from previous insolvencies and/or demonstrating a repeated pattern of unfit conduct
- He also caused and permitted the company to withhold significant amounts of payments properly due to the Crown and failed to file annual accounts on time or at all
The Department has accepted 43 Disqualification Undertakings and the Court has made three orders disqualifying directors in the financial year commencing 1 April 2016.