Moy property company bosses disqualified after running up £2m debt

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The former owners of a property development company based in Moy have received boardroom bans after their company went bust running up losses of just over £2m.

John Curran (55) and Caroline Curran (54), both of Bovean Road, Dungannon, were disqualified over their conduct as bosses of Tiffen Developments.

John Curran was banned for seven years for misconduct including failing to adequately account for sales proceeds on the disposal of plant and machinery and failing to pay tax, while Caroline was banned for three years for allowing herself to be recorded as a director without undertaking the duties which such a position entails.

According to the Department of the Economy, the company traded as a property development business from Killyman Street, Moy, and entered administration on 29 January 2013 with estimated total assets available for creditors of £453,000, liabilities to preferential creditors of £2,161,993, liabilities to unsecured creditors of £326,865 and an estimated deficiency as regards creditors of £2,035,858.

After taking into account the losses incurred by members (the shareholders) of the company the estimated total deficiency was £2,035,860.

The Department has accepted 33 Disqualification Undertakings and the Court has made three orders disqualifying directors in the financial year commencing 1 April 2016.

The aim of the Department is to 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.