Director banned after firm closes with £1.3m of debt

insolvency service targets bounce back loan abusers

A Director has been handed a 6 year ban from being a Director after his company was forced to close amid masses of unpaid debts.

Maurice Bridges was Managing Director of Electrical firm V.H McDevitt & Son Ltd, who’s main office was located in Belfast. They went into Administration in 2014 and were liquidated this year.

He was found guilty of wrongful conduct in his role which included trading whilst insolvent. He also failed to pay nearly £800,000. He withheld approximately £37,000 in PAYE, £491,000 in VAT and £260,000 in National Insurance deductions.

V.H McDevitt & Son Ltd were originally incorporated in 1975 and assets in excess in two million pounds according to accounts submitted in 2010.

Bridges was found to have failed to file annual returns for 4 years within the required time frames and also failed to submit company accounts.

His ban will run from 25th September 2016, ending on the 25th September 2022.

The robust action was brought against Mr Bridges by the Department for the Economy after his unfit conduct had been reported by Administrators.

All Insolvency Companies are required to report inappropriate conduct by company directors, to the Insolvency service which is part of the Economy Department.

The maximum disqualification for Directors ranges from 2 years to a maximum of 15 years under current legislation.



This site uses Akismet to reduce spam. Learn how your comment data is processed.