A Lurgan businessman has been disqualified from acting as a director following the collapse of his plant hire firm.
The Department for the Economy (the Department) has accepted a disqualification undertaking for six years from Michael Fleville (69) of Derrytrasna Road, Lurgan in respect of his conduct as director of Michael Fleville & Sons Plant Hire Ltd (the Company).
The Company traded as a civil engineering works and plant hire business from Derrytrasna Road, Lurgan, and entered liquidation on 18 July, 2014, with estimated total assets available for creditors of £366,889, liabilities to floating charge holders of £98,701, liabilities to unsecured creditors of £728,689 and an estimated deficiency as regards creditors of £460,501.
After taking into account the losses incurred by members (the shareholders) of the Company the estimated total deficiency was £460,503.
The Department accepted the disqualification undertaking from Michael Fleville on 16 February, 2017, based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed: failure to co-operate with the liquidators in that he failed to deliver up the Company’s accounting records to the liquidators; drawing remuneration significantly in excess of what the Company could afford to pay in the year to 30 September, 2013, and this caused the insolvent position of the Company which was to the detriment of creditors.
He drew the excess remuneration at a time when he knew or ought to have known that the Company was having financial difficulties.
The Department has accepted 42 Disqualification Undertakings and the Court has made three orders disqualifying directors in the financial year commencing 1 April, 2016.