Claudy property developers disqualified

John Thomas McFeely (44) and Martina Claire McFeely (43) both of Muldonagh Road, Claudy, were disqualified on November 22, 2012, in the High Court, Belfast in respect of their conduct as directors of Oaklin Developments Limited (‘the Company’).

The Company carried on the business of buying, owning, developing and selling commercial and private property from Muldonagh Road, Claudy, Co. Londonderry and went into liquidation on 13 May 2010 with estimated assets of £25,191, liabilities of £1,462,251 to non-preferential creditors, and an estimated deficiency as regards creditors of £1,437,060. After taking into account the losses incurred by members (the shareholders) of the Company the total estimated deficiency was £1,437,062.

The matters of unfit conduct alleged by the Department of Enterprise, Trade and Investment (the Department) in relation to John Thomas McFeely and Martina Claire McFeely in respect of their conduct as directors of the Company and accepted by the Court were: Demonstrating a wilful disregard to the separate legal entities of the Company and the directors as individuals through the taking of a loan of £2,960,581 in contravention of Article 338 of the Companies (NI) Order 1986 which they cannot now repay resulting in a loss to HM Revenue and Customs of £1,150,965 of Corporation Tax; preparing and filing Annual Accounts which did not give a true and fair view of the Company’s state of affairs; failing to file Annual Accounts for the Company for the years ended 31 May 2006, 31 May 2007 and 31 May 2008 within the prescribed periods and failing to file the Annual Accounts for the year ended 31 May 2009 with Companies House; causing and permitting the Company to fail to ensure that the Annual Returns due on 13 August 2006, 13 August 2007 and 13 August 2008 were filed within the prescribed time period with Companies House and to fail to file the Annual Return due on 13 August 2009.

The Department has accepted 59 Disqualification Undertakings and the Court has made 24 orders disqualifying directors in the financial year commencing April 1, 2012.