Directors agree to disqualification

Alan George Cunningham (42) of Thornhill Avenue, Lisburn, and Trevor Andrew Cunningham (41) of Emdale Road, Ballinaskeagh, Banbridge, were disqualified in respect of their conduct as directors of Cunningham Stone Limited.

The company carried on the business of cutting, shaping and finishing stone, from premises at Council Road, Kilkeel, and entered administration on September 26, 2008. It then went into liquidation on October 29, 2009, with estimated assets of £151,959, liabilities of £4,450,317 to non-preferential creditors and an estimated deficiency as regards creditors of £4,298,358. After taking into account the losses incurred by members of the company the total estimated deficiency was £4,438,364.

The Department accepted disqualification undertakings from Alan George Cunningham and Trevor Andrew Cunningham on November 28, 2011, and January 25, 2012, respectively, based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed: causing or permitting the Company to retain £1,100,791 due to the Crown in respect of PAYE tax, NIC and VAT; and causing or permitting the Company to fail to pay £22,400 to InvestNI by way of preference share dividends and preferring themselves over InvestNI in the sum of £22,400 by paying themselves £85,928 by way of ordinary share dividends.