Disqualification order made against freight transport business director
The Order was made for six years against Daniel Loughran (34) of McRorys Road, Newtownhamilton, Newry, Co Down, in respect of his conduct as a director of McRorys Transport Ltd (“the Company”).
The Company was involved in freight transport by road with a registered office at McRorys Road, Newtownhamilton. The Company went into Liquidation on 13 February 2020 with an estimated deficiency as regards creditors of £75,303.57. There was a total of £2 owing as Share Capital, resulting in an estimated deficiency as regards members of £75,305.57.
The Court made the Disqualification Order against Daniel Loughran on 13 September 2023 based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed:
- Failing to co-operate with the liquidator and as a result the liquidator was unable to carry out his investigations into the affairs of the Company;
- Breaching his fiduciary duty to the Company and / or causing and permitting the misfeasance of company funds by not returning monies totalling £45,681.67 properly owned by the Company. He has personally gained by accepting money properly owned by the Company at a time when he knew that the company was in liquidation. Furthermore, as he has failed to co-operate with the liquidator, the liquidator has been unable to retrieve these funds and as a result, the liquidator has had to petition for his bankruptcy;
- Failing to comply with Companies Act 2006 in that annual accounts for the year ended 30 September 2017 were filed late and annual accounts for the year ended 30 September 2018 were never filed; and
- Causing and permitting the Company to fail to comply with Companies Act 2006 in that confirmation statements for the periods ending 22 June 2017 and 22 June 2018 were not filed within the prescribed periods and the confirmation statement for the period ending 22 June 2019 was never filed.
The Department has accepted seven Disqualification Undertakings and the Court has made five Disqualification Orders in the financial year commencing 1st April 2023.