Two directors from bathroom furniture company, Touchwood Manufacturing Co Limited, have been disqualified by Belfast High Court for their conduct through the firm’s liquidation process.
John McBride and Christopher Convery, joint shareholders in the Dungannon-based business, have been disqualified for seven years each, the Belfast High Court ruled on 13 April 2016.
Touchwood Manufacturing went into liquidation on 7 June 2013 under the appointment of Gerard Gildernew and John Cavanagh of Cavanagh Kelly Chartered Accountants, with an estimated total deficiency of £371,471, after racking up a creditor bill of over £600,000.
The Department of Enterprise, Trade and Investment scrutinised the conduct of the pair, with the High Court accepting the allegations of unfit conduct as they failed to fully co-operate with the liquidators in a number of areas, including the confirmation of payments, delivery of records and the reconciliation of fixed assets and stock figures.
The court ruled that the company filed late annual accounts on nine occasions, which stretched from 2002 to 2012, affecting the liquidator’s investigation into the firm.
The court ordered both McBride and Convery to be disqualified as directors, commencing from 1 April 2016.