The Department of Enterprise, Trade and Investment has accepted disqualification undertakings from two directors of a building and civil engineering contracting company.
Undertakings were received for seven years from Thomas James Ferguson (65) and for five years from Peter Paul Ferguson (67), both of Budore Road, Lisburn, in respect of their conduct as directors of Bow Homes Limited.
The Company carried on the business of building and civil engineering contracting from 27 Colinglen Road, Dunmurry, Belfast and went into administration on 11 March 2011 with estimated total assets available for creditors of £2,969,958, liabilities to fixed charge holders of £6,297,390, liabilities to unsecured creditors of £316,547 and an estimated deficiency as regards creditors of £3,643,979. After taking into account the losses incurred by members of the Company the estimated total deficiency was £3,645,979.
The Department accepted the disqualification undertaking from Thomas James Ferguson based on unfit conduct, including withdrawing remuneration and benefits from the Company totalling £312,500 for the year ended 31 March 2009 and £251,660 for the year ended 31 March 2010. The Department also accepted the disqualification undertaking from Peter Paul Ferguson based on unfit conduct, including causing and permitting the Company to purchase zoned lands at Clara, Co Offaly for €4,550,000 without the necessary planning permission to develop the zoned lands.