A FERMANAGH business director who clocked up over £1.4 million in debt has accepted a nine year disqualification undertaking.
Christopher Eugene Conwell Jr (29) of Carrickyheenan Road, Lismalore, Brookeborough, received the disqualification in respect to his conduct as director of Conwell Civil Engineering Ltd.
The Department for the Economy, which pursued the disqualification, outlined how Conwell Civil Engineering had gone into liquidation in April 2022, with an “estimated deficiency as regards creditors” of £1,468,048.01.
The Department accepted the disqualification undertaking from Conwell on February 17 this year, based on what was deemed to be “unfit conduct.” It said the instances of this unfit conduct were not disputed.
These included failing to cooperate with the Official Receiver, who was unable to carry out an investigation into the affairs of the company.
The Department said Conwell had also applied for and received the maximum for a ‘bounce back’ loan of £50,000 from Bank of Ireland “which he knew or ought to have known the Company was not entitled.”
Conwell certified his annual turnover was £250,000 when it was £130,916.58 for the 2019 calendar year. He obtained an additional £17,271 of Bounce Back Loan as a result.
He was also found to have caused or permitted the misapplication of Bounce Back Loan monies “and/or acting in a manner to benefit himself rather than the Company” by making a payment of £17,625.00 to William Keys and payments of £18,343.00 to Aldermore Bank PLC in favour of other creditors.
The Bounce Back Loan ultimately did not provide any economic benefit to Conwell Civil Engineering Limited and therefore contravened the conditions attached to the Bounce Back Loan.
Among other issues, Conwell also caused or permitted the Company to fail to submit VAT returns resulting in a VAT assessment of £114,834.00 having to be raised by HMRC, resulting in a loss of monies properly due to the Crown from 2017/18.
“He continued to run the Company without any regard to his obligations as a director in terms of compliance with the VAT regime,” said a Department spokesman.
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