Londonderry man disqualified from being director for seven years

The Department for the Economy accepted the disqualification undertaking last month.
The Department for the Economy accepted the disqualification undertaking last month.

The Department for the Economy (D.f.E.) has accepted a disqualification undertaking from the director of a golf equipment and accessories retail business in Londonderry.

The undertaking was received for seven years from 37 year-old Dermot Hegarty of Ardan Road, Londonderry, in respect of his conduct as a director of Golfstoreeurope Ltd.

The company operated as a retailer of golf equipment and accessories from Unit 2 Springtown Business Park in the city and went into liquidation on February 27, 2015 with estimated total assets available for preferential creditors of £18,000, estimated total assets available for unsecured creditors of £5,819, liabilities to preferential creditors of £3,907, liabilities to secured creditors of £59,814, liabilities to unsecured creditors of £940,532 and an estimated deficiency as regards creditors of £986,253.

After taking into account the losses incurred by members (the shareholders) of the company the estimated total deficiency was £986,263.

The D.f.I. accepted the disqualification undertaking from Dermot Hegarty on October 19, 2017 based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed: failing to fully co-operate with the joint liquidators as office holders and failing to adequately respond to requests for information.

The D.f.I. has accepted sixteen Disqualification Undertakings and the Court has made four orders disqualifying directors in the financial year commencing April 1, 2017.