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  1. Provision within the standard Law Society sale contract allows for payment to take place by cheque or electronic transfer.We have instructed our solicitor to amend the contract to allow for payment by electronic transfer only.They are also instructed to receive confirmation from the purchases solicitor that this is acceptable from the outset.This removes the excuses later that the mortgage provider can only make payment by cheque and therefore we have to accept a cheque or delay completion. We also suggest that our solicitor requests to be placed in funds the day prior to the date of completion giving the required undertakings.This means that on the day of completion the purchasers aren't waiting until late in the afternoon to receive confirmation that the money has arrived with our solicitor. Nothing as annoying as a removal van parked on site from lunchtime waiting for confirmation that the funds have made it out of the bank clearing system. We insist that the solicitor transfers the sales proceeds to us on the same day as completion. I dont' share opinion that the Law Society guarantees the solicitors cheques.The Law Society will cover the cost of professional negligence but not fraud. People are all to ready to except what they are told by their solicitor.Always remember that you are paying their fees.
  2. Jump to navigation Search Main menu Home Topics Publications Consultations Contact Belfast and Dunblane directors agree to disqualification Date published: 25 May 2016 Topics: Insolvency Service Disqualification Of Directors The Department for the Economy, formerly the Department of Enterprise, Trade and Investment, has accepted disqualification undertakings from the directors of a number of entertainment companies. Undertakings were received for six years from Peter Gerard Curistan (60) of Hampton Park, Belfast in respect of his conduct as director of City Car Parks Limited, Odyssey Bowl Limited, Sheridan Entertainments Ltd, Sheridan Millennium Ltd and Strike Four (Belfast) Ltd and for two years from his wife Marian Anne Curistan (62) of Hampton Park, Belfast in respect of her conduct as director of Sheridan Entertainments Ltd. Undertakings were also received for four years from Peter Sloan Holmes (73) of Ochlochy Park, Dunblane, Scotland in respect of his conduct as director of City Car Parks Limited and Odyssey Bowl Limited. City Car Parks Limited carried on the business of operating a car park from premises at Francis Street, Belfast and entered liquidation on 13 May 2010 with estimated total assets available for creditors of £39,145, liabilities to unsecured creditors of £1,985,215 and an estimated deficiency as regards creditors of £1,946,070. After taking into account the losses incurred by members (the shareholders) of the company the estimated total deficiency was £1,946,072. Odyssey Bowl Limited carried on the business of operating a ten pin bowling centre from premises at the Odyssey Pavilion, 2 Queens Quay, Belfast and entered liquidation on 17 June 2010 with estimated total assets available for creditors of £213,796, liabilities to preferential creditors of £67,306, liabilities to floating charge holders of £198,592, liabilities to unsecured creditors of £3,245,284 and an estimated deficiency as regards creditors of £3,297,386. After taking into account the losses incurred by members (the shareholders) of the company the estimated total deficiency was £3,297,486. Sheridan Entertainments Ltd was a holding company for a number of other limited companies. It operated from the Odyssey Pavilion, 2 Queens Quay, Belfast and entered liquidation on 16 September 2010 with estimated total assets available for creditors of £1,427, liabilities to unsecured creditors of £1,161,952 and an estimated deficiency as regards creditors of £1,160,525. After taking into account the losses incurred by members (the shareholders) of the company the estimated total deficiency was £1,160,527. Sheridan Millennium Limited carried on the business of property investment and management from the Odyssey Pavilion, 2 Queens Quay, Belfast and entered administration on 14 April 2011 with unknown assets and liabilities. Strike Four (Belfast) Limited carried on the business of bar and restaurant from premises under the name of Bar Seven, at the Odyssey Pavilion, 2 Queens Quay, Belfast and entered liquidation on 16 September 2010 with unknown assets available for creditors, liabilities to floating charge holders of £320,896, liabilities to unsecured creditors of £6,025,249 and an estimated deficiency as regards creditors of £6,346,145. After taking into account the losses incurred by members (the shareholders) of the company the estimated total deficiency was £6,346,147. The Department accepted the disqualification undertaking from Peter Gerard Curistan on 28 April 2016 based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed: City Car Parks Limited Causing and permitting City Car Parks Limited to be financed by the retention of £448,506 due to the Crown consisting of £15,062 in respect of PAYE for the tax years 2006/07 to 2010/11; £19,570 in respect of NIC for the tax years 2006/07 to 2010/11; and £413,874 in respect of VAT for the tax years 2006/07 to 2010/11; Causing and permitting City Car Parks Limited to fail to file Annual Returns for the years ended 28 March 2004, 28 March 2006, 28 March 2007 and 28 March 2008 within the prescribed time period; and to fail to file an Annual Return for year ended 28 March 2005; Failure to file Accounts for City Car Parks Limited for the years ended 31 December 2006 and 31 December 2007 within the prescribed time period and failure to file Accounts for the years ended 31 December 2008 and 31 December 2005; Causing and permitting City Car Parks Limited to transfer/advance monies and/or make loans to related parties at a time when City Car Parks Limited was itself insolvent, causing a significant detriment to creditors in that it resulted in a reduction of assets available for creditors in the event of City Car Parks Limited entering a formal insolvency. Odyssey Bowl Limited Causing and permitting the non payment of £161,736 due from Odyssey Bowl Limited to the Crown consisting of £17,365 in respect of PAYE and £27,344 in respect of NIC for the years 2009/10 and 2010/11; £116,858 in respect of VAT for the years 2008/09 to 2010/11; and £169 in respect of Student Loan Deduction for the year 2009/10; Causing and permitting Odyssey Bowl Limited to fail to file Annual Returns for the years ended 31 October 2002, 31 October 2006, 31 October 2007 and 31 October 2009 within the prescribed time period; and failure to file an Annual Return for the year ended 31 October 2004; Failure to file accounts for Odyssey Bowl Limited for the years ended 28 September 2002, 28 September 2003, the period ended 03 April 2005, and the years ended 01 April 2006, 02 April 2007 and 30 March 2008 within the prescribed time period; and failure to file accounts for the year ended 30 March 2009. Sheridan Entertainments Ltd Causing and permitting Sheridan Entertainments Ltd to retain £251,237 properly due to the Crown consisting of £136,070 in respect of PAYE for the tax years 2009/10 and 2010/11 and £115,167 in respect of NIC for the tax years 2007/08, 2009/10 and 2010/11; Failure to file Annual Returns for Sheridan Entertainments Ltd for the years ended 3 April 2004, 3 April 2007 and 3 April 2008 within the prescribed time period and failure to file an Annual Return for the year ended 3 April 2005; Failure to file accounts for Sheridan Entertainments Ltd for the years ended 29 September 2002, 28 September 2003, 2 April 2006, 1 April 2007, 30 March 2008 and the period ended 03 April 2005 within the prescribed time period; and failure to file accounts for the year ended 30 March 2009. Failure to co-operate fully with the Official Receiver in that he failed to provide requested information and documents. Sheridan Millennium Limited Failure to submit a Statement of Affairs in respect of Sheridan Millennium Limited; Causing and permitting Sheridan Millennium Limited to breach the provisions of Articles 338(2) and 342 of the Companies (NI) Order 1986 in that he had loans from the company in excess of £5,000, the sum permitted by the said Articles (prior to 1 October 2007) and acted in a manner to benefit himself rather than benefit Sheridan Millennium Limited, in breach of his common law and statutory duties to act bona fide in the interests of the company, in that he obtained the benefit of loans in the sum of £543,904 as at 3 April 2005; £1,662,669 as at 2 April 2006; £897,780 as at 1 April 2007; and £1,043,371 as at 30 March 2008; Failure to fully co-operate with the Administrator in that he failed to provide certain information requested regarding the affairs of Sheridan Millennium Limited, and failure to complete and return a Director’s Questionnaire; Causing and permitting Sheridan Millennium Limited to fail make a provision for a chargeable gain when the company ceased to be resident in the United Kingdom on 7 August 2007, and failure to put aside and pay over at least £10,378,615 of monies properly due to the Crown in respect of Corporation Tax; Failure to comply with Article 250 of the 1986 Companies Order in that the Annual Accounts for Sheridan Millennium Limited in respect of periods/years ended 30 September 2002 to 30 September 2003 and 30 March 2005 to 30 March 2008 were not filed on time, and failure to comply with Section 394 of the Companies Act 2006 in that he failed to file Annual Accounts for the years ended 30 March 2009 and 30 March 2010; Causing and permitting Sheridan Millennium Limited to: fail to comply with Article 371© of 1986 Companies Order in that the Annual Returns in respect of the years made up to 17 February 2005 and 17 February 2006 were not filed on time; fail to comply with Section 854 of the Companies Act 2006 in that the Annual Return in respect of the year made up to 17 February 2010 was not filed on time; and fail to comply with Section 854 of the 2006 Companies Act in that the Annual Return for the year made up to 17 February 2011 was not filed. Strike Four (Belfast) Ltd Submitting a materially inaccurate Statement of Affairs for Strike Four (Belfast) Ltd; Causing and permitting Strike Four (Belfast) Ltd to retain £265,797 properly due to the Crown consisting of £27,171 in respect of PAYE for the tax years 2009/10 and 2010/11; £42,891 in respect of NIC for the tax years 2007/08 to 2010/11; and £195,735 in respect of VAT for the tax years 2007/08 to 2010/11; Acting in a manner to benefit himself rather than benefit Strike Four (Belfast) Ltd, in breach of his common law and statutory duties to act bona fide in the interests of the company, in that he failed to disclose in the company’s Statement of Affairs a debt owed by him to the company in the sum of £966,323; Causing Strike Four (Belfast) Ltd to breach the provisions of the Companies (NI) Order 1986 and the Companies Act 2006 in relation to director loans; Causing and permitting Strike Four (Belfast) Ltd to fail to file Annual Returns for Strike Four (Belfast) Ltd for the years ended 7 June 2007, 7 June 2008 and 7 June 2010 within the prescribed time period. Failure to file Accounts for Strike Four (Belfast) Ltd for the years ended 1 October 2001, 29 September 2002, 28 September 2003, 2 April 2006, 1 April 2007, 30 March 2008 and the period ended 03 April 2005 within the prescribed time period and failure to file Accounts for the year ended 30 March 2009. The Department accepted the disqualification undertaking from Peter Sloan Holmes on 28 April 2016 based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed: City Car Parks Limited Causing and permitting City Car Parks Limited to be financed by the retention of £448,506 due to the Crown consisting of £15,062 in respect of PAYE for the tax years 2006/07 to 2010/11; £19,570 in respect of NIC for the tax years 2006/07 to 2010/11; and £413,874 in respect of VAT for the tax years 2006/07 to 2010/11; Causing and permitting City Car Parks Limited to fail to file Annual Returns for the years ended, 28 March 2007 and 28 March 2008 within the prescribed time period; Failure to file Accounts for City Car Parks Limited for the years ended 31 December 2006 and 31 December 2007 within the prescribed time period and failure to file Accounts for the year ended 31 December 2008; Causing and permitting City Car Parks Limited to transfer/advance monies and/or make loans to related parties at a time when City Car Parks Limited was itself insolvent, causing a significant detriment to creditors in that it resulted in a reduction of assets available for creditors in the event of City Car Parks Limited entering a formal insolvency. Odyssey Bowl Limited Causing and permitting the non payment of £161,736 due from Odyssey Bowl Limited to the Crown consisting of £17,365 in respect of PAYE and £27,344 in respect of NIC for the years 2009/10 and 2010/11; £116,858 in respect of VAT for the years 2008/09 to 2010/11; and £169 in respect of Student Loan Deduction for the year 2009/10; Causing and permitting Odyssey Bowl Limited to fail to file Annual Returns for the years ended 31 October 2006, 31 October 2007 and 31 October 2009 within the prescribed time period; and failure to file an Annual Return for the year ended 31 October 2004; Failure to file accounts for Odyssey Bowl Limited for the years ended 28 September 2003, the period ended 03 April 2005, and the years ended 01 April 2006, 02 April 2007 and 30 March 2008 within the prescribed time period; and failure to file accounts for the year ended 30 March 2009. The Department accepted the disqualification undertaking from Marian Anne Curistan on 28 April 2016 based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed: Sheridan Entertainments Ltd Causing and permitting Sheridan Entertainments Ltd to retain £251,237 properly due to the Crown consisting of £136,070 in respect of PAYE for the tax years 2009/10 and 2010/11 and £115,167 in respect of NIC for the tax years 2007/08, 2009/10 and 2010/11; Failure to file Annual Returns for Sheridan Entertainments Ltd for the years ended 3 April 2004, 3 April 2007 and 3 April 2008 within the prescribed time period and failure to file an Annual Return for the year ended 3 April 2005; Failure to file accounts for Sheridan Entertainments Ltd for the years ended 29 September 2002, 28 September 2003, 2 April 2006, 1 April 2007, 30 March 2008 and the period ended 03 April 2005 within the prescribed time period; and failure to file accounts for the year ended 30 March 2009. In the alternative she failed to adequately address the affairs of Sheridan Entertainments Ltd and allowed herself to be recorded as a director without undertaking the duties such a position entails. The Department has accepted nine Disqualification Undertakings and the Court has made two orders disqualifying directors in the financial year commencing 1 April 2016. Notes to editors: The Official Receiver, when a company is wound up by the Court, has a duty to investigate the causes of failure and report any unfit conduct to the Insolvency Service within the Department for the Economy (formerly the Department of Enterprise, Trade and Investment). The aim of the Department is to bring disqualification proceedings against those directors of failed companies who have abused the privilege of limited liability status through negligence, incompetence or lack of commercial probity. The legislation contained in the Company Directors Disqualification (Northern Ireland) Order 2002 (“the 2002 Order”) is for the protection of the public and trading community but its operation should not inhibit genuine enterprise. In cases where a person is subject to either a Disqualification Order made by the Court or a Disqualification Undertaking accepted by the Department, that person shall not be a director of a company, act as a receiver of a company's property or in any way, whether directly or indirectly, be concerned or take part in the promotion, formation or management of a company unless he has the leave of the High Court. A disqualified person cannot obtain permission to act as an Insolvency Practitioner. Article 9 of the 2002 Order provides that where a director is found to be unfit he must be disqualified for a minimum period of two years, up to a maximum of fifteen years. The Courts have decided that the level of seriousness of unfit conduct can fall into three brackets with the top bracket of periods over ten years reserved for particularly serious cases, six to ten years reserved for cases which do not merit the top bracket and two to five years for cases where, although disqualification is mandatory, the case is less serious. The 2002 Order also allows directors, with the agreement of the Department, to avoid the need for a court hearing by offering an acceptable Disqualification Undertaking. This has exactly the same legal effect as a Disqualification Order made by the court, and will usually include a schedule identifying the director’s unfit conduct. The consequences of breaching a Disqualification Undertaking are the same as those for breaching a Disqualification Order. If anybody contravenes a Disqualification Order or breaches their Disqualification Undertaking they may be committing a criminal offence and could go to prison for up to two years or face a fine or both. Any person with information to suggest that a disqualified person has acted in contravention of this provision should contact The Insolvency Service’s Directors Disqualification Unit on 028 90 548582. The period of disqualification commences at the end of 21 days beginning with the day the Disqualification Undertaking was accepted by the Department. For media enquiries contact DFE Press Office on 028 9052 9604. Out of office hours please contact the Duty Press Officer via pager number 07699 715 440 and your call will be returned. Share this page Facebook Twitter Latest news Northern Ireland Annual Tourism Statistics published today 26 May 2016 Generating jobs and economic growth a top priority – Hamilton 26 May 2016 Hamilton welcomes continued positive performance in tourism26 May 2016 Belfast and Dunblane directors agree to disqualification25 May 2016 More news … nidirect nibusinessinfo.co.uk GOV.UK © Crown Copyright Terms and Conditions Privacy Cookies
  3. So what was all the court action about and what did it achieve ? I assume if he has consensually let the companies go into administration as he has not been able to refinance his portfolio with another institution and that BoSI didn't want him to sell the properties for them, Was the deal for settling the court action the ripping up of his personal guarantees ?
  4. Oh dear a little bit of egg on the face for Osborne King at yesterdays auction John Martin prior to the commencing the sale and keen to capture all bids announced that even if you weren't registered you could still bid. The ravel dropped on lot 8,6 Castle Street, Lisburn at 42k the gentleman bidder on the front corner seat then made his way to the awaiting solicitor. Around lot 20 the auctioneer announced that there was a problem with the bidder on lot 8 and would the underbidder or another with an interest make themselves known. I note on the auction results it is listed as sold at 42k!!!. cant see it away at that money I wonder was he registered
  5. Brackhill doesnt look like an SPV. Looks like the digger and shovel man has been chastised solely. What about the developer who has overall responsibility for Health and Safety?.Was there a CDM coordinator?. On any site I have been on they are over the site before the architect. The council have spent the money on a court order.Nama with the benefit of first charge on the property are going to receive all the value from the site including the increased value now that the site has been cleaned up. Why have the Council not placed a winding up order upon the company for the debt.With that action pending Nama will be forced to either forward money to the company or appoint a fixed charge receiver.In the event of that they select the later would show they aren't supporting this company in the longer term.To appoint a fixed charge receiver to this site will also cause of sorts of problems for them internally if there is debt on other sites with Nama. Presently it looks like NAMA has got a free lunch at the expense of the Belfast rates payer,which wont go down well on the Donegall Rd if they ever worked it out!
  6. Is there not an Ulster Bank guy on the board?
  7. Valid points. There is no transparency for the developers creditors. Patton's are the perfect example with creditors getting zero while 17m was owed to them.What the BBC failed to report is the banks role.The banks losses on the property portfolio is going to be a fraction of what it should be because they had security of the assets and cross company guarantees.In plain terms they took all that was available. A number of recent director disqualifications has come about because the banks saw cash in associated companies and informed the directors to have it transferred to the company in difficultly or they would call in the loan and personal guarantees only to then appoint a liquidator/administrator shortly afterwards.The administrators in turn are bound by legislation to inform the DETI of improper acts by the director.Hence the new lease of life from the DETI Being told your loan is being called in and your personal guarantee (the shirt on your back) most borrowers would give them what they want even if they know how its going to end. Again if the bank is going to give you a wage and let you stay in your house its a better option than an IVA/bankruptcy. Getting younger more ethically minded in to do the work is fine.There are plenty of fixed charge receivers about but its more than just getting the work done.When money was easy got and made where were these guys?.They are suits , the borrowers can see opportunities and ways out that a fixed charge receiver would never explore. Huge loans they are but its what they are worth now is the problem.110% LTV mortgages on eight times joint salary reduced to four times and a 20% deposit. Back to the good old bankers again
  8. If there is 9m in interest with a historic land value of 280m there is always going to be a short fall. Development land is down 90% in value. The bottom line is the developer doesn't have a choice in paying or not, the bank own not only the company assets but him as well.The good old personal guarantee acts as good title to the developers soul. All monies will be going to the bank with them allowing him pocket money.No better value to be had in working out a complicated property portfolio than the borrower work for a wage. Note all the big fish referred to today are still in place.
  9. If you scratch under the surface you may well find that the interest bill being charged to the profit and loss account but not actually being paid,just accrued. The banks taking the incoming cash as debt reduction reduction. You never know what is going on in the accountancy / banking world.
  10. Willie Its when the puritan estate agents quote you from the RICS red book with greater conviction than the bible that you really have to worry.
  11. BTW Shiells are selling on behalf of the fixed charge receiver, appointed by Ulster Bank 2 Ballynahinch Road,Hillsborough a detached bungalow which has been vacant for some time. This property was owned by Kendal Developments Ltd (NI31064) who's registered office was previously 11 Magheralave Road Lisburn BT28 3BE. Directors of the company are listed as Fred Dalzell and Alan Kirk ( Fred Dalzell&Partners,Estate Agent and Joseph Lockhart,Solicitors).The respective wives were listed as directors both having their directorships terminated on 23.01.12. December 09 accounts note 703k of assets with a balance sheet short fall of 189k.The realisable value of the assets will be a fraction of 09 figure An example of puritan estate agents (RICS) and solicitors dabbling as developers. Ironically BTW Shiells & Fred Dalzell have a joint board advertising their appointment to sell on behalf of the fixed charge receiver a corner property opposite the Ramada Hotel in Portrush.
  12. Attached is Mr Murphy and Mr Jennings first six month report on progress up to 20th December as joint administrators of Dunergan Developments Ltd (F P McCann connection) There has been a lot of work put in.Oh and a time sheet for 55k is also attached!!!. Has anyone seen any of the sites advertised for sale? Dunergan Developments Ltd Administrators Report.pdf Dunergan Developments Ltd Administrators Report.pdf
  13. Any news on how the hearing went yesterday?
  14. A bit of fireside understanding- its a lot more complicated than that.All assets are in the pot once your bankrupt Any transfer within two years of bankruptcy-proof of the genuine nature of the transfer rests with the bankrupt individual After two years the proof required to justify the reversibility of the transfer rests with the investigating trustee in bankruptcy
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