Two Fermanagh directors of an failed Enniskillen based company, Phoenix Picture Framing Limited, have been disqualified from becoming Company Directors after their business collapsed with more than £1 million of debts.

The Department of Enterprise, Trade and Investment (the Department) accepted a disqualification undertaking for eight years from Franciscus Augustinus Peeters of Lisbellaw, in respect of his conduct as a director of Phoenix Picture Frames Limited.

SEVEN YEARS

The Department also accepted a disqualification undertaking for seven years from Sebastiaan Augustinus Peeters also of Lisbellaw, in respect of his conduct as a director of the same company.

In cases where a director offers a disqualification undertaking acceptable to the Department, thus avoiding a full hearing of the matter before the court, a shorter period of disqualification than would otherwise be appropriate is normally imposed. Phoenix Picture Frames Limited carried on the business of manufacturing picture frames and mouldings and went into liquidation on 25 September 2003 with assets estimated to realise of £71,866; liabilities of £1,188,547; and an estimated deficiency as regards creditors of £1,116,681.

ACCOUNT

After taking into account the losses incurred by members (shareholders, including the directors) of the company, the estimated total deficiency was £1,636,827.

The Department accepted the disqualification undertakings from Franciscus Augustinus Peeters and Sebastiaan Augustinus Peeters on 22 June 2006, based on instances of unfit conduct, which solely for the purposes of the disqualification procedure was not disputed: