Northern Ireland

Ballymoney developers banned over £380,000 payments

Three Ballymoney property developers have been banned from acting as company directors for seven years after paying themselves almost £380,000 to the detriment of their creditors.

Pollock Developments went bust in September 2010 costing its creditors more than £7.5m.

The firm had borrowed more than £9m from the Ulster Bank.

The money was secured on various development sites and properties in Ballymoney, Bushmills and Dervock.

Samuel Thomas Pollock and Pauline Sara Pollock, both of Vow Road, and John Ramsey Pollock, of Bendooragh Road, accepted that they withdrew the funds for personal benefit to the detriment of the firm's creditors.

Two other directors, Richard Carson Pollock and Sylvia Ann Pollock both of Bendooragh Road, have been banned for five years.

All the directors accepted that they had allowed the firm to trade while it was insolvent for more than a year before it finally failed.

This caused the losses suffered by creditors to increase substantially.

Unfit conduct by company directors can lead to a ban of up to 15 years.

Six to 10-year bans are used in cases which do not merit the top bracket and two to five years are for cases where, although disqualification is mandatory, the case is less serious.