Northern Ireland

Peter and Jacqueline Dolan banned from being company directors

A property developer couple whose firm collapsed costing creditors more than £100m have agreed to accept a seven-year ban from acting as company directors.

Peter and Jacqueline Dolan ran the Dungannon-based Jermon group.

It grew rapidly during the property boom and owned office blocks and shopping centres in Northern Ireland, Scotland, England and Poland.

However the firm finally collapsed in 2011 as a result of the property crash.

It had borrowings of more than £190m from AIB, Bank of Ireland, Anglo Irish Bank and Bank of Scotland Ireland.

When the firm collapsed its assets were valued at just £91m.

The directors ban was imposed because the Dolans permitted Jermon to retain almost £2m in tax due to the Crown.

They also misappropriated £115,000 of company funds or made a preference payment to themselves or a family member of £115,000.

In addition, they bounced 18 cheques and failed to file company accounts.

Mr Dolan set up Jermon in 1997 as a way to reinvest profits from the family pharmacy business.

The firm's first major project was the development of Northern Ireland's first purpose-built Tesco in Dungannon, County Tyrone.

Its properties included the Springhill shopping centre in Bangor, County Down, and the Linen Green near Dungannon.

Mr Dolan formerly owned an Agusta A109A helicopter and as late as 2009 the Sunday Times Rich List estimated his wealth to be around £40m.

He was bankrupted in 2012 through his period of bankruptcy has now expired.

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