SRS Supermarkets director disqualified
The former director of SRS Supermarkets Limited has accepted a seven year disqualification, leaving debts of £700,321.
The Department of Enterprise, Trade and Investment said on March 21 it had accepted a disqualification undertaking from Patrick Owen McGrath (42) of Long Island Drive, Kircubbin, Newtownards, who was director of several MACE retail outlets under the SRS umbrella.
The company’s retail outlets were located on 175 Killinchy Road, Comber; 1a Cannyreagh Road, Donaghadee; and 20c Seacliff Road, Larne.
It went into liquidation on October 25 2013 with estimated debts of £700,321.
After taking into account the losses incurred by the shareholders of the company, the estimated total deficiency was £850,321.
McGrath also accepted causing and permitting the company bank accounts to be misused by operating a practice of cheque ‘kiting’ – using cheque clearing delays as credit – at a time when he knew or ought to have known the company was insolvent.
He further accepted causing and permitting the company to abuse or breach terms of a retail agent agreement by failing to pay over £25,982 of funds collected on behalf of a third party.
