The former owner of the Lough Erne Resort and his wife have accepted disqualification undertakings from the Department for the Economy, which means that they are banned from holding directorships for four years.

The Department for the Economy has accepted disqualification undertakings for four years from James Patrick Treacy, 63, and Eileen Rose Treacy, 65, both of Aughrim Road, Enniskillen in respect of their conduct as directors of Castle Hume Leisure Limited.

Read: As bids close on Lough Erne, Treacy in there battling

Castle Hume Leisure Ltd. traded as a hotel and golf resort from Beleek Road, Enniskillen and entered administration on May 12, 2011 with unquantified assets available for creditors, liabilities to secured creditors of £26,403,728, liabilities to unsecured creditors of £3,052,162 with an unquantified deficiency as regards creditors and an unquantified total deficiency.

The Department accepted the disqualification undertakings from James Patrick Treacy and Eileen Rose Treacy on November 7, 2016.

Disqualification undertakings allow directors, with the agreement of the Department, to avoid the need for a court hearing by offering an acceptable disqualification undertaking.

The Treacy’s disqualification is based on the following unfit conduct which solely for the purposes of the disqualification procedure was not disputed:

·         Causing and permitting the company to retain £725,411 properly due to the Crown consisting of £97,159 in respect of PAYE for the tax years 2009/10 to 2011/12; £284,178 in respect of NIC for the tax years 2009/10 to 2011/12; and £344,074 in respect of VAT for the tax years 2009/10 and 2010/11; and

·         Failure to fully cooperate with the Joint Administrators, as office holders, in contravention of Article 199(2) of the Insolvency (Northern Ireland) Order 1989, in that they failed to submit a Statement of Affairs for the Company to the Joint Administrators in contravention of Article 111 of the Insolvency (Northern Ireland) Order 1989.

Read: new owners of the Lough Erne Resort

Since April 2016, the Department has accepted 33 Disqualification Undertakings and the Court has made three orders disqualifying directors.