Three member of family banned as company directors
Three members of one family, whose firms owe about £20m to the Presbyterian Mutual Society, have been banned from acting as company directors for 10 years.
Samuel Hugh and Lorna Irene Moore and their son, Stephen Jonathan, were directors of Pomeroy-based building firm, S H Moore & Sons Limited.
It went bust in January 2009 leaving creditors more than £5m short. The Moores spent almost £1m on a helicopter and a rally car which the company could not afford.
The WRC rally car was bought for £470,000 in January 2008. An investigation into the company failure found that the car was later sold for less.
The firm spent £496,800 in June 2007 on a Bell Jet Ranger helicopter.
Other malpractice at the company included filing false and misleading accounts for the period ending 31 August 2007 and misapplying company funds by lending £1.6m to connected companies without obtaining security.
In December 2011, the Presbyterian Mutual Society (PMS) moved against two other Moore property companies, appointing receivers to several sites across Northern Ireland.
The PMS lent money to Moore Associates (NI) and Li Developments mainly in early 2008, close to the peak of the property bubble.
Since then, the value of development land has fallen by up to 90% while investment properties have seen their value halved.
The PMS appointed receivers Colliers International to sites across Northern Ireland.
The portfolio stretches from Dervock in north Antrim to Fivemiletown in Tyrone.
It includes a group of houses in the Queen Street area of Ballymoney which was supposed to be the site for an apartment development.
There are also properties in Portadown, Coleraine, Cookstown, Armoy, Kells, Mosside, Clough and Castlecaufield.
It is not yet clear how much is likely to be recouped by the sale of the land and property portfolio.