Restaurant’s gone to Pot over £350k

Owners banned as directors for 8yrs after going bust

TWO restaurant owners have been banned as directors after going bust owing more than £350,000.

The Department for the Economy said the pair, who ran The Potted Hen in Belfast, were disqualified in the High Court “in respect of their conduct as directors of a restaurant”.

Catherine Mary Regan, 43, of Ross Mill Avenue, in the west of the city, and Dermot John Regan, 41, of Dungannon Road, Moy, Co Tyrone, were each disqualified for eight years on June 22 “as directors of Oregano Belfast Limited”.

The department added the firm operated as a licensed restaurant at Edward Street in the city’s Cathedral Quarter before going into liquidation on April 25, 2014. They added it went bust “with estimated total assets available for creditors of £43,300, liabilities to creditors of £408,653 and an estimated deficiency of £365,353”.

A spokesman said: “After taking into account the losses incurred by members of the company the estimated total deficiency was £365,453.” The department listed the grounds, or “matters of unfit conduct”, accepted by the court as:

failing to deliver all books and records to joint liquidators

failing to promote the success of the company by diverting £64,000 away from the company and its creditors and instead using it for the benefit of their partnership business

causing and permitting the company to operate a policy of discrimination against the Crown by retaining £332,194 that was properly payable to the Crown during which time the company was making significant payments to its trade creditors, and

failing to file annual accounts for September 30, 2011, and September 30, 2012, within prescribed period.

SHUT The Potted Hen in Belfast