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RGR Contracts Ltd: Richard Ryan accepts boardroom ban over use of company funds

The boss of an aircraft repair company in County Antrim has accepted a boardroom ban over the use of company funds

The boss of an aircraft repair company in County Antrim has accepted a boardroom ban over the use of company funds.

Richard Ryan (61), of Killaughey Road, Donaghadee, has accepted a seven-year disqualification undertaking for his conduct as a director of RGR Contracts Ltd.

The company had its registered office at 2 Market Place in Carrickfergus and went into liquidation in October 2021, owing £26,528 to creditors.

The Department for the Economy (DfE) carries out disqualification procedures following investigations by the Insolvency Service.

According to the DfE, Mr Ryan accepted inappropriate conduct involving misappropriation of company funds by acting in a way that benefited himself rather than the company.

He used the company’s revenue or the bankruptcy loan — a form of emergency loan available to companies during the pandemic — to pay himself a significant salary increase, even though revenue had fallen.

According to the DfE, “if he had not paid himself this pay rise, RGR Contracts would have had additional cash available to pay all creditors in full.”

The department said it has accepted four disqualification undertakings since April 1, with the court issuing two disqualification orders since the same date.

The DfE said that after a company closes due to insolvency, administrators or liquidators have a duty to report misconduct to the Insolvency Service.

Disqualification proceedings are being carried out against directors of failed companies “who have abused the privilege of limited liability status through negligence, incompetence or lack of commercial probity”, the DfE said.