A commercial property director has been disqualified from acting as a director or receiver of a company for nine years after being found to have used his company’s money to buy properties under his own name.

The Northern Ireland Department of Enterprise, Trade and Investment (DETI) accepted Colin Richard Fletcher’s disqualification undertaking, which prohibits him from acting in any directorial capacity.

In a statement, DETI claimed that Mr Fletcher had misused “at least £659,683.46 of company funds” to pay for properties abroad in his own name, the Irish Times reports. 

The consequences of these actions were that the company lost the money used to purchase these properties in Spain and Portugal.

Mr Fletcher’s company CRF Developments was placed in administration two years ago, reportedly owing Ulster Bank around £17 million, which had been secured against company assets. 

CRF also owed £400,000 to unsecured creditors.

A year after the property company collapsed Mr Fletcher was himself declared bankrupt, following a petition by his creditors.

After selling the company’s assets, the total estimated deficiency was roughly £12.4 million.

Mr Fletcher was also found by DETI to have allowed directors to borrow in excess of the £5,000 statutory limit in place, and had failed to file annual returns on time in 2004 or at all in 2005.

Mr Fletcher has not disputed any of the claims for disqualification. 

A claim is reportedly currently in process against another director.