Timothy Cathcart, who was 20 and from Enniskillen, died after his car left the road during Special Stage 3 of the event on Friday.His co-driver, Dai Roberts from Carmarthen in Wales, was also seriously injured in the incident and was airlifted to the Royal Victoria Hospital in Belfast by police helicopter.He is currently receiving treatment and his condition has been described as clinically stable.In a statement on Friday evening, organisers said the remainder of the 2014 event has now been cancelled as a mark of respect to the victims' families and friends.The thoughts and prayers of everyone connected with the event are with the family and friends of Timothy at this difficult time.NI Motor ClubThey added: "It is with great sadness that we must inform you that a fatal incident involving a competitor has occurred on Special Stage 3 of the Ulster Rally."The Northern Ireland Motor Club extends its sympathy to the family and friends of the competitor who was fatally injured during a tragic accident in today's Ulster Rally."Organisers said the fatal crash happened during the Fardross stage of the Ulster Rally.Timothy Cathcart had been competing as part of the British Rally Championship, on board a Citroen DS3 R3, when his car left the track on Friday afternoon.The NI Motor Club statement went on: "As with all incidents of this nature, an investigation is now being carried out by the PSNI and appropriate Local Authority."The Northern Ireland Motor Club and the Ulster Rally Organising Team together with the sport's governing body, the Motor Sports Association (MSA), are co-operating fully with the investigation."The MSA will conduct its own separate enquiry once the Police investigation is concluded."Tributes have been paid to Timothy Cathcart.British Rally Championship manager Mark Taylor said: "We are all in deep shock following this very sad news. Timothy was a very popular competitor and a budding young talent.He is a huge loss to the sportMark Taylor, BRC"The thoughts and condolences of the MSA British Rally Championship are with Timothy's family and friends. Our thoughts are also with his co-driver Dai Roberts."We all wish him a speedy recovery."Local MLA Tom Elliott of the UUP said: "The community in Fermanagh will be particularly shocked at this news. The young man is from a very well-known and respected local family."It is so sad that this young driver has died while doing something he enjoyed so much."I wish to add my deepest sympathies to his family and indeed the wider racing fraternity. We also think about the co-driver and hope that he can make a full recovery."DUP MLA Arlene Foster said: "This tragic accident has stunned the community in Enniskillen and also the motorsport fraternity across Northern Ireland. "My thoughts and prayers are with the Cathcart family at this time and with Timothy's co-driver Dai Roberts as he is treated in hospital." A spokesperson for the PSNI said: "An investigation into the incident is now underway".