THE liquidator of the Taylor group of companies is to pursue the missing broker Mr Tony Taylor and his wife to make them liable for the companies' debts. It means that the, proceeds of the Taylor home, earlier this month for "£575,000, may be targeted on" behalf of creditors.
Mr Taylor's wife, Shirley, is, currently pursuing her share of the proceeds of the house. The money has been lodged in court, minus around £120,000 which National Irish Bank was owed.
It is understood that the, liquidator, Mr Patrick McSwiney of BDO Simpson Xavier, has been given permission by the High Court to issue proceedings under Section 204 of the, 1990 Companies Act, seeking to make officers of the companies liable for the debts.
It is understood that he is issuing proceedings against Mr Taylor and his wife, as directors of Taylor Asset Managers (TAM), Taylor Investment Group, Taylor & Associates Financial Services and Rolyat.
The section deals with the liabilities of officers of the company where proper books and accounts have not been kept. The liquidator" can seek to make the directors personally, liable for, the, debts. If the court finds them liable then he can go after any assets they may have.
The matter will be heard in the High Court on January 20th. Counsel for Mrs Taylor has made an application in relation to the furniture and contents of the house. It will be heard on the same day.
The Taylors left the country last August. Clients are owed £2.5 million. The matter is being investigated by the Fraud Squad and an authorised officer of the Department of Enterprise and Employment.
The officer's report will be ready by the end of January, two months after it was originally suggested it would be completed. It is likely to concentrate almost entirely on what legal mechanisms were in place how they broke down and to suggest way of tightening them up.
It is understood that this investigation is unlikely to shed any light on what happened to the money. In September the authorised officer Mr Martin Cosgrove, and members of his team searched the Taylor home in Ballsbridge, on foot of a warrant granted by the High Court. They took away an extensive amount of documentation and videotapes.
It is also unlikely that the report will be published. Under Section 78 of the Investment Intermed Act, the report cannot be published without the permission of Mr Taylor or anyone else who may involve.
However, a spokesman for the Department of Enterprise and Employment said it was examining the section in detail, as to what it could publish.
Meanwhile, it is understood that Gartmore and Fidelity have had orders freezing money belonging to Taylor group clients in Jersey lifted, and the "money is" now being said out. The two investment groups had been granted the orders until they were able to authenticate claims that the funds belonged to the people claiming them.
The Taylor group's client list, numbering 1,400 accounts, was sold of BCP Stockbrokers. BCP is offering to carry out the day to day management of the funds.
