The High Court is expected to hear an application by the liquidator to the Taylor group of companies next month seeking to restrict the companies' former directors. They include Mr Tony Taylor, his wife Shirley, Mr Eddie Hobbs, Mr Tom Carroll and Mr Tom Lynch.
The liquidator, Mr Paddy McSwiney, of BDO Simpson Xavier, is bound to take the action under company law. However, it is up to the court to decide who, if anybody, should be restricted.
The liquidator is also pursuing Mr and Mrs Taylor, who have not been seen in Ireland for over a year, to make them personally liable for the debts of the company. This case is unlikely to come up until early next year.
About £340,000, the proceeds from the sale of the Taylor home, is frozen in a bank account. It is understood that Ms Shirley Taylor may seek to get her share of these proceeds and will have to serve notice on the liquidator of her intention, but has not done so yet.
Around 16 individuals lost £1.8 million. It is understood that they are unlikely ever to recoup any money. Among those who lost money is the St Vincent De Paul society. Three members of one family are understood to have lost their life savings of £180,000, £130,000 and £100,000 respectively.
The liquidator said that the clients whose money was missing were unlikely to look for it back in the short-term.
Mr Taylor had authority from many of them to move funds around as he saw fit.
It is understood that he wrote glowing reports of how the funds he had invested in were performing but in reality, many of them were not doing well. Mr Taylor offered very high returns on monies invested and it appears that when he had to return money he took it from various accounts.
Mr McSwiney said the group's cost structure was too high for it to make the necessary profits. Only around £28 million of funds were under management. The case is still being investigated by the Garda Bureau of Fraud Investigation.
