A COMPANY in the Taylor Group, Taylor and Associates Financial Services (TAFS), used predominantly by Mr Tony Taylor to carry out investments on behalf of clients was yesterday wound up by order of the High Court. Mr Patrick McSwiney was appointed official liquidator.

During 1994 the company's assets were scaled down and another company, Taylor Assets Managers Ltd, took over its activities including its investment business.

The High Court was told that almost £750,000 had been misappropriated from TAFS. Mr John O'Donnell, counsel for the liquidator, said that investigations by Mr McSwiney had found that approximately £704,183 had been directly misappropriated from the company and approximately £40,497 had been misappropriated on encashment.

This total deficit was made up of investments from five investors whose names were not being revealed for reasons of confidentiality.

President of the High Court, Mr Justice Costello, heard that the registered office of TAFS was at Carrisbrook House, Pembroke Road, Ballsbridge.

The nominal share capital of the company was £100,000 divided into 100,000 shares worth £1 each. A search of the companies registration office showed that only two shares had been issued, with one share held by Mr Tony Taylor and a second by his wife Mrs Shirley Taylor.

The company was described as being part of the Taylor Group of companies which carried out its business from its premises at Clyde House, Clyde road, Ballsbridge, Dublin. Other companies in the group which have already been liquidated include: Taylor Asset Managers Limited; Taylor Integrated Planning Services Limited; Taylor Investment Group Limited; and Rolyat Limited. Mr McSwiney has been appointed as official liquidator of these five Taylor companies.

Mr Justice Costello was told that in or about December 1994, Mr Taylor wrote to the Bank of Ireland, Westland Row, Dublin, where certain of the company's bank accounts were held and asked them to open new accounts in the name of Taylor Asset Manaers Limited. He authorised the bank to transfer all direct debits and standing orders previously in the account of TAFS to that or Taylor Asset Managers Limited.

While employees of TAFS were not formally transferred to Taylor Asset Managers Limited, from 1994 onwards they received their salary from TAM.

The court was told that Mr McSwiney believed the transfer of transaction from one company to the other "constituted little more than an attempt by Mr Taylor to utilise a new investment vehicle into which investors could be persuaded to invest money".

Mr Justice Costello was also told that the absence of any paperwork suggested that a large number of the company's creditors were never asked to consent to the transfer of the company's liabilities to TAM.

The liquidator believed that some investors' funds were not transferred from TAFS to TAM after 1994. A number of investments lodged with TAFS was misappropriated directly from this company when it was still trading.

According to the liquidator the absence of books and record within the Taylor Group and "the cavalier manner in which Mr Anthony Taylor orchestrated these transactions" meant that the as accurate a picture as he could present until further information became available.