UNSECURED creditors of Taylor Asset Managers (TAM), one of the companies formerly run by missing broker Mr Tony Taylor, are owed £280,000, a statement of affairs prepared for the High Court has shown.
The total amount claimed to be due to investors in TAM is £2.5 million.
It is believed likely that the liquidator of the Taylor group companies, Mr Paddy McSwiney, will shortly apply to the High Court seeking an order to restrict the Taylor group directors.
The liquidator is bound by law to seek to take this action as part of the court liquidation procedure. The directors can contest the action.
The directors included Mr Taylor, his wife Shirley, Mr Eddie Hobbs and Mr Tom Lynch. Mr Taylor left the State in August, with his wife, shortly after a Department of Enterprise and Employment investigation began into his affairs.
In the TAM statement, prepared by Mr Eddie Hobbs, who left the Taylor group last April, Fidelity Investments, with which Mr Taylor had a master agency agreement, is owed £78,000.
The property company which owned the Taylor Group's Dublin 4, headquarters is listed as being owed £50,000. Company sources said this amounted to approximately two years rent. Crowley Miller Solicitors are listed as being owned £15,000.
Micropal, a British financial information company, is owed £23,057. All are unsecured creditors who are likely to receive a very small fraction of what they are owed. The company's estimated deficiency is £270,400.
The Revenue Commissioners, who are listed as unsecured creditors, are owed £46,000. Allied Irish Bank is owed £6,500 while Diners Club is owed £6,200. The VHI is owed £4,700.
The statement says the total amount claimed to be due to investors is £2.52 million.
Previously Taylor Investment Group Ltd and Taylor and Associates Financial Services Ltd were the operating companies," the statement says. "It is not yet clear which of these investors transferred money for investment before January 1st, 1995 and it is not yet clear at which date or by whom, the various misappropriations occurred," the statement continues.
There is also inter company debt TAM owes Taylor Integrated Planning Services (TIPS) - which provided tax advice - almost £100,000. In a separate statement of affairs, also prepared by Mr Hobbs, on TIPS, its estimated deficiency is £41,000. The biggest creditor is Friends Provident Life Assurance Co, which is owed £20,500. Mieropal is owed £14,400, Caledonian Insurance is owned £8,000 and Norwich Union is owed £7,600. Standard Life Assurance is owed £2,000.
Mr Taylor's house is due to be sold early next month and could fetch more than £400,000. Nationals Irish Bank was granted repossession of the property two weeks ago. It is owed in excess of £100,000.
It is understood that a solicitor representing Ms Taylor was in court that day and offered to pay off some mortgage arrears in return for the bank dropping its repossession action. However, this was turned down.
