Tony Taylor's wife seeks meeting with liquidator

Ms Shirley Taylor, wife of the former investment broker Mr Tony Taylor, has indicated through her solicitors that she would like to meet the liquidator Mr Patrick McSwiney.

Mr McSwiney has made an application to the courts that the Taylors be made personally liable for the trading debts of the five Taylor companies to which he was appointed liquidator. Ms Taylor has formally responded to the action and is believed to be arguing that, although she was a director of the companies, she was not personally involved in their operation and should not be punished for any failure to keep proper books and records.

Ms Taylor's indication that she would like to meet Mr McSwiney was made two weeks ago. Mr McSwiney responded positively through his solicitors last week and has not as yet received any further communication.

The case is to be mentioned in court later this month when it will be decided if it should go ahead and if so, when. If the case goes ahead and Mr McSwiney is successful, he will ask the courts to hand over £300,000 plus which was lodged in court following the sale of the Taylors' former home in Ballsbridge.

The Taylor group collapsed and the Taylors went missing in August 1996. Mr McSwiney's inquiries have revealed that approximately £1.7 million (€2.16 million) invested by a number of Mr Taylor's clients has gone missing. It is not his belief that the money was stolen but rather that it was lost in a "robbing Peter to pay Paul" scenario, where Mr Taylor was trying to conceal unsuccessful investments. One of the out of pocket investors was the Society of St Vincent de Paul, which lost £185,000.

Following the couple's disappearance National Irish Bank sold their home on Anglesea Road, Ballsbridge, Dublin, for £580,000. It is understood that the bank received more than £100,000 it was owed from the sale and the rest of the money was lodged in court. This sum represents the only potential asset linked to the Taylor group.

AIB is understood to be owed approximately £20,000 by Mr Taylor as a result of an overdraft facility he had with the bank.

Mr McSwiney is understood to be of the view that, even if the personal assets of the Taylors are made available, the out of pocket investors will receive little or no dividend after all costs have been paid.

The attempt to have the Taylors made personally liable for the trading debts of their companies, if successful, will be the first such ruling in the courts. The application is under section 204 of the Companies Act 1990, which allows for directors of a company to be made personally liable for its debts in a case where proper books have not been kept by the company and this is considered to have contributed to the company's inability to pay all of its debts.

There has been no communication from Mr Taylor to Mr McSwiney and the whereabouts of the former broker and his wife are not known to the liquidator.