Liquidators recover £11million from The Accident Group

The joint liquidators of A G (Manchester) Ltd, formerly known as The Accident Group, today announced that they had recovered over £11 million since their appointment on 15^th January 2004.

Joint liquidator Paul Stanley, a partner at Begbies Traynor, said their investigations over the past 21 months had involved interviewing more than 70 former staff and directors of the business. As a result of these investigations, proceedings were now being drafted in an attempt to recover assets from third parties.

He said: “Our investigations so far have been extensive and we are pleased to have recovered a substantial sum on behalf of creditors. However further claims are still being pursued.”

Paul Stanley added that legal proceedings continue in the Jersey Royal Court concerning assets held in a trust fund purportedly established for the benefit of TAG employees. These proceedings were confidential and further details could not be divulged to the public.

“We have already reached agreement with some directors resulting in the return of some funds. We have now issued proceedings against Deborah Langford for the recovery of funds arising from her time as a director of TAG.”

The Accident Group, which went into administration on 30 May 2003, was the market leader in the ‘after the event’ insurance business, providing legal expense insurance services to individuals who had suffered a personal injury and who wished to recover damaged from a third party. The administration order was discharged on 15 January 2004 and a winding up order made following which joint liquidators were appointed. Since this time Paul Stanley has lead investigations into the cause of the collapse of the business with a view to asset recovery.