Judgment reserved in Taylor case

THE High Court has reserved judgment on whether affidavits by Tony Taylor the founder of collapsed finance company Taylor Asset Managers can be used in proceedings by the liquidator of the Taylor companies.

Mr Taylor has made a number of allegations in his affidavits against other directors of the company, who include the TV personality Eddie Hobbs.

The liquidator, Paddy McSwiney, has said he does not propose to rely on those affidavits in the proceedings against the other directors, brought under section 150 of the Companies Act, and would only rely on them in the action against Mr Taylor himself.

In reserving judgment at the High Court yesterday Ms Justice Mary Finlay Geoghegan said that she hopes to have a decision within two weeks.

Counsel for Mr McSwiney, who is obliged under the Companies Act to bring proceedings against the Directors of Taylor Assets management, has previously told the court that there is no evidence that the other four directors, Mr Hobbs, Mr Tom Carroll, Mr Tom Lynch, and Mrs Shirley Taylor had acted other than honestly and responsibly.

All the parties are separately represented.

At yesterdays’ hearing counsel for Mr Hobbs, Mr Brian Kennedy BL, said that the liquidator was correct in deciding not to use Mr Taylor’s affidavits in the proceedings against his client.

The contents of the affidavits, counsel said, were a rehash of allegations that had previously been made against Mr Hobbs.

The liquidator, who is an officer of the court and exercised his functions in a proper manner, had stated that according to his evidence the TV presenter had acted “honestly and properly” in relation to the business affairs of the company.

Mr Taylor, counsel said, had been found guilty of fraud and destroying documents.

Counsel for Mr Taylor, however, argued that the affidavits should be put before the court.

Counsel said that it would be inappropriate for the court not to include any relevant material.