Asset-freezing order issued for TAG founder

TAG liquidator Begbies Traynor won an application to freeze Mark Langford’s Spanish villa and £1.5 million yacht, as well as certain bank accounts.

The liquidator is currently investigating the validity of an £11 million dividend paid out by TAG in 2001.

Mr Langford could be disqualified from holding a directorship for up to 15 years, following proceedings being brought by the Insolvency Service, part of the Department of Trade and Industry. His wife and fellow director Debbie faces similar proceedings.

In addition, Mrs Langford was last month ordered by the High Court to repay £253,220, in relation to her salary as a director of TAG. She was also ordered to pay £45,000 in costs, and around £70,000 in interest.

Begbies Traynor partner Paul Stanley said: ‘We have gone for the [asset-freezing] injunction to make sure that the money will not have been spent [by the time the main proceedings are heard]. Mr Langford will have to ask the court before he is able to sell the assets.’

Six other directors undertook agreements not to act as directors for several years, earlier in the year.

A spokesman for the couple’s lawyers, Maclay Murray & Spens, said the firm could not comment on ongoing litigation.

Original Article: Law Gazette