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Mark Langford, the founder of no win no fee personal injury company, The Accident Group, which was liquidated in May 2003, has had his assets frozen as liquidators attempt to trace the estimated £100 million that is missing from the company accounts. The company collapsed just a few months after Mr. Langford and his wife took millions of pounds in dividends. Many of the 2,700 staff of the personal injury compensation company were callously sacked via text message.
By freezing the couple’s assets liquidators will be able to investigate the missing millions and will prevent them from being disposed of in the meantime. The investigation aims to find out how the couple managed to obtain money from The Accident Group and how they have subsequently spent it. The liquidators need to recoup as much of the money, which was transferred to an offshore account in Jersey, in order to pay back creditors, including people who have been seeking accident compensation following a personal injury.
The Department of Trade and Industry (DTI) has also issued proceedings to have the Langford’s disqualified as directors. Another director, Mark Watson is due to attend court in March to contest the DTI’s attempt to disqualify him from his directorship.
