The liquidators of Farepak are suing the company’s former directors over the high-profile collapse of the Christmas savings club two years ago.

BDO Stoy Hayward told Times Online that legal proceedings had been issued against “a number of former parties” in a bid to secure more money for Farepak’s creditors.

Farepak’s former directors include William Rollason, the chief executive, and Nick Gilodi-Johnson. BDO Stoy Hayward would not confirm if either director is named in the writ.

Around 150,000 customers lost an average of £400 when Farepak collapsed in October 2006. They have so far only been guaranteed a refund of 5p for every pound they saved.

In a statement BDO Stoy Hayward said: “The Farepak Liquidation Committee has sanctioned the liquidators’ recommendation to issue proceedings against a number of parties, in an attempt to secure further monies for the benefit of creditors which includes customers and agents.

“The liquidators have now issued proceedings.

“Because it is a legal action, neither the liquidators not the Liquidation Committee can provide any further information as this may prejudice proceedings and jeopardise the success of the case. From this point onwards the length of time this takes to resolve is in the hands of the courts.”

BDO Stoy Hayward, which was appointed administrator to Farepak in October 2006, said the case would not affect the refunds already guaranteed to the savers who lost out when the savings club collapsed.

Mr Rollason was unavailable for comment.

Gareth Thomas, the Consumer Minister, is expected to announce that a two-year government inquiry into the reasons for Farepak’s demise has finished in a House of Commons speech later today.

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