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

BDO Stoy Hayward told The Times that legal proceedings had been issued against what it called a number of former parties in an effort 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 had been named in the writ.

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

BDO Stoy Hayward said in a statement: “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 nor the liquidation committee can provide any further information as this may prejudice proceedings and jeopardise the success of the case. From this point, the length of time this takes to resolve is in the hands of the courts.”

BDO Stoy Hayward, which was appointed the administrator to Farepak in October 2006, said that 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.

BDO Stoy Hayward's statement came as Gareth Thomas, the Consumer Minister, revealed that a two-year investigation into the reasons for Farepak's collapse had finished. He said the Companies Investigations Branch of the Department for Business, Enterprise and Regulatory Reform was taking independent advice on whether the evidence in the report warranted legal action.

Mr Thomas said: “The collapse of Farepak was dreadful for the thousands of people who lost money. The Government is working hard to prevent other families suffering similar problems in the future.

“We initiated a comprehensive investigation to establish the facts. We are now getting legal advice on whether there are grounds for further action.”

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