with a $2-million Supreme Court writ as liquidators sought to recover monies borrowed from the company.

Named as defendants in the $2,041,856 court action were Televest Ltd.

directors Mr. Richard Burns, Mr. Thomas Burns, and Mr. Christopher Donnachie.

Bringing the action were three companies in the Televest Group all of which are now in liquidation -- TBL Ltd., Telecheck Holdings Ltd., and Televest.

"This is a claim for the loans which were made by the companies to (the directors),'' said lawyer Mr. Narinder Hargun of Conyers, Dill & Pearman, who acts for the liquidators.

Built by the Burns brothers over nine years, the Televest Group included credit cards, debt collection, and a popular cheque approval service for merchants.

Televest Ltd., the fundraising arm, offered investors interest rates of seven to ten percent on purchases of preferred shares. After the companies collapsed in a chain reaction that began late in 1993, about 500 investors were left with claims of $8.3 million. To date, they have received nothing.

The Burns brothers and Mr. Donnachie obtained the funds mainly through cash advances on their Signature credit cards which were later converted to loans, Mr. Hargun said.

The amounts owed -- not including interest accruing since December 15, 1993 -- are $1,591,670 for Mr. Richard Burns, $253,961 for Mr. Thomas Burns, and $196,225 for Mr. Donnachie, he said.

But liquidators contend the loans were made in contravention of the Companies Act, Mr. Hargun said. Therefore, the three directors have "joint and several liability,'' meaning each one is liable for the entire $2 million debt until it is paid.

If a judgment is obtained, the liquidators may proceed against any of the directors' assets, he said.

Mr. Julian Hall, lawyer for the Televest directors, said "there is no question about the directors' willingness to meet their lawful obligations'', and the writ may have been issued to "safeguard'' the liquidators' position.

The directors would contest any claim that the monies are "presently due and payable,'' Mr. Hall said. "The monies were repayable over a period of years, and not in the short term,'' he said.

"If the matter is to be brought to a head through litigation, then so be it.''