Missing businessman Tony Duggan has been tracked down to his native Scotland and served with a court order freezing his assets around the world, The Royal Gazette can reveal.

Mr. Duggan, who has not been seen since fleeing the Island two months ago after one of his companies went into receivership with debts of more than $1 million, has been found in Edinburgh.

Lawyers for the Bank of Bermuda and receivers for Mr. Duggan's collapsed company Precision Engineering-Technical Company have been searching for the Scottish businessman since he slipped out of Bermuda under cover of darkness on his luxury catamaran Assegai in the middle of July.

His disappearance occurred days after Precision Engineering went into receivership. Since he vanished, another of his companies, Office Supplies, also went into receivership with heavy debts.

The Royal Gazette understands that following a lengthy investigation, the Scottish businessman was traced to Edinburgh last month where sheriff's officers from the Scottish courts served him with a mareva order obtained at the Supreme Court in Bermuda, which freezes his assets world-wide.

The order is to ensure Mr. Duggan does not transfer or sell assets which could be used to pay off his debts in Bermuda.

The action will be seen as a major victory for the Bank and Cox Hallett Wilkinson, which have pursued Mr. Duggan to recover some of his substantial debts.

Mr. Duggan's wife Sandra was seven months pregnant when he disappeared and it is thought he made his way to Scotland to be with her for the birth of their baby.

She remained in Bermuda after Mr. Duggan sailed away in the Assegai with a trusted member of staff. She later flew out to London and travelled on to Scotland.

Eyewitnesses said the Assegai slipped her moorings off Smith's Island in the dark in July. Earlier in the day, lawyers for Bank of Bermuda and the receivers had unsuccessfully tried to find Mr. Duggan to serve an order freezing his assets.

Justin Williams, attorney for Bank of Bermuda, which called in the receivers at Precision Engineering, declined to comment when contacted by The Royal Gazette.

David Goodwin of Cox, Hallett Wilkinson, receiver for Precision Engineering, declined to comment.