Missing businessman Tony Duggan transferred ownership of his boats and moorings into a trust shortly before fleeing the Island when two of his companies went into receivership.

The Royal Gazette has discovered that Mr. Duggan moved ownership of Assegai, the luxury catamaran he used to disappear off the Island last month, and his other boats and moorings from his name to that of a trust company last year. And in early July, just before he sailed out under cover of darkness as receivers were appointed to his debt-ridden businesses, the Scottish businessman went into Marine and Ports Services to check the boats were in the name of the company, Bass line International. Acting director of Marine and Ports Mike Dolding told The Royal Gazette yesterday: "Our records show that Assegai and some other boats and marine assets were originally owned by Tony Duggan, but last year on the recent registration, he transferred ownership to the trust company.

"Last month he was in the office checking everything was in the name of Bass line.'' Mr. Dolding said Bass line International's address was a Post Office box in Hamilton, but the Registrar of Companies yesterday said it had no record of the company.

Receivers were called in by Bank of Bermuda and Bank of N.T. Butterfield last month to administer the affairs of two of Mr. Duggan's companies, Precision Engineering-Technical Company, which has debts of more than $1 million, and Office Supplies.

VSB News reported yesterday that Mr. Duggan, who co-owned the Oasis night club until he sold it earlier this year, had been spotted in Gibraltar, but neither receiver David Goodwin nor Justin Williams, the lawyer for Bank of Bermuda, would comment.

A lawyer appointed by Mr. Duggan is understood to have contacted Mr. Williams on Tuesday, hours before a writ issued by the Bank of Bermuda expired.

Mr. Duggan was required to be represented or the bank would have been able to begin selling off his assets to cover Precision Engineering's debts.