A second company owned by missing businessman Tony Duggan has gone into receivership with substantial debts, The Royal Gazette has learned.

The Bank of N.T. Butterfield called in the receivers on July 27 after Mr. Duggan's company, Office Supplies, failed to keep up with payments on a loan.

The Scottish businessman, whose other company Precision Engineering-Technical Company also went into receivership with debts in excess of $1 million, has not been seen since he sailed out of the Island under cover of darkness in his luxury catamaran Assagai last month.

Hamilton-based Office Supplies has the exclusive dealership for Sharp office equipment in Bermuda and customers who lease Sharp products from the company face an uncertain future.

Receivers Ernst and Young are continuing to offer servicing of the leased equipment to customers while US giant Sharp looks for a new distributor in Bermuda.

The bank is facing heavy debts because it financed the supply of equipment from Sharp on behalf of Office Supplies and was recouping its money through lease payments made by customers.

It is understood Sharp are also owed large sums of money due to the collapse of the company.

Ernst and Young senior manager David Reid, who is handling the receivership of Office Supplies, said he had no idea where Mr. Duggan was, nor has he spoken to him.

"We have spoken to the staff of the company who may or may not have had contact with Mr. Duggan and we've made it known that it would be helpful if they made contact with the bank,'' Mr. Reid told The Royal Gazette.

He refused to disclose the extent of Office Supplies' debts, but said he was trying to sell the company and had received interest from several parties.

He said a main priority in keeping on staff at the company was to ensure an ongoing service to Sharp customers with the aim of ensuring a new buyer could continue the dealership.

"The bank is involved in some leasing equipment and as receiver I am dealing with some equipment, which is the reason we are keeping the servicing going,'' he said.

"Sharp is in the process of appointing a new dealer for Bermuda and in the meantime we are continuing servicing the customers to give us the best outcome in terms of selling of the company's assets. And the new Sharp dealer should be appointed in the next few weeks.

"We are hopeful that we can continue the service until we find a buyer, which might be before or after the appointment of the new Sharp dealer and ideally the Sharp customers will have continued service - although there is no guarantee.

"Ideally, everything will be sold intact and someone will continue with the Sharp line.''