The writ also alleges Ms Lee, who served on the board of the company from August 2000 until November 2004 and was a founding member of its audit committee, made misrepresentations and other serious errors while she was involved in the preparation and oversight of the company's accounts.

Moulin collapsed in April 2005 owing HK$2.8 billion to almost 700 creditors. At the time, despite consistently reporting net profits in excess of HK$100 million, the company had just HK$7.8 million in the bank.

Ms Lee is currently the only former director in the sights of those seeking to get to the bottom of Moulin's demise. It is understood she has been singled out because of the specialist corporate governance role she was allegedly supposed to play.

The writ alleges negligence on the part of Ms Lee, who, with her specialist corporate governance knowledge, should have insisted on more rigorous internal controls.

As it was, the accounts of the failed firm showed a pattern of unsecured cash loans being made to members of the family of executive chairman Ma Bo-kee - now in bankruptcy - or people or firms closely associated with them.

Moulin's accounts have previously been described by liquidators Ferrier Hodgson as 'a highly complex morass of dodgyness'. It was estimated it would take a team of three about 14 years to unravel them.

In February last year the Court of First Instance approved a plan whereby creditors of the failed company would receive a 10 to 12 per cent initial payout on the firm's debts.

In the line of fire

Olivia Lee held a corporate governance role at the company

The number of years estimated to be needed to unravel Moulin's accounts: 14