Mark Langford, 43, from Cheshire, fled to the continent after Manchester-based The Accident Group (TAG) collapsed with debts of £100m in May 2003.

Mr Langford's car was involved in an accident in Marbella, Spain, on Monday, the Foreign Office said.

He was being sought by HM Revenue and Customs for £4.1m in unpaid tax.

It is thought the businessman was at the wheel when his car went off the motorway near the resort. He died in hospital later.