East Riding Council (“ERC”) invested £20m of taxpayers’ money in a sub-fund of a Luxemburg Investment Company (“LIC”). The LIC was incorporated in Luxemburg and operated multiple sub-funds. Each investor would obtain shares in the LIC. The sub-fund was launched to invest in UK land assets and attracted £82m of investment. In 2019, the sub-fund […]

A company linked to Baroness Mone (PPE Medpro Limited) has just been ordered to repay approx. £122m to the Government after the judge ruled that it breached a contract for the supply of PPE during the Covid pandemic. PPE Medpro Limited has just been placed into administration. The accounts to 31 July 2025 show that […]

In a solvent liquidation, a liquidator would typically notify HMRC immediately upon appointment to ascertain whether there are any outstanding returns and whether HMRC have a claim. A notice of intended dividend (“NOID”) would usually be issued giving HMRC and all other creditors a 4-8 week opportunity to submit claims against the company. Once the […]

When a company is placed into a solvent liquidation, the directors are required to make a statutory declaration stating that the company will be able to pay its debts together with statutory interest within 12 months of the liquidation. It has been widely accepted practice that some creditor claims may take longer than 12 months […]

It is five years since the government introduced the Covid financial support schemes.  Much has been written about the widespread abuse of those schemes. But has the passage of time started to dilute the number of examples of directors being punished for their misdemeanors?  The answer is a resounding no. A quick look on The […]

In the case of G Quillan v HMRC [2025] UKFTT 421 (TC), the director owed £439,954 to his company. The company was placed into liquidation and the liquidators reached a compromise with Mr Quillan and accepted £57,498. The liquidator closed the liquidation and HMRC raised an assessment under S415(1) Income Tax (Trading and Other Income) […]