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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

07 SEP 2011

Payless Cash and Carry Ltd (in liquidation) v Patel [2011] EWHC 2112 (Ch); [2011] BPIR (forthcoming)

P, a director of the company, caused the company to reclaim VAT input tax in respect of trades that were not actually entered into, causing HMRC to levy an assessment of nearly £4 million. To the extent that those trades did not take place as claimed and VAT input tax was not paid as claimed, P was responsible for that and as director was liable in misfeasance to the company for the amounts wrongly claimed.

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