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The court dismissed an application to discharge an order appointing provisional liquidators. The petition debt was based on VAT assessments which denied the company's claims to recover input tax in respect of purchases made from six suppliers on the basis that they were connected with missing trader fraud. On the evidence, HMRC demonstrated that it was likely that they would be able to satisfy the court at the hearing of the petition both that the purchases were connected with the fraudulent evasion of VAT and that the company either knew or ought to have known that its purchases were so connected.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...