Project Tax: Liquidation
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FTS assisted a £120million-turnover business in the pharmaceutical sector in negotiation of claims with its key creditor – HMRC.
The company was being pursued by HMRC for claims in excess of £23million. This was a result of an EBT scheme, which the company had entered into almost 15 years previous. Our team has experience of helping companies and individuals in all sorts of tax avoidance-related matters – including EBTs, as was the case here.
Having been approached by a large firm of London-based lawyers to take instruction from their client, we were able to achieve – through liquidation and subsequent mediation – a tripartite multi-million-pound settlement. The litigation was funded by a third-party funding specialist, which helped to cover the cost of associated legal fees that were mounting up.
As a result, more than £4million was returned (after costs) to creditors.