PracticeAccounting FirmsHMRC to lose £10m from Vantis collapse

HMRC to lose £10m from Vantis collapse

Vantis administrators confirm the taxman is likely to be repaid just £1m

HM Revenue & Customs is likely to be receive only 9p in the pound on
debts owed to it by collapsed firm Vantis.

HMRC is owed £2.8m in VAT and £8.6m in PAYE – a total of £11.4m, however,
they are likely to be paid just £1m, according to administrators.

The latest filing at Companies House showed Vantis’ other debts amounted to
£68m, including £58m owed to banks.

Among the creditors listed is Ernst & Young, owed £4,700.

Chad Griffin and Simon Granger, both from FTI Consulting, were appointed
joint administrators to the firm on 29 June.

Further reading:

Vantis
sale process months in the making

Vantis
enters administration

FTI
Consulting called in to advise Vantis

Related Articles

Leader: Law firms should heed accountancy's listing mistakes

Accounting Firms Leader: Law firms should heed accountancy's listing mistakes

3y Kevin Reed, Writer
MacIntyre Hudson appointed trustee for bankrupt England goalkeeper

Accounting Firms MacIntyre Hudson appointed trustee for bankrupt England goalkeeper

3y Richard Crump, Writer
PwC faces $1bn lawsuit over bad MF Global advice

Accounting Firms PwC faces $1bn lawsuit over bad MF Global advice

3y Richard Crump, Writer
RSM Tenon 2014?

Accounting Firms RSM Tenon 2014?

4y Rachael Singh, Writer
Colin: Judge gently?

Accounting Firms Colin: Judge gently?

5y Taking Stock
Government radically overhauls practitioners' rota system

Accounting Firms Government radically overhauls practitioners' rota system

5y Rachael Singh, Writer
Accountants racking up debts

Accounting Firms Accountants racking up debts

6y Rachael Singh, Writer
RSM Tenon's result bolstered by audit arm

Accounting Firms RSM Tenon's result bolstered by audit arm

6y Rachael Singh, Writer