{"id":589149,"date":"2026-08-10T18:30:12","date_gmt":"2026-08-10T18:30:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/589149\/"},"modified":"2026-08-10T18:30:12","modified_gmt":"2026-08-10T18:30:12","slug":"galway-company-that-owes-revenue-e106m-has-just-e17500-in-cash-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/589149\/","title":{"rendered":"Galway company that owes Revenue \u20ac106m has just \u20ac17,500 in cash \u2013 The Irish Times"},"content":{"rendered":"<p class=\"c-paragraph paywall \"> A little-known Co Galway-based plant and machinery firm that made a tax settlement totalling \u20ac106.6 million with<a href=\"https:\/\/www.irishtimes.com\/tags\/revenue-commissioners\/\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.irishtimes.com\/tags\/revenue-commissioners\/\">Revenue<\/a> earlier this year has cash funds of just \u20ac17,478.50 in two bank accounts.<\/p>\n<p class=\"c-paragraph paywall \">In June, LPS International Plant Ltd, which has listed 41 year-old Michael Leonard as its sole director since 2016, appeared on the list of Revenue defaulters for the first quarter of this year and agreed the settlement of \u20ac106.6 million. As of June 16th, a sum of \u20ac106.2 million remained unpaid. <\/p>\n<p class=\"c-paragraph paywall \">The settlement related to a Revenue investigation over underdeclaration of VAT.<\/p>\n<p class=\"c-paragraph paywall \">The business owed \u20ac46.2 million for the underdeclaration of VAT plus an additional \u20ac14.1 million in interest and\u20ac46.2 million in penalties.<\/p>\n<p class=\"c-paragraph paywall \">Nicholas O\u2019Dwyer of Grant Thornton was appointed as liquidator to the firm in July 2025 and in new documents lodged with the companies office show that the firm had cash at bank of \u20ac17,063.91 in one account and \u00a3355.65 (\u20ac415.59) in a second account on July 24th of this year, resulting in a combined \u20ac17,478.50.<\/p>\n<p class=\"c-paragraph paywall \">The liquidator\u2019s statement of proceedings and position of winding up shows that the firm owed \u20ac45.15 million to unsecured creditors.<\/p>\n<p class=\"c-paragraph paywall \">The firm\u2019s assets were valued at \u20ac1.89 million after deducting amounts charged to secured creditors and debenture holders.<\/p>\n<p class=\"c-paragraph paywall \">Its liabilities to secured creditors totalled \u20ac1.75 million.<\/p>\n<p class=\"c-paragraph paywall \">On the causes that may delay the termination of the winding up, Mr O\u2019Dwyer cites the reason as finalising the section 682 report to be submitted to the Corporate Enforcement Authority.<\/p>\n<p class=\"c-paragraph paywall \">The liquidation is expected to be completed within 12 months, according to the documents. <\/p>\n<p class=\"c-paragraph paywall \">On the payouts made by the company during the period of liquidation over the year, O\u2019Dwyer states that \u20ac98.40 has been paid out in bank charges to No Frixion Ltd and \u20ac5.09 to AIB.<\/p>\n<p class=\"c-paragraph paywall \">Another firm, MPL Plant Hire Limited, which has also listed Leonard, with a Claregalway address, as sole director and owner, agreed a \u20ac4.3 million settlement with Revenue in the first quarter of this year, with \u20ac4.1 million unpaid at the time of the Revenue quarterly defaulter list being published in June. <\/p>\n<p class=\"c-paragraph paywall \">The firm is also in liquidation and documentation filed by O\u2019Dwyer as liquidator to the companies office shows that the firm had a cash balance of \u20ac13,994.91 on July 24th.<\/p>\n<p class=\"c-paragraph paywall \">The company was also heavily in debt with \u20ac3.15 million owed to unsecured creditors.<\/p>\n<p class=\"c-paragraph paywall \">Its assets, after deducting amounts charged to secured creditors and debenture holders, totalled \u20ac141,452.<\/p>\n<p class=\"c-paragraph paywall \">O\u2019Dwyer and Revenue were contacted for comment. <\/p>\n","protected":false},"excerpt":{"rendered":"A little-known Co Galway-based plant and machinery firm that made a tax settlement totalling \u20ac106.6 million withRevenue earlier&hellip;\n","protected":false},"author":2,"featured_media":109341,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,4500,74516,61,60,11522],"class_list":["post-589149","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-galway","tag-grant-thornton","tag-ie","tag-ireland","tag-revenue-commissioners"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/589149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=589149"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/589149\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/109341"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=589149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=589149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=589149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}