Firm that owes Revenue €106m has just €17.5k in the bank

Galway firm LPS International Plant Ltd appeared on the list of Revenue defaulters for the first quarter of 2026 and agreed the settlement of €106.6m

LPS International Plant Ltd owed €46.2m for the under-declaration of Vat, plus €14.1m in interest and €46.2m in penalties. Stock picture: Laura Hutton/RollingNews

The little-known Co Galway based plant and machinery firm which made a tax settlement totalling €106.6m with the Revenue Commissioners earlier this year has cash funds of just €17,478.50 in two bank accounts.

In June, LPS International Plant Ltd, which has listed Michael Leonard, aged 41, 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 €106.6m, with €106.2m unpaid.