Firm that owes Revenue €106m has just €17.5k in the bank
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.
The settlement related to a Revenue investigation over under-declaration of Vat.
The business owed €46.2m for the under-declaration of Vat, plus €14.1m in interest and €46.2m in penalties.
Nicholas O’Dwyer was appointed as liquidator to the firm in July 2025. New documents lodged with the Companies Office by Mr O’Dwyer show that the firm had cash at bank of €17,063.91 in one account and £355.65 (€415.59) in a second account on July 24 this year, a combined total of €17,478.50.
The ‘liquidator’s statement of proceedings and position of winding up’ shows the firm owed €45.15m to unsecured creditors.
The firm’s assets were valued at €1.89m after deducting amounts charged to secured creditors and debenture holders. The company’s liabilities to secured creditors totalled €1.75m.
On the causes that may delay the termination of the winding up, Mr O’Dwyer cites the reason as “Finalising Section 682 Report to be submitted to the Corporate Enforcement Authority”.
On the payouts made by the company during the period of liquidation over the year, Mr O’Dwyer states that €98.40 has been paid out in bank charges to No Frixion Ltd and €5.09 to AIB.
A separate document shows that the firm has receipts of €17,069 from a debtor’s balance of the same amount dated September 25, 2025.
Realisations from a GBP account show that the company had total receipts of £454.05 from pre-liquidation funds of the same amount.
Another firm, MPL Plant Hire Limited, which has also listed Mr Leonard, with a Claregalway address, as sole director and owner, agreed a €4.3m settlement with Revenue in the first quarter of this year, with €4.1m unpaid at the time of the Revenue quarterly defaulter figures published in June.
MPL Plant Hire Limited, owed €1.8m for the under-declaration of taxes including PAYE, PRSI, USC and Vat. An additional €604,449 was owed in interest and further €1.8m in penalties.
The firm is also in liquidation and in new documentation filed by liquidator, Mr O’Dwyer to the Companies Office it shows that the firm had a cash balance of €13,994.91 on July 24 this year.
It was also heavily in debt with €3,151,831 owed to unsecured creditors.
Its assets, after deducting amounts charged to secured creditors and debenture holders, totalled €141,452.
CONNECT WITH US TODAY
Be the first to know the latest news and updates
