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Taxpayers only collect a portion of the cash that Arcadia has to pay

According to a newly released document, taxpayers will only recover a portion of the £ 44.2m owed by Sir Philip Green’s fallen Arcadia retail empire.

According to a newly released document, taxpayers will only be able to recover a small portion of the £ 44.2 million owed by Sir Philip Green’s fallen Arcadia retail empire.

Topshop owners came to power on November 30, hours before bankruptcy changes pushed HMRC ahead of other unsecured creditors.

Bad luck: Topshop owners were put under control on November 30, hours before the bankruptcy law change.

Currently, they are forced to fight with £ 163m to pay suppliers, £ 36.5m to pay landlords and £ 5.6m to pay gift cardholders.

However, as a secured creditor, Greens will collect £ 50m loaned to Topshop.

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Taxpayers only collect a portion of the cash that Arcadia has to pay

Source link Taxpayers only collect a portion of the cash that Arcadia has to pay

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