The Sunday Telegraph can reveal that the bulk of creditors – including HM Revenue and Customs and the Government’s Pension Protection Fund (PPF) – will receive no payments as a result of the company’s collapse.
The largest single creditor, lender HSBC, was owed £28.8m at the point of administration, on which it is likely to suffer a “significant shortfall”. The PPF, which had £2.5m worth of loans to Jessops as a result of an earlier financial restructuring, is unlikely to see any money.
HM Revenue and Customs was owed £1.3m in unpaid VAT, National Insurance and PAYE contributions, which, as an unsecured creditor, will not be repaid.
That\’s where a lot of that \”tax unpaid\” that Ritchie goes on about is. In firms (and to a lesser extent, people) who have gone bankrupt.
Not only is it nothing at all to do with tax being dodged it\’s not, even in the slightest, recoverable. It\’s simply part and parcel of having any bankruptcy system at all. And believe me, you really wouldn\’t like a system that did not incorporate that concept.