The little-known Co Galway-based plant and machinery firm which made a tax settlement totalling €106.6 million 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 the 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 €106.6 million with €106.2 million unpaid.
The settlement for LPS International Plant Limited related to a Revenue investigation over under-declaration of VAT.
The business owed €46.2 million for the under-declaration of VAT plus an additional €14.1 million in interest and a further €46.2…