Galway company that owes Revenue €106m has just €17,500 in cash
Gordon Deegan
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 million in penalties.
Nicholas O’Dwyer was appointed as liquidator to the firm in July 2025, and now, in new documents lodged with the Companies Office by O’Dwyer, it shows that the firm had cash at bank of €17,063.91 in one account and €415.59 in a second account on July 24th of this year resulting in a combined €17,478.50.
The 'liquidator’s statement of proceedings and position of winding up' shows that the firm owed €45.15 million to unsecured creditors.
The firm’s assets were valued at €1.89 million after deducting amounts charged to secured creditors and debenture holders.
The company’s liabilities to secured creditors totalled €1.75 million.
On the causes that may delay the termination of the winding up, O’Dwyer cites the reason as ‘Finalising Section 682 Report to be submitted to the Corporate Enforcement Authority (CEA)’.
On the payouts made by the company during the period of liquidation over the year, 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 concerning ‘Realisations’ shows that the firm has receipts of €17,069 from a debtor’s balance of the same amount dated September 25th 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 Leonard, with a Claregalway address, as sole director and owner, agreed a €4.3 million 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 €1.8 million for the under-declaration of taxes including PAYE, PRSI, USC and VAT. An additional €604,449 was owed in interest and further €1.8 million in penalties.
The firm is also in liquidation, and in new documentation filed by liquidator O’Dwyer to the Companies Office it shows that the firm had a cash balance of €13,994.91 on July 24th this year.
That company 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.
