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Michelle Mone-Linked PPE Firm Liquidated and Unlikely to Repay £148m
PPE Medpro owes £148 million after failing to deliver 25 million gowns during the pandemic and has only £600,000 to pay unsecured creditors, court records show.
- On Thursday, Insolvency and Companies Court Judge Sebastian Prentis placed PPE Medpro into liquidation after barristers for the three joint administrators asked the court to keep the company in administration.
- Following the October 1 ruling, Lady Justice Cockerill ordered PPE Medpro to repay £121,999,219.20 plus interest at 8% since October 16, and the company failed to meet the October 15 deadline.
- Filings show only around £600,000 available to unsecured creditors, HM Revenue and Customs is claiming £39m in tax, and Angelo Limited is PPE Medpro's sole secured creditor.
- The judge said the department's debt was large, and the DHSC argued there was no 'realistic alternative' to winding up PPE Medpro, likely preventing recovery of most of the £148 million owed.
- Baroness Michelle Mone is linked to PPE Medpro and is on a 'leave of absence' from Parliament, with the company led by her husband, Doug Barrowman, and they deny wrongdoing.
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34 Articles
PPE firm linked to Michelle Mone wound up after being ordered to pay £148m
PPE Medpro had been ordered to pay the sum after losing a High Court battle in October but it it filed for administration on September 30, the day before the ruling, with the money still unpaid.
·Glasgow, United Kingdom
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Total News Sources34
Leaning Left7Leaning Right2Center19Last UpdatedBias Distribution68% Center
Bias Distribution
- 68% of the sources are Center
68% Center
L 25%
C 68%
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