Rachael Singh, Accountancy Age, Wednesday 15 September 2010 at 11:40:00

Vantis administrators confirm the taxman is likely to be repaid just £1m

HM Revenue & Customs is likely to be receive only 9p in the pound ondebts owed to it by collapsed firm Vantis.

HMRC is owed £2.8m in VAT and £8.6m in PAYE - a total of £11.4m, however,they are likely to be paid just £1m, according to administrators.

The latest filing at Companies House showed Vantis' other debts amounted to£68m, including £58m owed to banks.

Among the creditors listed is Ernst & Young, owed £4,700.

Chad Griffin and Simon Granger, both from FTI Consulting, were appointedjoint administrators to the firm on 29 June.

Further reading:

Vantissale process months in the making

Vantisenters administration

FTIConsulting called in to advise Vantis