Tuesday, August 16, 2022

Chappell fights for Retail Acquisitions

Dominic Chappell is fighting to keep Retail Acquisitions from going into administration, according to the Evening Standard.

The three-time bankrupt bought BHS for £1 from Sir Philip Green using his company Retail Acquisitions. BHS‘s administrator Duff & Phelps wants to seize the company in order to investigate its finances.

Chappell told the Evening Standard that he had met the deadline of November 18 to submit evidence to the administrators. He stated that he gave his evidence to Duff & Phelp‘s lawyer “strongly denying any callable debts” within the deadline.

It is thought that his company borrowed more than £8.4 million from BHS in what has been described by MPs as the “systematic plunder” of the company.

READ MORE: PPF pushes for legal action against former BHS owners

The administrator needs to seize the company in order to investigate these transfers, and whether as stated by Chappell, he has paid £2.4 million back.

Last week Chappell was arrested due to tax he owes on the money from his company, estimated to be £562,000.

The case continues as both Chappell and Green face legal action from various entities, most recently the Pension Protection Fund which is picking up the bill for the majority of pension losses caused by the retailers collapse.

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