The Khan Partnership, acting on behalf of IGB and Unique, has also secured sufficient variations in the freezing order over IGB’s assets for Unique to continue to trade, despite huge disruptions to business. Unique repaid around GBP400,000 in debt last week, sources told Mobile News separately.
Hassan Khan, of the Khan Partnership, said IGB was seeking substantial damages against HMRC for the receivership order it put in place against IGB in January and the upheaval it has caused to trading. The size of the damages claim is thought to be GBP10-20 million.
HMRC secured a receivership order and a freezing order against IGB on January 18, without the knowledge of IGB. On February 18, the receivership order was dismissed in court. HMRC then returned to court to have the order reinstated, only for the judge to kick it out again.
Said Khan: “It was a landmark decision in attacking an invasive order. The judge made a comment that it was an issue of trust. He said there was insufficient evidence to continue the receivership. The order was set aside.”
He added: “The running of the business was massively disrupted when the receiver came in.
“The court knocked the order out at the first opportunity, and HMRC was ordered to pay the costs of the receiver and the lawyers.”
HMRC told the court in January, when it secured the receivership order, it expected to arrest individuals associated with IGB by the end of the month.
It told the court in February its investigation into IGB was ongoing and it expected to arrest associates of the company in April.