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[2005] EWHC 582 (Ch)
Where money misappropriated by an accountant had been advanced to him by solicitors who held it for the purpose of making a payment of VAT, if it was payable, the money was subject to a Quistclose trust and money recovered by liquidators from the accountant was payable to the Customs and Excise Commissioners to settle the VAT liability and was not to be distributed pari passu in the liquidation of the company.
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