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Taxpayers will only recoup fraction of cash owed by Arcadia

Taxpayers will only recoup fraction of £44.2m owed by Sir Philip Green’s fallen Arcadia retail empire, according to newly released documents

Taxpayers will only recoup a fraction of the £44.2m owed by Sir Philip Green’s fallen Arcadia retail empire, according to newly released documents. 

The Topshop owner was put into administration on November 30 – hours before a change in insolvency laws would have bumped HMRC up ahead of other unsecured creditors. 

Unlucky: The Topshop owner was put into administration on November 30 – hours before a change in insolvency laws

It is now forced to fight it out alongside £163m owed to suppliers, £36.5m owed to landlords and £5.6m for gift card holders. 

As secured creditors, the Greens will, however, recoup the £50m lent to Topshop.

Read more at DailyMail.co.uk