A little-known Co Galway-based plant and machinery firm that made a tax settlement totalling €106.6 million withRevenue earlier this year has cash funds of just €17,478.50 in two bank accounts.In June, LPS International Plant Ltd, which has listed 41 year-old Michael Leonard as its sole director since 2016, appeared on the list of Revenue defaulters for the first quarter of this year and agreed the settlement of €106.6 million. As of June 16th, a sum of €106.2 million remained unpaid. The settlement related to a Revenue investigation over underdeclaration of VAT.The business owed €46.2 million for the underdeclaration of VAT plus an additional €14.1 million in interest and€46.2 million in penalties.Nicholas O’Dwyer of Grant Thornton was appointed as liquidator to the firm in July 2025 and in new documents lodged with the companies office show that the firm had cash at bank of €17,063.91 in one account and £355.65 (€415.59) in a second account on July 24th of this year, resulting in a combined €17,478.50.The liquidator’s statement of proceedings and position of winding up shows that the firm owed €45.15 million to unsecured creditors.The firm’s assets were valued at €1.89 million after deducting amounts charged to secured creditors and debenture holders.Its liabilities to secured creditors totalled €1.75 million.On the causes that may delay the termination of the winding up, Mr O’Dwyer cites the reason as finalising the section 682 report to be submitted to the Corporate Enforcement Authority.The liquidation is expected to be completed within 12 months, according to the documents. On the payouts made by the company during the period of liquidation over the year, O’Dwyer states that €98.40 has been paid out in bank charges to No Frixion Ltd and €5.09 to AIB.Another firm, MPL Plant Hire Limited, which has also listed Leonard, with a Claregalway address, as sole director and owner, agreed a €4.3 million settlement with Revenue in the first quarter of this year, with €4.1 million unpaid at the time of the Revenue quarterly defaulter list being published in June. The firm is also in liquidation and documentation filed by O’Dwyer as liquidator to the companies office shows that the firm had a cash balance of €13,994.91 on July 24th.The company was also heavily in debt with €3.15 million owed to unsecured creditors.Its assets, after deducting amounts charged to secured creditors and debenture holders, totalled €141,452.O’Dwyer and Revenue were contacted for comment.