Challenging the PLN, the businessman argued, amongst other things, that he had no idea that the company’s trading was suspect. In refusing to grant him permission to pursue his appeal, however, the FTT noted that it had been lodged far outside the relevant statutory time limit. The merits of his case were in any event extremely weak.
The FTT acknowledged that its ruling would have a particularly harsh impact on the businessman. His home would be at risk and he was very likely to be made bankrupt at the age of 75. Given that his appeal had no realistic prospect of success, however, it would be no mercy to permit him to proceed with it.