The High Court has dismissed the case from Stephen Hunt of Griffins Insolvency Litigation Forensics against the directors of Marylebone Warwick Balfour Management Limited, who argued that the decision of the directors to enter and continue to use a tax avoidance scheme, which evaded £38.7m between 2002-10 according to HMRC, breached their fiduciary duties, defrauded the company’s creditors, and that they were personally liable for the debt owed to HMRC.

Marylebone Warwick Balfour was incorporated in 1994 and managed building developments and in 2001 had 15 directors. In 2002 the company entered the Conditional Share Scheme marketed by the accountancy firm BDO.