THE High Court has overturned a Full Federal Court decision in favour of Raptis Group and ruled for Raptis to pay the Australian Tax Office.
In November last year, Raptis won a case against the ATO over an $11.6 million claim and ended up with a $302,000 refund.
However in a second matter, Raptis appealed to the Full Federal Court after an earlier decision found in favour of the ATO.
The ATO appealed that decision to the High Court, which did not uphold the decision.
As a result, the ATO will now be entitled to a distribution of up to 2% of Raptis Group issued shares. As a result, the distribution available to other creditors of the previously controlled Rapcivic Contractors Pty Ltd will be reduced.
The final amount has yet to be determined but Raptis said it will be less than $19.5 million previously announced.
Raptis remains determined to resurrect the company.
Property Review
