The Pensions Regulator has billed former BHS owner Dominic Chappell £10m in an effort to recover money owed to the collapsed retailer’s pension scheme.
The regulator served Chappell with a determination notice, informing him of its decision to bill him £10m, in mid-January, according to Sky News.
It comes on top of Chappell, who acquired BHS from Sir Philip Green for £1 in March 2015, being found guilty last month of failing to cooperate with the regulator, which left him facing an unlimited fine.
The regulator’s determination notice rules give a recipient 28 days to refer the order to the Upper Tribunal so that it can review the judgement.
If Chappell fails to refer the order, the £10m demand would be pursued via a contribution notice.
It is not clear whether Chappell, a three-times bankrupt, would be able to pay the £10m bill or whether he would instead be declared bankrupt for a fourth time.
A TPR spokesman said: “Our separate anti-avoidance action against Dominic Chappell continues and TPR’s Determinations Panel has made its determination. We will publish the outcome as soon as it is appropriate to do so.”
The regulator’s demand for £10m comes one year after Green agreed to pay up to £363m into BHS’ retirement fund, which was left with a deficit of £571m when the retailer collapsed in April 2016.