A claim that former MG Rover directors will scoop millions from a tax windfall has been denied.
The most the so-called Phoenix Four can hope to get when a subsidiary of the ex-Longbridge carmaker is wound up is their original #2 million total investment, a spokesman said.
A national newspaper claimed that MGR Capital, a subsidiary of Phoenix Venture Holdings, had had its balance sheet boosted after clawing back #16 million from HM Revenue & Customs following a change in the VAT laws affecting car leasing.
Companies House records show the company had retained profits of #22 million at the end of 2005.
MGR Capital, a car-leasing operation run from PVH's manufacturing operations, is 51 per cent controlled by Uberior Investments, an offshoot of banking group HBOS.
The remaining 49 per cent is held by PVH directors John Towers, Peter Beale, Nick Stephenson and John Edwards who put #500,000 each into the business.
Such a joint venture is commonplace in the industry.
Its books were boosted when the rules were changed to allow leasing companies to claw back VAT on the unexpired part of a leasing agreement ended prematurely.
It was said that represented a windfall for the Phoenix Four, a claim denied by their spokesman, Ian Strachan.
Contracts are still running, but when the last expires MGR Capital will go into voluntary liquidation, he said.
The Department of Trade and Industry said its investigation into the collapse of MG Rover in April 2005, which has so far cost nearly #7 million, or #12,000 a day, would continue into next year.