Frankie Dettori's liquidated companies will be unable to pay over £765,000 owed to the UK's HM Revenue and Customs.
The 55-year-old filed for bankruptcy last March due to unpaid tax resulting from his involvement in a "tax avoidance scheme", saying he was "saddened and embarrassed" to have to take the measure after being left to "unravel the mess" in which he was left by a previous financial adviser.
Dettori had lost a challenge over his anonymity in proceedings at a specialist tax tribunal in December 2024, allowing him to be named.
In an update to the liquidation of Frankie Dettori Limited and Newmarket Activities Limited published on Companies House on Tuesday, it was outlined that there were no funds to repay the debts, with £765,542 owed to HMRC as of October last year.
The report said: "Assuming that realisations and expenses are as anticipated, it is not expected that there will be a return to unsecured creditors due to insufficient funds. This is subject to change based on the final outcome of our investigations."
A further £115,429 is owed in liquidator's fees, the report showed.
The report also added that HMRC had raised 'significant concerns’ that the companies had been utilised for the purpose of tax avoidance and that this is currently being investigated by liquidators, although "no realisations have been made" and their inquiries are "in their infancy".
Dettori is due to be released from his bankruptcy on 17 March.
