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‘Triangle of Sadness’ Production SPV Faces Liquidation Following Insolvency Hearing (EXCLUSIVE)

Oscar nominated-pic “Triangle of Sadness” gives viewers a glimpse into the lives of the super-rich but one of the companies behind the film appears to be less fortunate when it comes to money matters.

Triangle of Sadness Limited, an SPV set up in the U.K. by the film’s producers Philippe Bober and Mike Goodridge to manage the U.K. financing of the film, is set to be liquidated following insolvency proceedings earlier this month.

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According to documents filed at U.K. business registrar Companies House, a petition to shut down the company was filed with the London High Court by HMRC, the British version of the Inland Revenue.

A source said that HMRC took action because the company’s external accountancy firm, Shipleys, had fallen behind on filing its VAT returns. Triangle of Sadness Limited is also 18 months late in filing separate Companies House accounts.

Triangle of Sadness Limited is owned by another company, Coproduction Office Limited, which is ultimately controlled by Bober.

Variety understands the SPV was a co-producer on the project and has not been in use since the film, which was shot in Sweden and Greece, wrapped. However, while the company remains active on the Companies House register it is required to file accounts.

In the U.K., failure to file company accounts is also a criminal offense, with company directors liable to face personal fines. There is currently no suggestion that Triangle of Sadness Limited’s directors are facing any action in a personal capacity.

The company’s accountant told Variety that due to an oversight, the VAT return and Companies House accounts had not be filed but he was working to rectify that. Once the VAT return is filed and the company can demonstrate there is no outstanding VAT, the company can apply for the liquidation process to be reversed, he added.

“Triangle of Sadness,” which was directed by Ruben Östlund, was acquired by Neon for a rumored $8 million following a bidding war after it premiered at Cannes last May, where it went on to win the coveted Palme d’Or. The film also scored three Oscar nominations, including for best picture, but failed to take home any prizes at the ceremony earlier this month.

Goodridge declined to comment for this story. Bober did not respond by press time.

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