The firm led by Baroness Mone's husband Douglas Barrowman breached a contract to supply surgical gowns during the Covid pandemic.
The decision could mean that the Government is unlikely to see most of the £148 million owed to it by the company.
Michelle Mone-linked PPE Medpro wound up after being ordered to repay £148m - PPE Medpro, a consortium led by Lady Mone's ...