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Members’ Voluntary Liquidation and HMRC

We understand the difficulties that office holders are currently facing in dealing with shareholders who are now being asked to provide additional funds to cover the claims of HMRC for Statutory Interest to be applied from the date of commencement of the liquidation. 
 
Many of you will know that R3 are continuing discussions with HMRC on the issue surrounding Statutory Interest and MVLs and will be pressing HMRC to reconsider their stated position.   Whilst HMRC are stating that there has been no change in policy.  Members of R3 have been providing them with documentary evidence that historically HMRC would only accept interest at the late CT rate and where statutory interest was calculated, it would be accepted only from the date the tax fell due. Such evidence supports the position that there has been a change of approach within HMRC. 
 
HMRC make reference to Rule 14.44 being applied to an HMRC debt which is paid before the date the tax falls due. We agree with the application of this rule to future debts, however, the note goes on to say that ‘where a sum has been discounted under Rule 14.44 interest should be paid on the discounted amount’. Rule 14.44 is clear that the rule should only be applied to the payment of dividends and we therefore consider the HMRC note to be inaccurate in this regard. 

Please read the full guidance issued by HMRC here
 







 


Abbreviated talk by Chief Registrar Briggs - Fairness in company and insolvency work

New Insolvency Service publication:


The publication 'Claim money back from a bankrupt person or company in compulsory liquidation: guidance for creditors has been published 10/09/2015 at: 
https://www.gov.uk/government/publications/claim-money-back-from-a-bankrupt-person-or-company-in-compulsory-liquidation-guidance-for-creditors

This publication replaces the old title 'A Guide for creditors'.  You can read more about publications refresh at: https://www.gov.uk/government/news/new-insolvency-service-publications



Survey Report


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The Insolvency Service Publications


The Insolvency Service has a number of publications available on its website covering:


R3 Publications


The Association of Business Recovery Professionals (R3) has produced publications, available on its website www.r3.org.uk on:
  • Debt Crisis: the facts about your options
  • Is a Voluntary Arrangement right for me?
  • The Ostrich’s Guide to Business Survival
  • The Creditors Guides – what creditors need to know about each of the statutory insolvency procedures
  • Understanding Insolvency – a concise guide to insolvency procedures with a comprehensive glossary of terms and expressions.
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ICM - Credit Management Magazine By David Kerr CEO IPA


 

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