Money Laundering – IPs to be fast tracked

The ICAEW and the National Crime Agency have been working together to make sure that if an insolvency practitioner has to be appointed urgently, the Defence Against Money Laundering (DAML) can be fast tracked and obtained within 24 hours rather than the  days it has taken historically.

A DAML is applied for when the IP suspects tax fraud, when HMRC is a creditor or when a bank or other financial institution suspects they may have been defrauded.

This will be particularly helpful in a trading administration when suppliers and staff will need to be paid for the company to continue trading.

However, the ICAEW have confirmed that only the most urgent of cases will be fast tracked.

For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or should you or your company be facing financial difficulties and you need to chat, please telephone Charlotte Hutchinson on 01377 257788 and she will make you an appointment with one of our insolvency professionals at our Driffield, Hull, Grimsby, Scunthorpe or York offices.  Our initial meetings are free and without obligation.  Meetings can be held virtually or in any of our offices whilst observing the socially distancing guidelines.

Because we are an independent insolvency practice, we keep our overheads low and have put systems in place to deal with simple liquidations at an affordable price of from £1,995 + VAT + Disbursements.  Our MVLs are from £995 + VAT + Disbursements.

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