East Riding Council (“ERC”) invested £20m of taxpayers’ money in a sub-fund of a Luxemburg Investment Company (“LIC”). The LIC was incorporated in Luxemburg and operated multiple sub-funds. Each investor would obtain shares in the LIC. The sub-fund was launched to invest in UK land assets and attracted £82m of investment. In 2019, the sub-fund […]
A company linked to Baroness Mone (PPE Medpro Limited) has just been ordered to repay approx. £122m to the Government after the judge ruled that it breached a contract for the supply of PPE during the Covid pandemic. PPE Medpro Limited has just been placed into administration. The accounts to 31 July 2025 show that […]
In a solvent liquidation, a liquidator would typically notify HMRC immediately upon appointment to ascertain whether there are any outstanding returns and whether HMRC have a claim. A notice of intended dividend (“NOID”) would usually be issued giving HMRC and all other creditors a 4-8 week opportunity to submit claims against the company. Once the […]
When a company is placed into a solvent liquidation, the directors are required to make a statutory declaration stating that the company will be able to pay its debts together with statutory interest within 12 months of the liquidation. It has been widely accepted practice that some creditor claims may take longer than 12 months […]
Lincolnshire police force potentially faces the unenviable accolade of being the first police force to issue a notice under Section 114 of the Local Government Finance Act 1988 which effectively declares the police force bankrupt! Many local authorities have issued section 114 notices declaring themselves bankrupt but no police force has done so yet. Lincolnshire […]
It is five years since the government introduced the Covid financial support schemes. Much has been written about the widespread abuse of those schemes. But has the passage of time started to dilute the number of examples of directors being punished for their misdemeanors? The answer is a resounding no. A quick look on The […]
In the case of G Quillan v HMRC [2025] UKFTT 421 (TC), the director owed £439,954 to his company. The company was placed into liquidation and the liquidators reached a compromise with Mr Quillan and accepted £57,498. The liquidator closed the liquidation and HMRC raised an assessment under S415(1) Income Tax (Trading and Other Income) […]
Control Solutions & Pipework Services Limited – In Administration SEEK OFFERS FOR THE BUSINESS ASSETS AND STOCK Stainless Steel Hygienic Process Pipework Fabricator and Installer South-West Based DEADLINE FOR OFFERS 12 NOON ON 28 MAY 2025 Please contact the agents Gilbert Baitson on T: 01482 500 500 for further information.
Joint Administrators of Control Solutions & Pipework Services Limited – In Administration SEEK OFFERS FOR THE BUSINESS ASSETS AND STOCK Stainless Steel Hygienic Process Pipework Fabricator and Installer South-West Based Next steps
One aspect of the Spring Statement which has been overlooked is the Chancellor’s attempt to collect in more tax debt. There is around £44 bn of tax debt with just under half of this over 12 months old. The Chancellor announced that HMRC will recruit 500 more compliance staff to assist with the debt collection […]
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