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Nice work if you can get it

Lehman Brothers administrators, PwC, have dropped their average hourly rate for partners and staff from £329 to £309 over the past six months.

Despite this ‘general downward’ trend in PwC fees, they will be racking up a bill for £154m for their first year of work on winding up the failed bank. This is record territory for professional accounting and legal fees. The bill equates to 0.6 per cent of managed, realised and returned assets. (more…)

Category : Corporate Insolvency,Insolvency news — Tags: , — admin @ 1:51 pm December 9, 2009

Sales to Connected Parties – HMRC Power to Require Security for VAT

Under paragraph 4(2)(a) of Schedule 11 to the VAT Act 1994, HM Revenue & Customs (HMRC) may require businesses bought in a pre-pack administration to pay up to six months of VAT before starting up again. It is a criminal offence to trade without providing the security. Without its provision, businesses may incur fines of up to £ 5,000 for each taxable supply made. Security may be provided in the form of cash or bank guarantee. (more…)