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Financial health of large companies deteriorates

A report from Experian has noted that food retailers and large companies in general have seen their financial credit ratings fall considerably from August last year. (more…)

Category : Corporate Insolvency,Insolvency news — Tags: , , — admin @ 3:36 pm September 29, 2010

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…)

Category : Corporate Insolvency,Insolvency news — Tags: , , — admin @ 1:48 pm December 9, 2009