When a company is on the brink of entering into insolvency proceedings the tax impact, understandably, may not be at the forefront of everyone’s mind and so may be overlooked. However, entry into liquidation or administration or the appointment of a receiver can have an adverse impact on, and sever, UK tax groups. This can result in (unexpected) tax leakage and further depletion of assets, adding greater pressure to the distressed situation.
United Kingdom, Insolvency & Restructuring, Tax, Weil Gotshal & Manges LLP, Liquidation, Insolvency, HM Revenue and Customs (UK)
HMRC has recently updated its published guidance on the effect of insolvency on existing VAT groups following appointment of an insolvency practitioner.
The updated guidance
The updated guidance provides that:
United Kingdom, Insolvency & Restructuring, Tax, Weil Gotshal & Manges LLP, Insolvency, HM Revenue and Customs (UK)
School specialty, Inc., files bankruptcy in Delaware seeking to sell substantially all of its assets
Introduction
Introduction
Introduction
USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Liquidation, United States bankruptcy court, US District Court for District of Delaware
Introduction
Introduction
USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Title 11 of the US Code
Introduction
USA, Delaware, Insolvency & Restructuring, Litigation, Shipping & Transport, Fox Rothschild LLP, Bankruptcy, Liquefied natural gas, United States bankruptcy court