As deleveraging to control transactions continue to be part of the legal landscape in Australia, we anticipate seeing further examples, particularly where the distressed company is a listed entity.
Court of Appeal denies input tax on accountancy services relating to arefinancing and restructuring process: Airtours Holiday Transport Limited vHMRC5
Historically, HMRC has allowed insolvency practitioners to, at an early stage following their
appointment, cancel the VAT registration of the insolvent business. Practitioners have then been
entitled to account for VAT on any subsequent supplies using HMRC’s form VAT 833 (Statement of
Value Added Tax on goods sold in satisfaction of a debt).
Introduction
Introduction
Introduction
Introduction
Introduction