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On the 2 August 2021 Treasury released a consultation paper titled ‘Helping Companies Restructure by Improving Schemes of Arrangement. The consultation is aimed at reforming Australia’s scheme of arrangement procedure.

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).