Not so lovely jubbly
Restaurant chains continue to suffer in today’s economic climate-a sector that often leads the way in a full blown recession.
Jamie Oliver’s Italian restaurant chain has recently had to report that it is suffering cash-flow problems....
Unfortunately, we have to report that HMRC now require the payment of statutory interest at 8% per annum from the commencement of a solvent liquidation [Members’ Voluntary Liquidation aka MVL] on any Corporation Tax that falls due after commencement of the liquidation, even if the normal due date for payment is not due until after the commencement of the liquidation, and the payment is made before the due date.
When I tell people that I am an Insolvency Practitioner, the universal response is almost always “Well you must be busy”-that and the fact that they usually take a couple of steps backwards.
Now, when I tell people that I am an Insolvency Practitioner, most people say “Well, you are going to be even busier, what with the Brexit Effect”-and of course, the couple of steps backwards.