Darthter 542 Posted February 16, 2012 Share Posted February 16, 2012 Some ramblings.... While we are in administration & HMRC agree to a CVA, if the box tax case is announced then the resulting bill would fall into the overall value of HMRC's existing claim covered by said CVA. However, what happens if we have exited administration before the big tax case is announced??? Is the resulting bill (if we lose), still covered by the CVA??? Or is payed as presented??? Or is the whole case effectively null & void due to the administration process itself??? 0 Quote Link to post Share on other sites More sharing options...
calscot 0 Posted February 16, 2012 Share Posted February 16, 2012 I don't think we can exit administration until the big tax case resolves. 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted February 16, 2012 Author Share Posted February 16, 2012 I don't think we can exit administration until the big tax case resolves. From my understanding...I don't think they'd want too.... 0 Quote Link to post Share on other sites More sharing options...
calscot 0 Posted February 16, 2012 Share Posted February 16, 2012 I still feel the whole point was to put us into administration at this point to avoid the tax bill - or at least most of it. 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted February 16, 2012 Author Share Posted February 16, 2012 I still feel the whole point was to put us into administration at this point to avoid the tax bill - or at least most of it. What if the tax bill result is delayed, and we're out of admin by that time....my question was, is it still covered by the CVA agreement?? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,190 Posted February 16, 2012 Share Posted February 16, 2012 I think it comes down to the overall %age of the creditor debt HMRC have. If it's below 25% then they can't stop the CVA. If it's more, then liquidation is more likely. As cal says, I doubt we'll come out of administration until the tax verdict is known. 0 Quote Link to post Share on other sites More sharing options...
calscot 0 Posted February 16, 2012 Share Posted February 16, 2012 It seems to me if it's delayed we'll either have to delay coming out of administration or liquidate and go phoenix - in which case the tax bill would not belong to the new company. 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted February 16, 2012 Author Share Posted February 16, 2012 As cal says, I doubt we'll come out of administration until the tax verdict is known. I definitely think that's what will happen..... 0 Quote Link to post Share on other sites More sharing options...
Guest Dutchy Posted February 16, 2012 Share Posted February 16, 2012 I think it comes down to the overall %age of the creditor debt HMRC have. If it's below 25% then they can't stop the CVA. If it's more, then liquidation is more likely. As cal says, I doubt we'll come out of administration until the tax verdict is known. Thats certainly what Paul said at the meeting today. They also sounded rather positive with talks they're having with HMRC, but that means nothing really, at the moment. We have to wait on the outcome of the big tax case before we can hope ot move forward. 0 Quote Link to post Share on other sites More sharing options...
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