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VAT BAD DEBT RELIEF
The relief obtained in respect of the VAT element of an unpaid debt. Previously available only when the debtor became insolvent, relief is now available on any debt unpaid for more than 6 months.
VOLUNTARY LIQUIDATION
The placing of the company into liquidation by resolution of the members - there are two types of voluntary liquidation
- member's voluntary liquidation; and
- creditor's voluntary liquidation.
The first of these does not involve insolvency and comes about merely because the (shareholders) members wish to have the value of their shareholding realised e.g. on the retirement of the principals of the company was incorporated has been fulfilled.
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If you can't find the term you would like more information about or you have a question you can reach us on our contact page or on 0800 071 1616.
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