Insolvent LLP. who does the Cis belong to ?


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LLP Members are looking to appoint a liquidator due to insolvency of main customer and the bad debt £750k.     Debts to HMRC for vat is c £300k.     

The members have just received a refund of excess CIS deductions to them personally by virtue of their self assessments.   They have received c£100k.  

Do they get to keep this or is this an asset of the LLP.  

As far as we can tell the members have acted reasonably throughout.  

Liquidator isn't sure at this point.  

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By lesley.barnes
27th Sep 2017 09:24

The liquidator would need to look at the circumstances of the LLP. We can't advise on the basis of the little info you've given us. Its not clear if they've appointed a liquidator or not - in the first sentence you say "LLP members are looking to appoint a liquidator" and the at the bottom you say "Liquidator isn't sure at this point." If the liquidator isn't sure perhaps they need to look at appointing someone else.

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Replying to lesley.barnes:
By blok
27th Sep 2017 13:03

Ok. You don't like Hypothetical or early stage questions then.

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