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.