Novalpina judgment — HMRC guidance for insolvency practitioners — insolvency practitioner bulletin 2 (2026)
Published 20 July 2026
© Crown copyright 2026
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High Court decision
The High Court decision in Noal SCSp & Ors v Novalpina Capital LLP & Ors confirmed that the statutory 12-month period for completing a members’ voluntary liquidation is strict.
All debts, including contingent and disputed amounts with interest, must be settled within this 12-month timeframe.
HMRC’s approach
The judgment makes clear that waiting for HMRC to submit a claim is not a reasonable excuse for exceeding the 12-month limit.
Pending the outcome of any appeal, HMRC seeks to assist insolvency practitioners to deal with any challenges arising from the judgment by clarifying HMRC’s approach in members’ voluntary liquidations cases. This will help insolvency practitioners to make distributions as efficiently as possible.
Further guidance
Read section 2.3.5 of the Insolvency practitioner’s handbook:
- to find out HMRC’s approach to members’ voluntary liquidations
- for help completing members’ voluntary liquidations within the statutory 12-month period