VPDS052000 - Vaping Products Duty and Vaping Duty Stamps: Approvals - general: Insolvency
Insolvency is when a company enters a financial state where they cannot pay their debts as they become due, or when their liabilities exceed their assets. It is a serious concern from a compliance perspective.
There are several possible outcomes from this:
- CVA - company voluntary arrangement
- Insolvency - an Insolvency Practitioner ('IP') or an Official Receiver ('OR') is appointed
- Administration
The type of insolvency will dictate what actions you need to take. Further guidance can be found at VPDS186000.