Good evening all,
I've been lurking on here for a long time and finally signed up now my F&F IVA proposal has been approved.
HMRC voted in favour of my F&F proposal which I'm told is quite rare, usually they abstain, but there were some modifications passed:
"Once the HMRC final claim has been admitted, any dividends due to HMRC shall be retained by the supervisor and paid as one single payment at the same time as the supervisor issues the notice and final report."
"A) (Time Limit) No time limit for lodging claims shall apply to HMRC. It shall not be possible to conclude the arrangement until such time as HMRC's claim has been admitted in full or HMRC has confirmed in writing that it will not lodge a claim."
"B) (Dividend prohibition) No non-preferential distribution shall be made until the HMRC Final Claim has been submitted and the supervisor has admitted the claim for dividend purposes."
Item A is the one that concerns me (Time Limit) the most. I presume it's standard condition HMRC requires to vote in favour? And because they are so disorganised they want as long as they request unlimited time to complete the process. What does that mean in practice? Should I be concerned?