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VPDS052000 | Vaping Products Duty and Vaping Duty Stamps: Approvals - general: Insolvency

From HM Revenue & Customs · Vaping Products Duty and Vaping Duty Stamps guidance

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.