INS12104 - Introduction: SCI Insolvency & Securities

SCI Insolvency & Securities working on Insolvency cases will proactively use the Insolvency Act Provisions to recover money and assets, improve future compliance and, in some cases, disrupt major departmental risk areas.

SCI Insolvency & Securities use Insolvency provisions to disrupt and recover assets as part of various high-profile Departmental strategies in areas such ac MTIC, Labour Providers and Alcohol Fraud.

They are also able to use a number of other tools and interventions.

• demand security by way of a monetary deposit, in order to protect future VAT revenue from any VAT registered traders who pose a threat to future revenue as a result of serious non-compliance. This encompasses phoenix traders, shadow directors and businesses that have a history of very poor compliance.
• pursue the alternative rights of recovery in PAYE and NICs in cases where the Department often has no other available options. They can transfer responsibility for PAYE / NIC debts from the employer to the employee in cases where the failure has been both knowing and willing.
• can transfer NIC debts in certain cases using Personal Liability Notices (PLNs) and are trained to use CIF on appropriate cases across Insolvency Interventions.