INS10107 - About the Voluntary Arrangements Service

Aim of VAS

VAS

• aims to secure an optimum return on existing debt and minimise loss to the Crown by supporting voluntary arrangement proposals for the rescue of viable businesses
• is committed to responding to proposals within seven days of receipt.

Procedures are designed to best allow VAS to

• meet its commitments to debtors, creditors and the insolvency profession
• negotiate an optimum but achievable deal for HMRC and other creditors.

To achieve these aims VAS will

Respond

to proposals for VAs within seven days of receipt which allows time for discussion of its views and decisions.

Protect

the public revenue by considering a VA on its individual merits and, principally, in relation to the likelihood that it will minimise tax loss.

Discuss

improvements which need to be made in order that VAS may support proposals and give its reasons for voting against acceptance.