INS10109 - About the Voluntary Arrangements Service

Monitoring aims

In monitoring VAs the main aims are to ensure that

• all future tax due to HMRC is paid during the life of the arrangement
• all short term obligations under the arrangement (for example, payment of third party funds, sending in of returns) are met on time
• annual reports and statements of receipts and expenditure are received from the supervisor timeously
• dividends are received by creditors when due
• the supervisor issues a certificate of non compliance or termination ( INS10441) and seeks a bankruptcy or winding up order (INS10441) when the debtor defaults ( INS10439) on obligations under the VA and this is not remedied
• providing funds for bankruptcy or liquidation action is considered when it will produce a yield to HMRC and the supervisor has good reason for the absence of a funding provision.