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Post Info TOPIC: Proof of debt and uncapitalised interest


Master Book-keeper

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Proof of debt and uncapitalised interest


Hi all

I have to complete a proof of debt form. Form asks for amount of uncapitalised interest amount.

I have seen some comments that this can only be included if there is a contractual right, but have no idea if this is still the case.

Formal demand was never made, but the usual in the event of non payment/interest will be added statement was included on all invoices. Does this therefore allow the inclusion of such interest on this form.

The form is relating to a liquidation of said company so its the rules under The Insolvency Act I am concerned with.

Thanks



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Joanne McCormick

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Master Book-keeper

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Bump



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Joanne McCormick

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Master Book-keeper

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How many months gone are you? biggrinbiggrin

Sorry I don't know the answer but you might get an answer by asking the question in the Insolvency forum on uk business forums.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Master Book-keeper

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lol John! biggrin

Never used that forum - might have a wander, although Ive posted it on Aweb too. Although one answer was someone saying if its good I absolutely have retention of title, which frankly is a bit misleading! But its not good anyway Also pondering now on the fact my guy has a 12month contract so should be sticking them for that too, despite the fact that he might get so little back, then at least its a bit more!



-- Edited by Cheshire on Tuesday 28th of June 2016 12:45:01 PM

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Joanne McCormick

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Senior Member

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Posts: 188
Date:

Joanne,

I've no real experience in this area, however, I'd be inclined to add interest as provided for in the Late Payment of Commercial Debts (Interest) Act 1998. 8% above base rate for the period between the due date for each unpaid invoice and the date of liquidation, if I remember correctly.

If the liquidator doesn't agree that these are due, I would presume he would advise and disallow.

Regards,

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Ian

Ian Brown FCA
Onion Reporting Software Ltd

www.onionrs.co.uk

Sage accounts in Excel. No set-up necessary. Free trial.



Master Book-keeper

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Posts: 6897
Date:

Thanks Ian, Ive done that. Now its a waiting game. Bloomin annoying having to wait 6 months after each invoice for VAT even in the event of a liquidation. Oh well, thats the game I guess. Thanks again.

__________________

Joanne McCormick

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

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