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Where Taxpayers and Advisers Meet

Business in liquidation - do I still need tax investigation insurance?

Eck
Posts:26
Joined:Fri Oct 11, 2013 12:14 pm
Business in liquidation - do I still need tax investigation insurance?

Postby Eck » Sun Sep 03, 2017 7:36 pm

Our small Ltd became insolvent due to the loss of a huge client and we brought in an Insolvency Practitioner. The business is now in their hands although still in the early stages - creditors meeting in 2 weeks.

We had, as part of our business insurance package, tax investigation insurance. When cancelling the insurance the insurer asked if we wanted to keep the tax investigation bit and I didn't know what to do. I could continue to pay it from personal funds, It's not expensive. But then again our business has just gone down so every penny counts.

Can we still be investigated once our business has been dissolved by the liquidator? He is happy with our conduct as directors and I do not foresee any issues from his point of view.

Thank you

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