a) Identify what constitutes the effect of the financial difficulties (i.e. the actual or likely financial difficulties must be sufficiently serious to give rise to a possibility that the Company will become unable to carry on business as a going concern); and Follow the steps as mentioned in Step 14 to Step 17 for uploading the file with all the unique PAN records. b) Determine whether the compromise has, at its purpose, a lessening or reduction in the gravity or seriousness of the effect of those financial difficulties.

Select Financial year, Form type(26Q, 24Q and 27EQ) and transaction type (Non-Deduction/collection). Note:– Deductor/Collector can be allocated only a single CA for each unique DIN/ Alpha-Numeric Strings. However, different CA can be assigned for different unique records for a single request filed on TRACES portal for Form 26A/Form 27BA. This was the first case in which HMRC opposed the sanctioning of a restructuring plan, having failed to attend the sanction hearing in Re Houst Ltd [2022] EWHC 1941 (Ch) at which it was crammed down. Leech J indicated that the court should exercise caution in relation to HMRC debts and should not exercise its power under s.901G CA to cram down HMRC unless there are good reasons to do so (which, in the present case, there were not) (see [111]-[119]).

Section 39 of the Act concerns the filing of certain documents with the registrar at Companies House. The Act provides the Secretary of State with the power to make regulations to extend the time period which a company or other entity has to provide the registrar with these filings (and these regulations have now been made). Maximum time periods which may be substituted for the existing periods for those filings are specified and Section 40 lists the provisions in the Companies Act 2006 and other legislation that relate to the particular filings and allows for certain deadlines to be extended. These deadlines include the periods for filing accounts and confirmation statements. They also include the time allowed to notify the registrar of certain relevant events that are covered by the confirmation statement, such as notifying the registrar of a change in director. In addition, the deadline for registering a charge with Companies House has been extended. Section 39 expired at the end of the day on April 5, 2021. What is the complaints procedure at Guildhall Chambers, and do I have any further rights of redress if I am unhappy with how my complaint has been handled? The third step in the process is required to be carried out by the assigned CA. In this step, CA will digitally sign the assigned unique DIN/ Alpha-Numeric Strings in Annexure A. This new provision is likely to be of assistance in enablinginsolvency practitioners to restructure companies, as it will improve the chances of the cooperation of the key suppliers to the business (both restricting the termination of the supply, and the doing of “any other thing” under the contract by reason of the insolvency e.g. making it a condition of supply that outstanding charges are paid) provided that the company is able to pay for the supplies incurred from the date of the appointment. The Companies would be re-organised under Part 26A of the Companies Act 2006 (the “Act”), which was introduced by the Corporate Insolvency and Governance Act 2020. Part 26A has two conditions:

If the status is “Processed” Traces will re-calculate the short deduction and late deduction interest will be generated accordingly by the TRACES, which can be viewed by the Deductor. If the number of PAN for Short and/or Non-Deduction/Collection is more than 20 then you are required to upload the file in the format suggested by TRACESAs per sub-rule (1) of Rule 31ACB of Income-tax Rules, 1962, the certificate from an accountant under the first proviso to sub-section (1) of section 201 shall be furnished in Form 26A to the Principal Director General of Income-tax (Systems) or the person authorised by the Director General of Income-tax (Systems) in accordance with the procedures, formats and standards specified under sub-rule (2), and verified in accordance with the procedures, formats and standards specified under sub-rule (2). For company meetings, whether AGMs or general meetings, held between March 26, 2020 and March 30, 2021(referred to in the Act as the “relevant period”), the meeting need not be held at a particular place; meetings may be held and votes may be cast by electronic or other means; the meeting may be held without a quorum of participants having to be together in one place; and members do not have the right to attend in person, to participate other than by voting, or to vote by particular means. Members however continue to have a right to vote by some means, whether that is electronically or by the traditional proxy method. Guildhall Chambers provides further information on the likely level of fees to be charged for specific areas of work if the barrister is instructed on a Public access basis. We provide this information in relation to work on a Public Access basis for: If each class of creditors agrees to the process, the court can approve the Part 26A Plan. If the court approves the Part 26A Plan, it becomes legally binding on all parties.

AIIow Deductor to locate and select Short-Deduction and/or Non-Deduction transactions and authorize Accountant(s) with respect to each of these transactions by entering membership number of Accountant(s) . Arrangements and reconstructions of companies in financial difficulty by a compromise or arrangement with creditors and/or members under Part 26A CA 2006 (Restructuring Plan) The Secretary of State also has authority to make regulations to further extend, on a temporary basis, the deadline for holding an AGM but those regulations cannot be used to extend the period for holding an AGM by more than eight months. Temporary extension of period for public company to file accounts When the court considers an application by a liquidator against a director under Section 214 IA 1986, when making an assessment of the director’s liability to contribute to the losses of the company in the period of wrongful trading, it should “assume that the person is not responsible for any worsening of the financial position of the company or its creditors that occurs during the relevant period”.

DeepOcean Group (the “Group”), a sub-sea services provider, proposed a restructuring plan for three Companies within the group – DeepOcean 1 UK Limited, DeepOcean Subsea Cables Limited and Enshore Subsea Limited (together, the “Companies”), all of which are incorporated in the UK. The Companies had underperformed for a number of years, due to unfavourable economic conditions, changes in the market and more recently the COVID-19 pandemic and required funding from the Group to continue as a going concern. The Group had decided not to provide further funding, making the operations of the Companies unsustainable.

This is the first time Condition B of Part 26A of the Act has been considered by the Courts and confirms that Part 26A of the Act is a useful restructuring tool which will be applied by the Courts. The decision could lead to an increase in the use of Part 26A restructuring plans by Companies, particularly in light of the struggles that many businesses are facing as a result of the COVID-19 pandemic and the likelihood of increased restructuring as the year progresses.The Pension Protection Fund is to be treated as a creditor of the company and is able to challenge the decisions of the monitor.