As far as I know, if a company goes into liquidation with unpaid creditors, the liquidator must apply to the court to restrict them. But the court makes the final decision. In most cases, they don't restrict them.
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That's riduculous that one would make a VAT reclaim where these was no VAT paid. Is that not an offence?
No, absolutely not. Any start-up would incur a large amount of expenses starting-up e.g. fixed assets and stock, which all mean VAT charged by the sellers - how else would a business recoup VAT on expenses ?
Any astute suppliers will have 'retention of Title' on goods supplied. This is effectively a sale or return agreement which will minimise their loses in the event of insolvency.
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