IDG40640 - Sharing information outside of HMRC: disclosure in insolvency cases: enquiries from a former director
Generally upon an insolvency the directors will cease to have any powers in relation to the company and these powers will vest in the insolvency practitioner. However in certain situations, for example an administrative receivership, the directors may retain some powers, and duties, which would necessitate access to the company’s tax records held by HMRC if the directors wished to discharge their duties.
Where directors wish to access information that HMRC holds about a company it is suggested that the prior agreement of the insolvency practitioner is sought. This is to avoid the provision of the information which may cause any prejudice to the conduct of the insolvency practitioner’s duties (e.g. if the director is bidding to buy the company’s assets he may be seeking to gain access to HMRC information that would not be available to other bidders). If the director or insolvency practitioner are not content with this approach seek further guidance from Information Policy and Disclosure (see IDG80100).
Further guidance regarding insolvency matters may also be sought from SOLS Insolvency Governance and Professionalism Team.