How can i claim pension from british shoe corporation after they have gone bust?

Updated: 9/25/2023

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∙ 8y ago

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British shoe corporation Leicester unpaid pensions

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Continue Learning about Accounting

How could a bank run cause a bank to close?

A Bank run is a situation wherein a bulk of the customer base of a bank turns up at the bank branches and tries to withdraw money at the same time. Banks usually do not maintain all the deposits that are placed with them as liquid cash. They grant loans using this money and earn an income. A customer can walk into his bank and ask for his money anytime whereas a bank cannot force a customer to repay all the money he owes the bank on any given day. They have to wait for the customer to repay the loan in monthly installments as planned during the loan agreement. So, let's say 1000 customers have deposited $1000 each with ABC Bank totaling to 1 million dollars. The bank would probably keep 100,000 of this money as liquid cash to meet daily customer withdrawal limits and disburse the remaining 900,000 as loans to customers. So, if let's say 500 of the 1000 customers turn up today at the bank and ask for the bank to give their money bank, practically speaking the bank does not have funds to pay them all. Though it is their money, the bank is not in a situation to give them all their money. So in this case the bank has only $100,000 whereas they need to pay $500,000 to its customers. Since the bank does not have enough money they will go bankrupt or bust. So a bank run usually results in severe damages to the banks financial statements or in worst case make it go bankrupt.

How far back can the IRS audit?

In British Columbia, Canada our Revenue Canada is quite lenient, but they want their money. They make every effort to let the person pay back taxes in installments, but, should that person goof off and not make any attempt they will find their butts in court.They can go back 7 years (Statute of Limitations). Some 8 plus years ago I watched a program on the IRS. They were so cold-blooded many people turned to suicide because they lost everything and many people ended up out on the street. The poor really got the worst of it. Since then (and thanks to the Senate) the IRS has since had their hands slapped and an investigation was done and some employees are higher ups fired, but don't be fooled ... if you owe back taxes you WILL have to pay them, but you shouldn't have to lose everything over it. If you are running a business or just a private citizen and want to really be protected get a good accountant (CGA) to do your taxes and save yourself the headaches. Taxation is constantly changing and it's complex for most individuals and not worth stomach ulcers.Like anything with taxes the question is more complex than one may initially think. There is a difference between how far back a tax authority, including the IRS, (there are many others), can audit compared to how far back they can assess for a deficiency.Moreover, how far back they can bust your chops, (to redefine the Q probably to what you mean), depends on several other factors: The type of tax and when the returns for it were filed. NOTE: IN virtually all circumstances the statute of limitations (SOL, whatever it may be for that tax) only starts running once the properly completed return is filed. Hence, if you don't file, you are perpetually open to audit and assessment (and criminal action).Even once you have filed, several things effect the running of the SOL: Certain actions "toll" the time counting...notices sent giving a period of time to respond etc., can for example. So the period can grow substantially. It better have been a properly filed return to start the period. Counting frequently starts at the next month or accounting period and ends at the end of the last one. If the tax suspected of being underpaid is more than 25% of what was due, (not uncommon in fraud/intentional cases), there basically is no SOL restrictions. Many items in returns are based on prior years activities...those activities then remain open to audit.Virtually all tax jurisdictions have the legal right to impose a "jeopardy assessment". That is, if they have not completed an audit by the SOL time, and want to, they can issue an assessment of just about any amount they want. So if your under audit, and the SOL will expire (frequent;y happens in Corp situations where audits can take years themselves, or when someone under audit thinks they can outsmart the Gov't and delay things until the SOL runs), and the taxpayer fails/refuses to sign an agreement to extend the SOL they automatically issue an assessment. For a number of complex reasons, arguing an assessment that has been issued is much worse than arguing about what it should be before hand.For personal income taxes, the Assessment Statute of Limitations is 3 years from the date the tax was originally assessed (usually when the taxes were filed), except in cases of fraud. If they can prove fraud, there is no limitation.In other words, they have 3 years from the date the taxes were originally assessed to make an additional assessment against you, via an audit or automatic adjustment.The just above seems circular...the SOL on assessment is 3 years from assessment?See the italicized portion and answer above it...which probably addresses your main Q's...and I cannot stress enough, having learned from previous inquiries.....virtually all counting starts with filing...if you do not file the period is always open for audit and assessment.Normally within 3 years unless there are special situations or fraud involved.An example of "special situations" is if you under report your income by over 25%.They go back either 3 years or 6 years, plus the current year. So it ends up being either 4 or 7 years.You should think of it in terms of the number of tax returns they go back, rather than in time. After all, in an audit, they want that many years worth of data, which comes in 12 month chunks (April 16 of last year to April 15 of the current year). They want 3 chunks of data, plus the current year's information, for your standard audit. The 6+1 if they find a problem.

What are the differences between payment voucher, journal and cheque?

paying cheques drawn by customers in the bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as Automated Clearing House (ACH), Wire transfers or telegraphic transfer, EFTPOS, and automated teller machines (ATMs). Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits, and by issuing debt securities such as banknotes and bonds. Banks lend money by making advances to customers on current accounts, by making installment loans, and by investing in marketable debt securities and other forms of money lending. Banks provide different payment services, and a bank account is considered indispensable by most businesses and individuals. Non-banks that provide payment services such as remittance companies are normally not considered as an adequate substitute for a bank account. Banks can create new money when they make a loan. New loans throughout the banking system generate new deposits elsewhere in the system. The money supply is usually increased by the act of lending, and reduced when loans are repaid faster than new ones are generated. In the United Kingdom between 1997 and 2007, there was an increase in the money supply, largely caused by much more bank lending, which served to push up property prices and increase private debt. The amount of money in the economy as measured by M4 in the UK went from £750 billion to £1700 billion between 1997 and 2007, much of the increase caused by bank lending. If all the banks increase their lending together, then they can expect new deposits to return to them and the amount of money in the economy will increase. Excessive or risky lending can cause borrowers to default, the banks then become more cautious, so there is less lending and therefore less money so that the economy can go from boom to bust as happened in the UK and many other Western economies after 2007. Activities undertaken by banks include personal banking, corporate banking, investment banking, private banking, transaction banking, insurance, consumer finance, trade finance and other related. Banks offer many different channels to access their banking and other services: Branch, in-person banking in a retail location Automated teller machine banking adjacent to or remote from the bank Bank by mail: Most banks accept cheque deposits via mail and use mail to communicate to their customers Online banking over the Internet to perform multiple types of transactions Mobile banking is using one's mobile phone to conduct banking transactions Telephone banking allows customers to conduct transactions over the telephone with an automated attendant, or when requested, with a telephone operator Video banking performs banking transactions or professional banking consultations via a remote video and audio connection. Video banking can be performed via purpose built banking transaction machines (similar to an Automated teller machine) or via a video conference enabled bank branch clarification Relationship manager, mostly for private banking or business banking, who visits customers at their homes or businesses Direct Selling Agent, who works for the bank based on a contract, whose main job is to increase the customer base for the bank A bank can generate revenue in a variety of different ways including interest, transaction fees and financial advice. Traditionally, the most significant method is via charging interest on the capital it lends out to customers. The bank profits from the difference between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. This difference is referred to as the spread between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers and the stage of the economic cycle. Fees and financial advice constitute a more stable revenue stream and banks have therefore placed more emphasis on these revenue lines to smooth their financial performance. In the past 20 years, American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions. First, this includes the Gramm–Leach–Bliley Act, which allows banks again to merge with investment and insurance houses. Merging banking, investment, and insurance functions allows traditional banks to respond to increasing consumer demands for "one-stop shopping" by enabling cross-selling of products (which, the banks hope, will also increase profitability). Second, they have expanded the use of risk-based pricing from business lending to consumer lending, which means charging higher interest rates to those customers that are considered to be a higher credit risk and thus increased chance of default on loans. This helps to offset the losses from bad loans, lowers the price of loans to those who have better credit histories, and offers credit products to high risk customers who would otherwise be denied credit. Third, they have sought to increase the methods of payment processing available to the general public and business clients. These products include debit cards, prepaid cards, smart cards, and credit cards. They make it easier for consumers to conveniently make transactions and smooth their consumption over time (in some countries with underdeveloped financial systems, it is still common to deal strictly in cash, including carrying suitcases filled with cash to purchase a home).However, with the convenience of easy credit, there is also increased risk that consumers will mismanage their financial resources and accumulate excessive debt. Banks make money from card products through interest charges and fees charged to cardholders, and transaction fees to retailers who accept the bank's credit and/or debit cards for payments.This helps in making a profit and facilitates economic development as a whole.Recently, as banks have been faced with pressure from fintechs, new and additional business models have been suggested such as freemium, monetization of data, white-labeling of banking and payment applications, or the cross-selling of complementary products. Retail Savings account Recurring deposit account Fixed deposit account Money market account Certificate of deposit (CD) Individual retirement account (IRA) Credit card Debit card Mortgage Mutual fund Personal loan Time deposits ATM card Current accounts Cheque books Automated Teller Machine (ATM) National Electronic Fund Transfer (NEFT) Real Time Gross Settlement (RTGS) Business (or commercial/investment) banking Business loan Capital raising (equity / debt / hybrids) Revolving credit Risk management (foreign exchange (FX)), interest rates, commodities, derivatives Term loan Cash management services (lock box, remote deposit capture, merchant processing) Credit services Banks face a number of risks in order to conduct their business, and how well these risks are managed and understood is a key driver behind profitability, and how much capital a bank is required to hold. Bank capital consists principally of equity, retained earnings and subordinated debt. After the 2007-2009 financial crisis, regulators force banks to issue Contingent convertible bonds (CoCos).These are hybrid capital securities that absorb losses in accordance with their contractual terms when the capital of the issuing bank falls below a certain level. Then debt is reduced and bank capitalization gets a boost. Owing to their capacity to absorb losses, CoCos have the potential to satisfy regulatory capital requirement.Some of the main risks faced by banks include: Credit risk: risk of loss arising from a borrower who does not make payments as promised. Liquidity risk: risk that a given security or asset cannot be traded quickly enough in the market to prevent a loss (or make the required profit). Market risk: risk that the value of a portfolio, either an investment portfolio or a trading portfolio, will decrease due to the change in value of the market risk factors. Operational risk: risk arising from execution of a company's business functions. Reputational risk: a type of risk related to the trustworthiness of business. Macroeconomic risk: risks related to the aggregate economy the bank is operating in.The capital requirement is a bank regulation, which sets a framework within which a bank or depository institution must manage its balance sheet. The categorization of assets and capital is highly standardized so that it can be risk weighted. The economic functions of banks include: Issue of money, in the form of banknotes and current accounts subject to cheque or payment at the customer's order. These claims on banks can act as money because they are negotiable or repayable on demand, and hence valued at par. They are effectively transferable by mere delivery, in the case of banknotes, or by drawing a cheque that the payee may bank or cash. Netting and settlement of payments – banks act as both collection and paying agents for customers, participating in interbank clearing and settlement systems to collect, present, be presented with, and pay payment instruments. This enables banks to economize on reserves held for settlement of payments, since inward and outward payments offset each other. It also enables the offsetting of payment flows between geographical areas, reducing the cost of settlement between them. Credit intermediation – banks borrow and lend back-to-back on their own account as middle men. Credit quality improvement – banks lend money to ordinary commercial and personal borrowers (ordinary credit quality), but are high quality borrowers. The improvement comes from diversification of the bank's assets and capital which provides a buffer to absorb losses without defaulting on its obligations. However, banknotes and deposits are generally unsecured; if the bank gets into difficulty and pledges assets as security, to raise the funding it needs to continue to operate, this puts the note holders and depositors in an economically subordinated position. Asset liability mismatch/Maturity transformation – banks borrow more on demand debt and short term debt, but provide more long term loans. In other words, they borrow short and lend long. With a stronger credit quality than most other borrowers, banks can do this by aggregating issues (e.g. accepting deposits and issuing banknotes) and redemptions (e.g. withdrawals and redemption of banknotes

Can the banks have a claim on your house if you are in a partnership going bust?

If you take out a long then yes

Why does an 1885 Victorian Farthing depict a young queen?

The "young head" bust of Queen Victoria was used on all British Farthings from 1838 to early 1860. The "laureate or bun head" bust of Queen Victoria, which was more of a "middle age" image, was used on all British Farthings from late 1860 to early 1895. The "Jubilee" bust was never used on British Farthings. The "old or widow" bust of Queen Victoria was used on all British Farthings from late 1895 to 1901. It possibly came down to a matter of economics.

What do the letters TB mean on an 1896 British Half-Sovereign?

TB is the initials of Thomas Brock, the designer of the Queens image on that coin. His initials will appear on most British coins with that particular bust of Queen Victoria known as the "old veiled bust" or "widow bust". The "old veiled bust" was used on bronze coins from late 1895, and on gold and silver coins from late 1893.

Why did Obama return bust of Winston Churchill?

As the White House understood it, the bust was a loan from the British government, and was given to President Bush, to be returned after his term ended. The Obama administration does still have a different bust of Churchill, which can be seen in the White House.

What British coin has no denomination?

A British coin without the traditional monarchs bust on the obverse would be the 1953 Queen Elizabeth II Coronation commemorative Crown. Instead of the Queen's bust, she is shown sitting on a horse.

What is IT bust in information technology?

what is IT bust

Paid for property investments in US which failed firms gone bust and disappeared with money Paid via HiFX and credit card and wire can you claim off them?

There is usually nothing left to claim. Have your attorney check with the State's Attorney's office where this took place.

What do the letters TB mean on an 1896 British Half Sovereign?

TB is the initials of Thomas Brock (1847-1922), the designer of the "old veiled" bust of Queen Victoria which appeared on British coins from 1893 to 1901.

How do you fix crack in clay sewer pipe under concrete?

Plumbers black pipe sealant by Hercules chemical corporation.

How tall is Angel Bust?

Angel Bust is 5'.

When did Bust a Groove happen?

Bust a Groove happened in 1998.

When was Nefertiti Bust created?

Nefertiti Bust was created in 1912.