Toisa responds to tax demandCompany News // May 3, 2017
Toisa Limited and its affiliated debtor entities, from which offshore vessel owner Sealion Shipping secures much of its business, says it is aware of the Proof of Claims filed by the Internal Revenue Service (IRS) in its Chapter 11 case.
"It is standard in most Chapter 11 cases for the IRS to file claims which are based on amounts theoretically estimated by the IRS, and not actual amounts due and owing from the company," said Toisa.
"The IRS claim is based upon information provided by the debtors to the court concerning its operations which included all moneys generated from non-US operations. The debtors, as non-US corporations, are liable in the US solely for taxable income generated in the US. The debtors deny there is any such taxable US source income. The debtors are currently engaged in discussion with the IRS regarding its claims.
Under the Bankruptcy Code, the IRS claims are stayed and will be handled through the Chapter 11 process like all other claims.
The Proof of Claim deadline has not been set in these cases yet. Any claimant can file claims anytime during the case until the deadline. Once the Proof of Claim deadline is set, all creditors will receive a Proof of Claim form in the mail and be given an opportunity to file their claims with the Court.
Toisa said the filing of claims "in no way interrupts the company’s ability to continue operating nor its access to cash to fund all its business obligations."