Increase in winding up petitions filed by HMRC

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The number of winding up petitions filed by HMRC has risen by 13% (3,484 issued in 2015, compared to 3,074 in the previous year). This is being largely attributed to SMEs facing cash flow problems, which emphasises the importance of seeking expert advice as early as possible. There are a number of factors that can result in an increase in financial pressure on businesses such as seasonal trade, tax and VAT bills, and customers not paying invoices on time. The easiest way for a business to avoid a winding-up petition is to seek expert, professional advice as soon as you begin to face business debt issues.

Expert debt advice from The Insolvency Experts

A winding-up petition can be brought against your company by any creditor that is owed more than £750. This is the most serious action that can be taken against your company and it is often preceded by a statutory demand. If this is not satisfied, your business is placed into compulsory liquidation. This can obviously be a stressful experience but The Insolvency Experts can help. As Licensed Insolvency Practitioners we are able to offer professional advice that stems from extensive experience helping a variety of businesses with financial guidance. Acting quickly is incredibly important as once a winding-up petition has been received the options open to you significantly reduce. The Insolvency Experts can assist you in preventing a winding-up petition and help you to avoid your business bank account from being frozen. With so many businesses, of all sizes, facing financial difficulties and winding up petitions it’s more important than ever to invest in professional, expert advice to help you with any business debt problem you may be facing. The impact of Brexit on businesses is still being felt and it’s best to be prepared for any periods of uncertainty that may arise. Depending on the situation there are a number of options available to you which The Insolvency Experts can assist you with. As well as the option of settling the debt you may also be able to defend the petition, enter into administration or negotiate a company voluntary arrangement (CVA). A CVA is a legal agreement that allows businesses to pay what they can afford towards their debts, helping them to keep control of their business and giving you time to improve your cash flow and retain important staff members. The Insolvency Experts can assess your specific situation and decide on the best available course of action.

Winding up petitions and liquidation advice

If you are facing a winding-up petition, liquidation or any other business debt issue, receive professional advice from The Insolvency Experts to ensure the best for your business. For more information on the services we can offer to you, please contact us online today. Alternatively, call The Insolvency Experts on 0300 303 8284 who are able to answer any questions or queries you may have.