Winding Up Petitions
How to react to a HMRC winding-up order
Being served with a Winding-up Petition from Her Majesty’s Revenue and Customs (HMRC) is a daunting prospect that requires a swift response. If you receive a petition, HMRC will obtain a court order forcing your company into Compulsory Liquidation unless you pay the taxes you owe. According to the Insolvency Rules of England and Wales…
Read MoreWhy winding up petitions are more efficient than county courts
We recently spoke with a client who for the previous three months had been chasing a customer with an outstanding invoice of just over £50,000. The client was considering litigation in the county court to retrieve the money and I suggested that a quicker and more cost-effective route might be to issue a winding-up petition.…
Read MoreHow to ensure your winding up petition is not dismissed or withdrawn
Some time ago, we presented a winding up petition to a company that owed one of our clients £50k. Upon receipt, the respondent company threatened to apply for a court injunction to restrain us from proceeding and dismiss the petition on the grounds the debt was disputed. The respondent company falsely alleged that £49k of…
Read MoreTop 5 Solutions for Dealing with HMRC Winding-up Petitions
In June 2010, we posted an article explaining how to get winding up petitions dismissed and withdrawn and another, five months later, revealing how HM Revenue and Customs (HMRC) was responsible for issuing the vast majority of winding up petitions in Britain.
Read MoreHMRC Exhausted from Issuing Winding-Up Petitions
Last month’s revelation that HMRC resources are stretched so thinly the tax collector is no longer able to supply insolvency practitioners (IPs) with data, is a sure sign the British economy is bankrupt.
Read MoreWinding Up Petitions Increase, But Are They Being Served Correctly?
Winding up petitions issued by creditors against firms based in Central London increased by 39 per cent in October 2010 compared with 10.5 percent in the rest of the country, a new study has revealed. The increase is simply a reflection of the government cutbacks and will probably continue throughout 2011. It’s also evidence that…
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