Posts Tagged ‘law’
Winding 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…
Read MoreA Winding UP Petition Doesn’t Have to Signal the End of Your Business
The vast majority of winding up petitions heard in British courts over the past 12 months were presented by HMRC and usually relate to VAT, PAYE arrears or failure of a Time to Pay arrangement. However, receiving a winding up petition from HMRC doesn’t necessarily signal the end of your business. Usually, petitions are preceded…
Read MoreWinding Up Petitions Are the Way Forward for Creditors
In recent years, it has become popular for creditors to issue winding up petitions as a method of debt recovery. It’s something I’d recommend simply because debt recovery laws in the UK are toothless; they don’t bite. If a company owes its creditors money, the creditor will go to county court and get a county…
Read MoreHow Inland Revenue Use Winding Up Petitions to Collect Tax
I have said before that an increasing number of organisations are using winding up petitions to recover debts, but did you know HM Revenue and Customs (HMRC) is the biggest culprit? According to figures released by the National Audit Office Report earlier this year, the amount of corporation tax, unpaid income and VAT owed to…
Read MoreHow Do You Issue a Winding Up Petition?
A Winding Up Petition (WUP) is the most serious action that can be taken against a company and usually is only issued if a creditor is determined to recover an undisputed debt or put the company out of business because the debtor company is believed to be insolvent. The creditor will issue a statutory demand,…
Read MoreHow Are Winding Up Petitions Dismissed and Withdrawn?
Cardiff City Football Club was celebrating last week after having their winding-up petition dismissed at the High Court.The Bluebirds settled their £1.9m tax bill with Her Majesty’s Revenue and Customs (HMRC) on Wednesday following seven months of financial turmoil.
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