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BRI do care

News, Uncategorised

BRI have successfully negotiated a time to pay agreement for a Care Home to repay HMRC some £100,000 over a 12 month period. We were consulted earlier this year after the business’s bank had asked one of their panel insolvency practitioner firms to review the position and they advised that a formal voluntary arrangement (“VA”) would be the best way to avoid bankruptcy proceedings. However, upon our reviewing the situation it became apparent that a formal VA would jeopardise the business as the main contract could be terminated if a formal VA was entered into. Ian Cooke, dealing with this matter for BRI, stated “With time to pay agreements becoming harder won I am extremely pleased with the result. This is, by far, the best outcome for all concerned – the threat of bankruptcy has receded and the residents will continue to receive the uninterrupted care and attention they deserve”.