When to take advice?
5 October 2017: As a general rule, the earlier advice is sought, the more options are available. This is paramount if a company is facing difficulty and is being pressured by its creditors.
One option for a pressing creditor who is owed more than £750 is to petition the court for its debtor company to be wound up. It is safe to say that a creditor who presents the most winding-up petitions is HMRC. The number of petitions presented in 2016 by HMRC was 3906 with approximately 50%, resulting in a winding-up order being made.
Ian Cooke of BRI Business Recovery and Insolvency’s Northampton Office, on reviewing the winding-up petition section of the London Gazette published on 27 September 2017, found HMRC had advertised no less than 76 petitions.
These petitions would have been received in early August and, no doubt, the companies would have been warned by HMRC that a petition was likely many months before receipt. Whilst there are options available once the petition is advertised, they are significantly hampered by reason of the company’s bank account(s) likely being frozen as a result of the advertisement. The moral of the story is TAKE ADVICE EARLY.
Should your company be experiencing financial difficulties or is being threatened with a winding-up petition, please contact any of BRI’s management team who will be able to provide you with advice, assistance and, more importantly, options.