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Winding Up Petition on increase from the Inland Revenue
Non payment of HMRC debt will ultimately put a business in significant risk. They will in time go to court for the issue of a winding up petition.
Company Liquidation need not be the end of your business
If a company is struggling in the current economic climate partly due to historic debts, the directors may decide the best action is to close the business. However this need not be the end of the road as there is nothing to stop a director of the original business setting up a new company and making a bid to the liquidator for any or all of the assets which can then be used in the new enterprise.
Record Insolvencies - How can Business Phoenixing Help?
According to the latest Insolvency Service figures for England and Wales published on 1st May 09, nearly 5000 companies went into liquidation in the first quarter of 2009.
Phoenixing (also known as Pre-Packing) is the process by which the sound elements of a failing business can be packaged up and purchased by a new company. The new company then starts to trade in the same business space but without the burden of legacy debts
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