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HMRC Pressures Company into Administration Over Debt Less Than 4 Month Old

July 30 2012

This is Money report the taxman put a business into administration despite its debt being run up within just a few months. The recession was blamed for Airedale Electricals taking losses on major contracts.

‘The company came under increased pressure from HM Revenue & Customs, even though the debt due to them was less than four months’ old,’ administrators from XL Business Solutions said.’Despite this [the Revenue] advised the company that unless the outstanding debt was paid, a winding up petition would be presented.’

The Revenue said: ‘HMRC only initiates winding up or bankruptcy action in fairness to other taxpayers and where it believes this is the best course of action to protect the interests of the Exchequer in respect of a particular debt. ‘We do not take such action lightly. ‘HMRC offers a range of support to businesses in temporary financial difficulties.’

Is your business facing a Winding-Up Petition? Do you need advice as to the best option for your business? We specialise in seeking adjournments and validation ordersOur Winding-Up Experts are able to give specialist legal information and advice in this area of law. To contact one of our Solicitors or Barristers for a free consultation please click here or call 0845 8622 529.

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