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Stakeholder PR firm Wound-Up by HMRC Over Unpaid Debt

November 15 2017

It has been reported that one of Northern Ireland’s best-known public relations firms, Stakeholder, has been wound-up over an unpaid tax bill of more than £200,000.

Stakeholder PR Firm Wound-Up by HMRC

Winding-Up Petition

Stakeholder is a leading public relations firm founded 20 years ago by Tom Kelly, a political commentator and columnist. The firm operated in the UK and Ireland providing communications and event management consultancy services.

Stakeholder has been in financial difficulties for some time since recent attempts to restructure the firm.

HMRC issued a winding-up petition against Stakeholder due to a unpaid tax bill in excess of £200,000.

Stakeholder recently attempted to pay part of their debt by entering a Creditors Voluntary Arrangement (CVA). But HMRC rejected the proposal.

HMRC were granted their petition by the High Court on Thursday afternoon.

It has been reported that a rival company, MCE Public Relations, are currently in the process of buying the business.

Stakeholder stated that it hopes the sale to MCE will be confirmed by next week. The sale could protect Stakeholder’s five remaining staff.

Stakeholder stated it this was “obviously not the pathway that we desired”. It emphasised “it is still MCE’s intention to proceed with the purchase”.

“Unfortunately we were hampered by having to deal with some historical but critical issues, which only came to light earlier this year.

“In an attempt to resolve these matters we explored several options including a very credible CVA which was accepted by all parties except one.”

 

A liquidator has been appointed but the firm states that Stakeholder staff “will continue to work on servicing clients” and that it hopes to make a “more positive announcement imminently”.

Winding-up Petition Solicitors

If you have received a winding up petition our legal experts are able to provide legal advice and representation. Our team of solicitors and barristers can obtain a court adjournment; CVA’s or successfully challenge the validity of the winding  up Petition to ensure that the petition is dismissed, often without public advertisement.

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The articles published on this website, current at the date of posting, are for reference purposes only and do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.

Call us on ☎ 02071830529 or email us on for more information about the specialist insolvency legal services we provide. Our team of London lawyers are based in Middle Temple adjacent to the Companies Court. We are committed to providing professional and specialist legal advice and are leading experts in cases involving winding-up petitions.