--- title: "New CEO at the Bank of London Following HMRC Winding-Up Petition" url: https://windinguppetitionsolicitors.co.uk/new-ceo-at-the-bank-of-london-following-hmrc-winding-up-petition/ date: 2025-01-30 modified: 2026-06-02 author: "Hamza Chaudhry" description: "The Bank of London appoints Christopher Horne as CEO following an HMRC winding-up petition filed on 5 September 2024 and withdrawn 4 days later. Backed by a £60 million funding boost, the bank aims for recovery and growth. Learn how to defend HMRC petitions." categories: - "Business and Property Courts" - "Business Restructure" - "Companies Court" - "Companies Court Winding Up List" - "company Insolvency" - "Company Voluntary Arrangement" - "Debt Owed" - "Hearing representation" - "High Court" - "HMRC" - "HMRC Petitions" - "Injunctions" - "Insolvency" - "Knowhow" - "Legal" - "News" - "Statutory Demand" - "Winding up order" - "Winding Up Procedure" - "winding up searches" - "Winding-Up Petitions" tags: - "Companies Court" - "High Profile Winding-up Petition" - "HMRC" - "HMRC Winding-Up Petition" - "Insolvency" - "Unpaid tax" - "Winding Up List" - "Winding Up Order" - "Winding Up Petition" - "Winding-Up" image: https://windinguppetitionsolicitors.co.uk/wp-content/uploads/New-CEO-at-the-Bank-of-London-Following-HMRC-Winding-Up-Petition-1024x538.png word_count: 1026 --- # New CEO at the Bank of London Following HMRC Winding-Up Petition [The Bank of London](https://thebankoflondon.com/), a prominent fintech clearing bank, has appointed Christopher Horne as its new Chief Executive Officer (CEO). Horne, the former CEO of [Credit Suisse’s](https://www.credit-suisse.com/us/en.html) UK subsidiaries, steps in after the bank faced financial turbulence, including a [winding-up petition](https://windinguppetitionsolicitors.co.uk/insolvency-lawyers-london/winding-up-petition-meaning/) filed by [HMRC](https://www.gov.uk/government/organisations/hm-revenue-customs) due to unpaid taxes. This appointment marks a significant turning point for the bank, following intervention by [Mangrove Capital Partners](https://www.mangrove.vc/), a Luxembourg-based venture capital firm. [Mangrove](https://www.mangrove.vc/) injected £42 million in new capital as part of a larger £60 million funding initiative, which helped address immediate financial concerns and enabled a governance restructuring. The bank had previously faced instability, compounded by the departure of its founder, Anthony Watson, and the exit of several key board members, including Peter Mandelson and Harvey Schwarz, CEO of [Carlyle Group](https://www.carlyle.com/). Under [Mangrove](https://www.mangrove.vc/)’s control, significant leadership changes have been made, setting a course for the bank’s long-term recovery and growth. This development underscores the importance of strong governance and financial resilience in navigating challenges such as [winding-up petitions](https://windinguppetitionsolicitors.co.uk/insolvency-lawyers-london/winding-up-petition-meaning/). [HMRC](https://www.gov.uk/government/organisations/hm-revenue-customs) initiated insolvency proceedings against [the Bank of London](https://thebankoflondon.com/) on 5 September 2024 over unpaid tax debts. However, [the Bank of London](https://thebankoflondon.com/) reportedly settled the debt shortly thereafter, leading to the petition being withdrawn just 4 days later. ## Why Does HMRC Issue Winding-Up Petitions? [HMRC](https://www.gov.uk/government/organisations/hm-revenue-customs) can issue a [winding-up petition](https://windinguppetitionsolicitors.co.uk/insolvency-lawyers-london/winding-up-petition-meaning/) against companies owing £750 or more in unpaid taxes. To proceed, [HMRC](https://www.gov.uk/government/organisations/hm-revenue-customs) must show that the company is unable to pay the debt. Common tax liabilities that can lead to a petition include: - Unpaid [VAT](https://www.gov.uk/browse/tax/vat) assessments - Outstanding [PAYE](https://www.gov.uk/paye-for-employers) payments - Employer’s [National Insurance Contributions](https://www.gov.uk/national-insurance) - Unpaid [Corporation Tax](https://www.gov.uk/corporation-tax) [HMRC](https://www.gov.uk/government/organisations/hm-revenue-customs) generally issues [winding-up petitions](https://windinguppetitionsolicitors.co.uk/insolvency-lawyers-london/winding-up-petition-meaning/) as a last resort after attempting other debt recovery methods. [HMRC](https://www.gov.uk/government/organisations/hm-revenue-customs)’s preferred approach is often to negotiate a [Time to Pay (TTP)](https://taxdisputes.co.uk/2023/10/obtaining-hmrc-time-to-pay-agreements-ttp/) arrangement with the business directors, provided the company is making genuine efforts to repay its debts. If a [TTP](https://taxdisputes.co.uk/2023/10/obtaining-hmrc-time-to-pay-agreements-ttp/) is not agreed upon, [HMRC](https://www.gov.uk/government/organisations/hm-revenue-customs) may resort to distraint, seizing goods to recover the unpaid tax. It is only after these methods fail that [HMRC](https://www.gov.uk/government/organisations/hm-revenue-customs) typically pursues a [winding-up petition](https://windinguppetitionsolicitors.co.uk/insolvency-lawyers-london/winding-up-petition-meaning/). If you are facing a [winding-up petition](https://windinguppetitionsolicitors.co.uk/insolvency-lawyers-london/winding-up-petition-meaning/) from [HMRC](https://www.gov.uk/government/organisations/hm-revenue-customs), it is vital to act promptly and [seek legal advice](https://lexlaw.co.uk/contact-us/) to understand your options. Early intervention can help mitigate the severe financial consequences of a [winding-up order](https://windinguppetitionsolicitors.co.uk/insolvency-lawyers-london/winding-up-petition-meaning/). ## What is a Time to Pay Agreement with HMRC? A [Time to Pay (TTP)](https://taxdisputes.co.uk/2023/10/obtaining-hmrc-time-to-pay-agreements-ttp/) agreement with [HMRC](https://www.gov.uk/government/organisations/hm-revenue-customs) can be a lifeline for businesses struggling with tax debts, particularly in difficult economic times. To secure a [TTP](https://taxdisputes.co.uk/2023/10/obtaining-hmrc-time-to-pay-agreements-ttp/), companies must present a clear repayment plan, demonstrate a willingness to meet their financial obligations, and engage with [HMRC](https://www.gov.uk/government/organisations/hm-revenue-customs) transparently. Early discussions with [HMRC](https://www.gov.uk/government/organisations/hm-revenue-customs), combined with a well-structured plan, can increase the likelihood of reaching an agreement. Our [law firm](https://lexlaw.co.uk/contact-us/) [specialises](https://lexlaw.co.uk/practice-areas/) in helping businesses negotiate favourable [TTP](https://taxdisputes.co.uk/2023/10/obtaining-hmrc-time-to-pay-agreements-ttp/) terms, ensuring a robust approach to resolve tax liabilities while protecting your company’s financial stability. ## What Happens to a Business if it is Wound Up? A [winding-up petition](https://windinguppetitionsolicitors.co.uk/insolvency-lawyers-london/winding-up-petition-meaning/) leads to [compulsory liquidation](https://windinguppetitionsolicitors.co.uk/wp-content/uploads/2018/05/KSA-Worried-Director-Guide-2018-LEXLAW-windinguppetition-solicitors-london.pdf), where a creditor seeks to shut down the business. If the Court grants a [winding-up order](https://windinguppetitionsolicitors.co.uk/insolvency-lawyers-london/winding-up-petition-meaning/), it typically marks the end for the company. Directors must take winding-up proceedings seriously, as failure to act promptly can result in the sale of company assets and the distribution of proceeds to creditors. ## What Happens When a Company Fails to Defend a Winding-Up Petition? If a company is unable to defend a [winding-up petition](https://windinguppetitionsolicitors.co.uk/insolvency-lawyers-london/winding-up-petition-meaning/), the following can occur: - Asset Sale: A liquidator will sell the company’s assets to repay creditors. - Settling Legal Disputes: Any ongoing legal issues may be resolved. - Debt Recovery: The liquidator will collect debts owed to the company. - Funds Distribution: The liquidator will distribute the recovered funds to creditors, starting with the petitioning creditor (such as [HMRC](https://www.gov.uk/government/organisations/hm-revenue-customs)). ## How Can a Company Defend a Winding-Up Petition? Companies can defend a [winding-up petition](https://windinguppetitionsolicitors.co.uk/insolvency-lawyers-london/winding-up-petition-meaning/) by employing several strategies: 1. Pay the Debt in Full Making a full payment to [HMRC](https://www.gov.uk/government/organisations/hm-revenue-customs) or any other creditor may stop the petition from being advertised, although this is not guaranteed. Immediate [legal advice](https://lexlaw.co.uk/legal-case-assessment/) is essential in such cases. 2. Dispute the Debt If there is a genuine dispute about the debt (e.g., the amount owed or whether the debt is valid), the company can present evidence to the Court to challenge the petition. Legal counsel will guide you through the process of presenting a strong case. 3. Company Voluntary Arrangement (CVA) A CVA is a legally binding agreement between the company and creditors, allowing for repayment over time. Entering into a CVA can prevent the [winding-up petition](https://windinguppetitionsolicitors.co.uk/insolvency-lawyers-london/winding-up-petition-meaning/) from progressing. We can assist you in assessing whether a CVA is a suitable option for your business. 4. Negotiate with Creditors Negotiating directly with creditors may lead to an agreement to delay or cancel the petition. Demonstrating your ability to repay the debt can often result in a mutually beneficial resolution. 5. Consider Administration or Voluntary Liquidation If the business is in financial distress, administration may help rescue the company. Alternatively, voluntary liquidation might be a way to address the situation without the risk of a [winding-up order](https://windinguppetitionsolicitors.co.uk/insolvency-lawyers-london/winding-up-petition-meaning/). 6. Request an Adjournment In certain cases, a company can request an adjournment to delay the winding-up hearing, providing additional time to reach a resolution. [Our team](https://lexlaw.co.uk/our-people/) of legal experts can help secure adjournments and explore alternative solutions. ## Expert London Winding up Petition Lawyers At LEXLAW, we specialise in tax disputes, [winding-up petitions](https://windinguppetitionsolicitors.co.uk/insolvency-lawyers-london/winding-up-petition-meaning/), and civil litigation. If you or your business are facing issues similar to those encountered by the [Bank of London](https://thebankoflondon.com/)—whether it’s dealing with [HMRC](https://www.gov.uk/government/organisations/hm-revenue-customs) petitions, tax litigation against [HMRC](https://www.gov.uk/government/organisations/hm-revenue-customs), or negotiation on your behalf—our [experienced team](https://lexlaw.co.uk/our-people/) is here to guide you through the complexities. We offer [tailored advice](https://lexlaw.co.uk/legal-case-assessment/) to help protect your business and ensure compliance with legal requirements. ## Expert Legal Representation in HMRC Petition Defence If your company is facing a [winding-up petition](https://lexlaw.co.uk/practice-areas/winding-up-petitions-solicitors-london/) or similar legal challenges, [our experienced solicitor and barrister legal team](https://lexlaw.co.uk/our-people/) is here to assist. We offer comprehensive services for both issuing and defending [winding-up petitions](https://windinguppetitionsolicitors.co.uk/insolvency-lawyers-london/winding-up-petition-meaning/), ensuring that your interests are protected throughout the legal process. Whether you’re dealing with [tax disputes](https://taxdisputes.co.uk/), financial difficulties, or other corporate challenges, our [elite lawyers](https://lexlaw.co.uk/our-people/) can strategically guide legal proceedings. We specialise in [litigation](https://lexlaw.co.uk/litigation-solicitors/), providing tailored solutions to meet client need.