The HMRC are chasing companies hard for the revenue that they owe. More and more companies are struggling under the weight of business debt because of a toxic combination of a stagnant economy and banks that are reluctant to lend. So it’s no surprise that more and more businesses are having to try to fend off winding up petitions.
This is an increasingly popular way for organisations including the HMRC to recover money owed. It’s also very aggressive and has serious implications for any business. As soon as the petition is in motion, bank accounts are frozen, crippling the way any company can operate. When business debt has gotten this serious and creditors are chasing hard, it’s important to reach out for any help that is available. It’s not time to bury heads in the sand.
Companies like Cooper Matthew Ltd offer specialist business debt services to help businesses carry on trading and work their way out of this situation. Ignorance and a lack of awareness could mean insolvency and no way back. Enlisting the help of business debt services experts like Cooper Matthew could mean some light at the end of the tunnel.
When debt collection has gotten this far, it’s important to understand the legal ramifications and stay one step ahead. With Cooper Matthew there is the option of a free CVA, which the vast majority of their competitors do not offer. And they specialise in helping companies deal with debt outstanding to the HMRC.
With a partner like this on board, businesses can navigate this difficult period by getting any winding up orders adjourned to buy breathing space to get their affairs in order ready to put some sort of repayment plan in place to keep creditors happy. It could mean the difference between going under or keeping a business viable ready to rebuild and move forward again.