In our latest analysis of winding up petitions we can report on a fall in the number of winding up petitions advertised in March 2012 (610) when compared to March 2011 (650). This is in contrast to the large increase in the number advertised in February of this year. In February 2011 there were 537 winding up petitions advertised but in February 2012 this went up to 879!
HMRC being the main creditor in most distressed situations uses a range of tactics to collect tax debts and a winding up petition is only one of them. We have also seen an increase in the use of distraint. Basically they tend to vary their collection methods to test and see what is most effective.
A winding up petition is the most damaging debt collection tactic because if it is advertised the bank will freeze your business account. As any transaction after an order is made can be reversed.
So don't let it get to that stage! If you have been served a winding up petition then you must act.
We can get a lawyer to argue for the petition hearing to be adjourned and in many cases this can be for more than 30 days and delay any advertisement. This allows us time to draft a CVA and get the petition withdrawn. Call us on 0800 9700539 for details