When companies face cashflow crises, management is struggling to cope and failure is imminent, often the major creditor pressure is from one source – HMRC.
Since 2003 the HMRC is NOT a preferential creditor and does not rank ahead of the bank. Actually, the HMRC debt is unsecured and ranks alongside trade creditors. But this often doesn’t matter to a worried bank.
Banks worry about the pressure that HMRC can bring to bear. Bailiffs, distraint, winding up petitions. These can precipitate the failure of the company and bankers worry about their ability to control this. What happens if their client gets a winding up petition from HMRC?
KSA Group are experts at negotiating with HMRC. HMRC are "sophisticated creditors" in that they know all the procedures and rules. You therefore need professional advice to make sure of the best outcome to save your business and stop the bank closing it down.
Talk to us on 0800 9700539 for advice.