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What happens if you don’t pay Crown debtsHMRC have issued some very helpful guidance for businesses on their website about what could happen to your company if you fail to pay the Revenue what is due. As they say, HMRC is responsible for making sure that
Reducing the risk of non payment by a customerReducing the risk of non payment by a customer is a good way to keep cash flow positive and avoid any problems with insolvency. Remember cash is king but, unless you get paid in cash at the time of providing y
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Creditors Insolvency – How to deal with a statutory demand
Creditor's insolvency might describe where a creditor takes action against a debtor in
respect of debts owed by that individual or company. The action taken by the
creditor, to recover what is due might be by way of service of a statutory
demand. The effect of not complying with a statutory demand when served can be
very significant for both individual and company alike.
For an individual, the failure to satisfy the demand or to apply to set it aside
can mean that a bankruptcy petition can be issued. The statutory demand is a
favoured method used by debt collectors, but is one that rarely results in a
petition being issued, as they are unwilling to spend the money taking
bankruptcy proceedings, without a guarantee that they will recover the debt, so
they use the petition as a debt collection tactic.
For a company to receive a statutory demand can be a much more onerous proposition.
In the majority of cases it cannot be assumed that the entity serving the
statutory demand will not proceed to serve a petition also, especially where
the creditor is the Crown, who will not worry about the cost of issuing the
petition. The key thing when receiving a statutory demand of any sort but
especially one for a company is to take swift and decisive action and call an
expert. They will be able to advise you what to do and how to do it.
However a creditor seeks to recover what is due to them, if you cannot pay, that is a
sign that you may be insolvent. Creditors are often more sympathetic to
requests for time to pay or compromises with debtors if an early and truthful
dialogue is started. If you are reluctant to make the first move, an expert can
do that for you, by negotiating with your creditors to put rescue structures in
place.
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For the solutions which may be available to you read the following pages:-
Using the Administration procedure