Private Equity and Business Insolvency

Nicholas Young, MD of turnaround specialists Beer & Young, noted with interest the comments in this week’s edition of insolvency news; 

“During one of the toughest times in living memory across the public sector, HM Revenue and Customs, Treasury and Insolvency Service staff have all privately told insolvencynews.com this week that the only option is to plough on regardless. The Insolvency Service's steep challenges were recently laid bare in a blunt address from a union boss, at a time when the organisation is seeing significant influence over its own affairs shift to the Treasury, as well as the Department for Business, Innovation and Skills”.  

These comments mirror our own experience at the present time. Rightly so HMRC are getting tougher with non-payers of tax, and whilst it is also more difficult to make 12 months + arrangement on the Time to Pay scheme, it also seems there is a reluctance by the Tax Offices to seek recovery actions through the courts for legacy debt particularly where the business in question is now paying current taxes on time.