Case Studies
A Trusted Pair of Hands in resolving business creditor arrears
Solution 1
A Construction Company Director approached us, as he was in arrears for with HMRC for VAT and Corporation Tax. His offer of a payment plan was rejected by HMRC and a threat of winding up petition was looming.
Our team successfully managed to secure him a HMRC TTP plan over 42 months to assist with his cash-flow issues in the business.
Solution 2
A Director of a multi-million-pound turnover Limited company approached us via word of mouth; owing HMRC nearly £350k in PAYE liabilities.
After considerable time and effort, our team finally agreed a 39-month payment plan for the businesses PAYE liabilities to HMRC.
After 6 months of paying the payment plan agreed; his business fell behind on its payment plan obligations to HMRC.
Once again, he made contact with us and our expert team got involved and managed to get him further breathing space of two months, without any payment toward the arrears and thereon agreed a revised 42-month payment plan for the PAYE arrears of £349,271. Therefore, avoiding formal cancellation of the payment plan and escalation to the enforcement department not withstanding a winding up petition.
Solution 3
A director of a limited company approached us, as she was struggling to pay her two unsecured business loan from two nationally recognised business loan providers. She was waiting for contracts to commence and needed a reduced payment plan for at least 2 months.
The interest rates were significant and she had given a personal guarantee (PG) to both the lenders. After repeated failures to make the full contracted payments of c.£4,400 pcm; the lender was looking to default the loan and pursue the client personally.
Our interjection managed to secure the company a 3-month reduced payment of just £1,000 to each lender AND a freeze on ALL interest, on the more expensive loan moving forward.
Solution 4
Our client was being chased by all known creditors when his business started failing. The client had personally guaranteed business debts and had personal debts which required action.
Our strategic team was able to pause and hold all enforcement actions notwithstanding bankruptcy petitions for 60 days. This included pausing enforcement action; contact from creditors and freezing interest and charges on their debts. The client felt at ease knowing he had 60 days grace. This allowed our client further time to get his “house in order”.
Solution 5
A seasoned business owner approached us via a recommendation from their accountant.
The company ceased trading many years ago and two well-known utility companies were enforcing debts of over £117,000 and over £90,000 respectfully via solicitors. He had flirted with the idea of insolvency but was not so keen to pursue this as his first choice, due to moral grounds and potential ramifications of insolvency to him and other associated directors.
Our strategic team was able to settle both debts for £30,000 and £22,000 respectively as full and final settlement to avoid the client entering into insolvency.
Solution 6
A well-established accountant reached out to us; as HMRC had sent him a Notice of Requirement to give security for VAT for c.£90k form either his company or personally.
Our strategic team’s interjection resulted in the notice to give security being dropped by HMRC in his personal name and the company getting a whopping 58-months payment plan to pay back the c.£90k security for VAT; making the payments affordable for the company and the director avoiding a personal liability to HMRC VAT for over £90k.
