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Creditors Need to be Empowered in Company Voluntary Arrangements

Company Voluntary Arrangements (CVA) can make creditors feel alienated and powerless, so they tend to accept whatever repayment deal is being offered to them. A creditor with little knowledge of their democratic rights will see 30p in the £1 as better than nothing. The majority of creditors are often ill informed, and many think if…

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David’s Cameron’s Insolvency Law U-Turn Will Please Creditors

It remains to be seen why David Cameron has made a u-turn over plans to radically reform insolvency laws. Before coming to power, the Prime Minister called for the introduction of US-style Chapter 11 rules, which would give struggling businesses ‘breathing space’ to get back on their feet without having to face liquidation. At the…

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Winding Up Petitions Are the Way Forward for Creditors

In recent years, it has become popular for creditors to issue winding up petitions as a method of debt recovery. It’s something I’d recommend simply because debt recovery laws in the UK are toothless; they don’t bite. If a company owes its creditors money, the creditor will go to county court and get a county…

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How Inland Revenue Use Winding Up Petitions to Collect Tax

I have said before that an increasing number of organisations are using winding up petitions to recover debts, but did you know HM Revenue and Customs (HMRC) is the biggest culprit? According to figures released by the National Audit Office Report earlier this year, the amount of corporation tax, unpaid income and VAT owed to…

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Time To Pay Arrangements Can Do More Harm Than Good

According to the most recent figures available, around 200,000 businesses have entered Time To Pay (TTP) agreements with the HM Revenue & Customs (HMRC) in the past 18 months, deferring over £5bn in taxes.   TTP arrangements allow businesses that are unable to pay taxes on their due dates to make monthly payment over a period…

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