With the onset of the pandemic, the government introduced measures restricting the use of winding-up petitions to protect businesses.
Research undertaken by Mazars shows that since February 2020 the percentage of petitions presented by debt collection agencies dropped to 3% and those presented by HMRC to 7%. This is all set to change now the last remaining restrictions are due to be lifted at the end of this month, and the same research shows that the use of winding-up petitions by HMRC is already on the rise, since a relaxation of the winding-up restrictions in October last year.
If your business is struggling, then please don’t delay in seeking advice to find out what solutions are available. The earlier advice is sought, the more effective any potential solution will be.
It has been noted that HMRC has begun to issue an increased number of winding-up petitions over the last three months.
https://www.mazars.co.uk/Home/Services/Financial-advisory/Restructuring-and-Insolvency/Restructuring-Insolvency-Insights/The-pandemic-effect-on-creditor-petitions
