All the positive publicity generated about ‘time to pay’ agreements has increasingly been shown to be misplaced as new research shows that HM Revenue and Customs (HMRC) are now leading the way in bringing insolvency proceedings.
Recent research shows that in 2009/2010 more than 58 per cent of winding-up proceedings against companies were started by HMRC. Furthermore, HMRC’s rate of rejection for time to pay agreement applications has doubled in the last year.
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Partner Note
Reported in Accountancy Age, 8 November 2010.