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bigduckontax
bigduckontax, Accountant
Category: Law
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Experience:  FCCA FCMA CGMA ACIS
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How does it take for Hmrc to liquidate a business that is

Customer Question

How long does it take for Hmrc to liquidate a business that is not insolvent but is owed more by creditors than it owes Hmrc?
We are a training company that is paid buy colleges which in tern is guaranteed because it is government money.
Submitted: 9 months ago.
Category: Law
Expert:  bigduckontax replied 9 months ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to assist you with your question.

HMRC's enthusiasm for liquidating businesses which owe them taxes has waned sharply since these debts are no longer preferred and now rank parri passu with other unsecured creditors and behind preference creditors. In any event they would be unsuccessful in an attempt to liquidate a company which is not insolvent although threatening so to do is par for the course for that Department.

I do hope that you have found my reply of assistance.

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