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HMRC’s role in supporting business rescue - news article image

HMRC’s role in supporting business rescue

1 Jul 2021

1 minute read

The restructuring and insolvency trade body R3 have joined forces with the Institute of Directors (IOD) to urge The Secretary of State for Business, Energy and Industrial Strategy (BEIS) to support their drive for HMRC to take a constructive approach to restructuring proposals. 

R3 and the IOD have suggested that viable voluntary procedures such as Company Voluntary Arrangements (CVA’s) should be encouraged and where possible to be brought forward in order to help drive the rebuild of the UK’s economy.

The Secretary of State, the Rt Hon Kwasi Kwarteng has responded and the full response can be found here. He makes several encouraging points to the effect that he supports the proposition for HMRC to take a commercial view and that all stakeholders should be supportive of company rescue and that ‘A flexible approach will be taken with those who engage with HMRC, with a view to bringing their debt into a managed arrangement.’ 

Hayley Simmons, Head of Insolvency & Advisory at Shaw Gibbs welcomes this approach but reminds business owners

“In order for this commercial approach to be taken, you must proactively engage with HMRC with any voluntary proposal you would like to put forward. Shaw Gibbs can work with you and your existing accountants to review the company or individual’s financial position and engage with HMRC on your behalf to discuss an informal or formal CVA agreement.”

 See our video on debt negotiations here. If you would like further information on rescue procedures such as CVAs and restructuring plans please contact Hayley.simmons@shawgibbs.com (Oxford) or Karyn.jones@shawgibbs.com (London).

HMRC’s role in supporting business rescue - news article image

Author:

Hayley Simmons

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