Agreement of Time to Pay arrangement with HMRC
A business had a long standing debt with HMRC in excess of £300,000. While attempts were made by the business to negotiate terms with HMRC, none proved successful and the business failed to adhere to previous arrangements. As a result of this, a significant element of mistrust and lack of goodwill had formed between the parties. HMRC also threatened winding up proceedings and were on the point of issuing a winding up petition.
Ensors were instructed by the business and liaised with HMRC in order to suspend any issue of winding up proceedings. As well as having discussions with HMRC, Ensors simultaneously formulated a realistic and acceptable payment plan for all parties.
After reviewing the financial forecasts of the business, Ensors proposal was put forward to HMRC and was supported by the firms credentials as insolvency practitioners and business recovery specialists. The proposal was accepted by HMRC which resulted in the survival of the business and a significant debt repayment to HMRC.
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