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TH Financial Recovery are established insolvency practitioners committed to assisting individuals, sole traders / partnerships and the directors of limited companies to cope with the stresses caused by financial difficulties and in need of financial rescue and recovery. If your limited company is currently struggling to meet its financial obligations, please visit our corporate page, where you will find more information on our services.
TH Financial Recovery are established insolvency practitioners committed to assisting individuals, sole traders / partnerships and the directors of limited companies to cope with the stresses caused by financial difficulties and in need of financial rescue and recovery. If your limited company is currently struggling to meet its financial obligations, please visit our corporate page, where you will find more information on our services.
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T H Financial Recovery is an expanding practice committed to assisting individuals, sole traders / partnerships and the directors of limited companies to cope with the stresses caused by financial difficulties. As recent news reports confirm, insolvency, both corporate and personal, is a growing problem.
Cash flow is a common issue faced by companies and whilst the reasons may be clear and appear to be temporary, they can potentially lead to formal insolvency proceedings if they are not addressed. A company can be deemed insolvent if it is unable to pay its liabilities "as and when they fall due", irrespective of whether the company is solvent on a balance sheet basis.
Companies often experience creditor pressure. This pressure can build very quickly and take forms, such as refusal to supply further goods, moving on to pro forma invoicing, enforcement action such a bailiffs or even formal legal proceedings. Whichever this may be, and depending on the severity, this can be an extremely stressful time for a Director which in turn can lead to sleepless nights and in some cases, health problems.
If your company has accrued tax liabilities, HMRC may agree to a Time To Pay ("TTP") arrangement. Simply put, this does exactly what it says on the tin, and provides you / your company with revised terms to pay any accrued tax over a longer, fixed period. This is normally agreed for a period not exceeding 12 months, but of course all cases differ, and you may be able to secure a longer period.
It will probably not surprise you that the most common petitioner is HMRC, however any creditor may serve your company with a petition in respect of an unpaid debt of 750 or more. If a petition is received, you must act quickly because the consequences can be extremely damaging both in the short and medium term.
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