S R Lynn & Co Accountants - Cash Flow Forecasting, Budgeting, Management Reporting, Management Accounts, Payroll, Personal Tax, Corporation Tax, Company Nursing, Turnaround management, Milton Keynes, UK.

S R Lynn & Co

Collectors Pressurise Small Businesses

Following changes to the insolvency rules Crown debts no longer have preferential status from September 2003. This means that the Revenue becomes an unsecured creditor along with other ordinary suppliers.

It has been noticeable that the Revenue, and indeed Customs, have recently started to attend creditors meetings rather than simply lodge proxies and they can be expected to take much more interest in future in the circumstances leading to company liquidations.

There is also the likelihood that collectors of taxes will become far more aggressive chasing outstanding taxes especially in respect of smaller firms in order to minimise their potential exposure in the event of insolvency.
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