Trading While Insolvent
Henry Shinners explores the consequences of 'wrongful trading' for professional practices.
The UK economy has just emerged from the worst recession in living memory and we are far from out of the woods. Growth is at best slow, public borrowing is extremely high, and, while earlier fears of a double-dip recession have subsided, inflation is running at double the rate the Bank of England is mandated to achieve. The effects of the spending cuts flowing out of the Government's Spending Review have yet to be felt in the wider economy and the availability of credit remains restricted.
It's a pretty gloomy economic picture, yet a combination of record low interest rates and a long period during which HM Revenue & Customs has been extremely supportive of businesses seeking to defer repayment of tax arrears has meant that, to date, there have been fewer business failures than one would have expected during such economic turmoil. Nevertheless, a significant number of UK businesses (including some professional practices) are in poor financial...
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