- The prospect had built up HMRC liabilities of c£80,000 and had subsequently received a winding up petition
- Because of this their bank account was frozen and their invoice finance facility would not release any further funds until the winding up petition had been settled
- Terms were issued on the basis of a 2nd charge over the director’s personal residence
- Valuers and solicitors were simultaneously instructed with the valuations been carried out on a Saturday
- Legals documents were signed and funds were put on account with the borrowers solicitor to enable them to get the petition dismissed and continue trading
Repayment of HMRC winding up petition
