Seek Expert Legal Assistance to Plan Out Strategies for HMRC Negotiations and Debt Settlements
When a person or an entity is unable to repay the debts owed to creditors, it leads to a legal imposition called bankruptcy. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankruptcy is one of the many legal statuses that an insolvent person may have and therefore, the term bankruptcy is not synonymous with insolvency.
In many countries, such as the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings (such as liquidation and administration) are applied to companies. In all the cases of tax, revenues and customs, one must have all the relevant information to start the proceedings of the legal cases and trustee negotiations.
There are myriad reasons why a person considers bankruptcy but no matter what the reason is, there will be legal proceedings initiated by Her Majesty’s Revenue and Customs (HMRC). Over a tax debt, it is not an easy task to negotiate with HMRC to settle the debt. Whatever maybe the case, you always need expert advice and assistance to plan out a strategic approach to begin HMRC negotiations for a favorable ruling. Only an experienced legal firm can bring consequential differences to the outcome of a person’s circumstances with timely bankruptcy applications and expert strategies.