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Article summary

In communication with stakeholders, R3 President, Colin Haig, has published the response from the Secretary of State for Business, Energy & Industrial Strategy (BEIS) to a letter sent by R3 and the Institute of Directors on HM Revenue & Custom’s (HMRC) role in supporting business rescue. Haig highlighted positive responses in the letter including that HMRC 'is building its resources to be able to respond to an increased number of rescue proposals in the near future' and 'using insolvency to enforce payment will remain a last resort. A flexible approach will be taken with those companies who engage with HMRC, with a view to bringing their debt into a managed arrangement. I understand that HMRC will soon be updating their approach to enforcement that is set out on gov.uk.' R3 has said that it will continue to work closely with officials and others to ensure that these points become a reality. Haig has further said that they are aware of 'ongoing practical issues' relating to 'repayment delays, tax...