Begbies Traynor Group, a leading business recovery, financial advisory and property services consultancy, has advised on the first SME restructuring to use a “cram down” of dissenting creditors in a turnaround which has saved more than 300 jobs.
In the 13 years prior to the 2020-21 financial year, HMRC’s overdue debt averaged £18.1 billion, peaking in 2008/09 following the financial crisis, where the debt level approached £26 billion. With the delay of taxation during the pandemic,…