The owners were referred to Stewart Hindley & Partners as hospitality business recovery specialists by a leading commercial property agency in Edinburgh. They were under considerable pressure from HMRC’s Late Stage Debt Resolution Collection office to make a full and immediate payment of some £400,000 in respect of their arrears, or face legal recovery action in the Sheriffs Court (with the prospect of having their assets seized to settle the debt). The owners were unable to make the payment so called in Stewart Hindley to manage their business recovery.
The Stewart Hindley team immediately undertook:
- a Creditors Voluntary Liquidation process to halt any further action by HMRC
- a financial restructure of their hotel business, under a new operating entity
The owners were then able to continue trading under a new structure affording them a fresh start, without the inherent, historic debt burden.
“Our professional advisors thought that our situation was unrecoverable and were unable to help. So we had nobody to turn to and faced the prospect of having to sell our hotel, which was also our our home which was part of the bank’s security.
“Stewart Hindley LLP where recommend to us as they have a track record in hotel business recovery. Without obligation we discussed our circumstances and within 48 hours they had come up with a business recovery strategy which enabled us both to secure the freehold of our hotel, release the security held by the bank over our home and to trade without any loss of business continuity. We owe them a debt of gratitude.”
If you would like to know more about our hotel business recovery services, please email us for further information.