Although not a formal procedure it may be possible to negotiate payment terms for certain debts, most commonly with HM Revenue & Customs. If the underlying business is profitable but arrears have accrued and the reason can be explained then it may be possible to put forward a proposal to settle those arrears.
We can help you assess whether a proposal is viable, and if so assist in the drafting of the proposal and associated cash flows, etc. We can also negotiate with creditors, such as HMRC on your behalf.
If the proposal is successful you will be expected to abide by the agreed terms, and in respect of HMRC it will be conditional on you becoming fully compliant with your tax affairs moving forward.
It must also be recognised that if the proposal is unsuccessful this may accelerate recovery action by the creditor concerned, in which case it will be necessary to consider whether an alternative formal procedure should be put in place.