Following on from the previous blog here is one of the reasons there are fewer CVAs done in Scotland. The almost immediate advertisement of a winding up petition once it has been issued. HMRC put a notice in the paper giving Hearts FC 8 days to pay the tax owed otherwise the court will appoint a liquidator.
In a statement, Hearts said: "The club is aware of the notice placed in a newspaper relating to an earlier petition presented to the Court of Session.
"We are confident, however, that the relevant matter involving HMRC will be resolved in the very near future and no action as specified in the public notice will be necessary."
Don't let it get to this stage! Call us if anyone is threating a winding up petition. You do not get as much time to act as you do in England and Wales