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Bankruptcies

Volume 886: debated on Thursday 13 February 1975

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asked the Secretary of State for Trade how many companies have been declared bankrupt in the past 12 months for which figures are available, whose bankruptcies were attributable to the non-payment of VAT.

There were 1,394 compulsory liquidations and 2,325 creditors' voluntary liquidations of companies in the year ended 31st December 1974. Company failures are seldom only attributable to one specific debt, but I understand that in 1974 Her Majesty's Customs and Excise presented 25 petitions for compulsory winding up for non-payment of VAT.