Winding-up petitions more than double

The number of winding-up petitions has more than doubled as HM Revenue & Customs gets tough on debts. The number of petition applications has more than doubled to 3,488 this year, compared with the same period last year, according to figures from Company Watch, which tracks the health of businesses. HMRC has been the most active petitioner in the year to August, applying to close down 1,522 businesses for not paying tax owed, up from 351 in the same period last year. British Gas Trading is ranked second most active this year, with 40 petitions. However, the tax authority has not yet returned to pre-pandemic levels of petitioning, when it would typically apply for 345 companies a month to be wound up. The Times (£)