Companies with €2bn of Covid tax debt urged not to ‘bury heads in sand’

Insolvency expert expects an increase in litigation against borrowers in arrears who have not been ‘engaging constructively’ with lendersAn 'unofficial moratorium' by banks and other major creditors against taking on debtors in arrears since the beginning of Covid 'is dissipating', says Mark Woodcock of Restructuring & Insolvency IrelandIrish companies with more than €2 billion of Covid-era warehoused tax debt have been urged by the chairman of Restructuring & Insolvency...

Mark Woodcock, chairman of the forum for insolvency practitioners and a partner and head of insolvency and restructuring at law firm Fieldsfisher’s Irish practice, noted that an “unofficial moratorium” by banks and other major creditors against taking on debtors in arrears since the beginning of Covid “is dissipating”.

Mr Woodcock said his banking clients were looking at 2023 as “a new phase” and he expected an increase in litigation against borrowers in arrears that had not been “engaging constructively”. “The pillar banks [AIB and Bank of Ireland] were extremely accommodating during Covid. However, they now feel there is more freedom to pursue people who are not engaging in debt,” he said. “The situation would have been worse if the Revenue debt warehousing project had come to an end last year. But companies that have been availing of this [facility] need to start engaging now.”

According 2 revenue the debt is €3 Billion. Factor in a massive increase in operating & energy costs, seperate rental arrears & non tax debt, if truth be known there's 1000's of small Business's already insolvent, especially in retail & Hospitality.

COVID vaccine companies can sort u out with a loan.their minted.although they were and still are lethal,people continue to flood their bodies with this poison cause corrupt pharma's, govts and media tell u it's fine.its not.and they know it.millions dead needlessly

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