HMRC files winding-up petition against Lycamobile
His Majesty's Revenue & Customs, the UK's tax authority, had served a winding-up petition to the High Court against Lycamobile UK on Monday.
The winding-up order is a legal process and served when a company is insolvent, unable to pay its debts. HMRC regularly deploys this petition when companies fail to pay tax bills. Such process can result in liquidation and assets being forcibly sold to generate money towards repayment of debts.