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Preferential status for HMRC revisited

The Chancellor announced during the recent budget that from the 6th April 2020 certain debts owed to HMRC will be treated as secondary preferential debts, moving them up the order of priority and providing HMRC with a greater ability to recover taxes paid by employees and customers. The debts in question, which are proposed to include VAT, PAYE, NIC, and CIS.deductions, will remain below ordinary preferential debts in the priority order as set out in s175 of the Insolvency Act, but will be given secondary preferential debt status, as defined in s386(1B). The Policy Paper released by HM Treasury, “Protecting your taxes in insolvency” (available at https://www.gov.uk/government/publications/protecting your taxes in insolvency budget 2018 brief) indicates that any impact on lending as a result of the announced change will be minimal, because financial institutions will continue to have precedent over HMRC in asset recovery in respect of fixed charges.Secondary preferential debts… Read more


New Scottish Insolvency Rules

The long awaited new Scottish Insolvency Rules for Company Voluntary Arrangements and Administration (The Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018) have recently been laid in Parliament today. The Rules are a negative SI which means they do not need active approval by Parliament and will automatically come… Read more


New Insolvency Proposals

New Insolvency Proposals

The Government’s proposals for reforming the corporate insolvency and corporate governance landscape, published over the August bank holiday, will see the biggest changes to the UK’s insolvency landscape since the 2002 Enterprise Act. The proposals include new business rescue tools, procedures and measures to ensure greater director accountability. Highlights of… Read more


GDPR

GDPR

GDPR   Please note that pursuant to the introduction of the General Data Protection Regulations we have introduced a new Privacy Policy, the details of which are to be found on this website under the Resources tab. The GDPR forms part of the data protection regime in the… Read more


New Insolvency Practice Direction

New Insolvency Practice Direction

The new Insolvency Proceedings Practice Direction (the IPD) came into force on 25 April 2018. Attention is particularly drawn to: • paragraph 8.1, which clarifies paragraph 2.1 of the Electronic Practice Direction 51O regarding out-of-hours administration filings and CE File; and • paragraphs 9.3.3 and 12.4.2, which confirm that the… Read more


Alteration of Judicial Titles

Alteration of Judicial Titles

The Alteration of Judicial Titles (Registrar in Bankruptcy of the High Court) Order 2018 comes into force on 26 February 2018. The SI provides that the name of the office of “Registrar in Bankruptcy of the High Court” is changed to “Insolvency and Companies Court Judge”. Consequential amendments to existing… Read more


Carillion declares insolvency

Carillion declares insolvency

On 15 January 2018, a winding up order was made against Carillion Plc and the court appointed the Official Receiver as the liquidator. The Insolvency Service has issued a press release to advise employees, suppliers and creditors of next steps.  To ensure continuity of public services, the companies… Read more