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The Finance Act 2020 introduced new provisions concerning tax in insolvency situations in two respects. The first amends the Insolvency Act 1986 (and its equivalents in Scotland and Northern Ireland) to restore HM Revenue & Customs (HMRC) as a secondary preferential creditor in insolvency proceedings with effect from 1 December 2020… Read more
The Government's report on pre pack sales has now been made available In summary it clarifies that there are still concerns over sales to connected parties and the workings of SIP 16. Over a third of sales were for less than market value. At least 1 in 5 SIP 16… Read more
The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Early Termination of Certain Temporary Provisions) Regulations 2020 came into force on 1 October 2020. The following regulations are extended 1. The temporary exclusion for small suppliers from the provisions of s233B IA 1986 (Protection of supplies of goods and services) (inserted by… Read more