The U.K. government is proposing to reintroduce preferential status to certain taxes in U.K. insolvencies beginning 6 April 2020. If enacted:
- certain taxes owed to HM Revenue & Customs (HMRC) would rank ahead of floating...more
6/6/2019
/ Asset-Backed Loans (ABLs) ,
Creditors ,
Crown Preference ,
Debtors ,
HMRC ,
Insolvency ,
Lenders ,
Preferred Treatment ,
Proposed Legislation ,
Tax Debt ,
UK
The statutory gateway to an insolvency process under U.K. law hinges on the definition of insolvency in the Insolvency Act 1986 (IA 1986). However, a 2013 decision by the Supreme Court of the United Kingdom has created...more