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    UK’s Draft Finance Bill Proposes Preferential Status for HM Revenue & Customs
    2019-08-23

    The UK government has published a draft Finance Bill 2020, which includes a provision that, if enacted, will give HM Revenue & Customs (HMRC) secondary preferential creditor status for certain taxes which a company has collected but failed to pay to HMRC on the date it enters insolvency.

    New Priority Status

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Morgan, Lewis & Bockius LLP, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    Morgan, Lewis & Bockius LLP
    The return of the Crown preference from 6 April 2020
    2019-07-12

    The draft Finance Bill 2019-20 was published on 11 July 2019. It includes, amongst other provisions, changes to reinstate HMRC's status as a preferential creditor in relation to certain debts in corporate insolvencies. This will have an impact for all shareholders and creditors in corporate insolvencies where HMRC is also a creditor.

    What is changing?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, TLT LLP, HM Revenue and Customs (UK)
    Authors:
    James Forsyth
    Location:
    United Kingdom
    Firm:
    TLT LLP
    Finance Bill 2020: Key Insolvency Measures
    2019-07-22

    On 11 July the government published draft legislation for the Finance Bill 2020.  We set out below details of the key insolvency measures in the proposed legislation. The draft legislation is open for technical consultation until 5 September 2019, but the principles of the legislation are not expected to change.

    Overview

    The reintroduction of Crown Preference

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Weil Gotshal & Manges LLP, HM Revenue and Customs (UK)
    Authors:
    Andrew Wilkinson , Alexander Wood , Mark Lawford , Gemma Sage
    Location:
    United Kingdom
    Firm:
    Weil Gotshal & Manges LLP
    Return of Crown Preference at the Expense of Floating Chargeholders
    2019-07-24

    Summary

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Morrison & Foerster LLP, HM Revenue and Customs (UK), Insolvency Act 1986 (UK)
    Authors:
    Sonya L. Van de Graaff , Howard Morris , Edward Downer
    Location:
    United Kingdom
    Firm:
    Morrison & Foerster LLP
    HMRC to be reinstated as “preferential creditor”
    2019-07-25

    Following a recent government consultation, new draft legislation is expected this summer which will render HMRC as a “secondary preferential creditor” in insolvencies that commence on or after 6 April 2020. The government’s objective is to ensure that more tax which is collected on behalf of HMRC (circa £1.9bn) is actually paid to HMRC and used to fund public services, and is not distributed to pay other creditors.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, DAC Beachcroft, HM Revenue and Customs (UK)
    Authors:
    Kevin Hawthorn , Francesca Muscutt
    Location:
    United Kingdom
    Firm:
    DAC Beachcroft
    HMRC publishes summary of responses to its “protecting your taxes in insolvency” consultation
    2019-07-26

    On 11 July 2019, HMRC published its summary of responses to its “protecting your taxes in insolvency” consultation.

    Following the consultation, the government will legislate in the Finance Bill 2019-20 to make HMRC a secondary preferential creditor for certain tax debts paid by employees and taxpayers. This change is intended to ensure that when a business enters insolvency, more of the taxes paid in good faith by employees and taxpayers go to the Exchequer, rather than being distributed to other creditors. Draft legislation and an explanatory note is also available.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, RPC, HM Revenue and Customs (UK)
    Authors:
    Adam Craggs , Constantine Christofi
    Location:
    United Kingdom
    Firm:
    RPC
    Business Support & Insolvency team round up on the latest in the world of insolvency
    2019-06-25

    In an effort to think about something other than Brexit, the Business Support & Insolvency team at Boyes Turner have put together a snap-shot of some of the significant updates which have happened in the world of insolvency (as well as in the team) in the last quarter.

    What have we been up to?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Boyes Turner LLP, Brexit, HM Revenue and Customs (UK), High Court of Justice (England & Wales)
    Authors:
    Rebecca Nicholson
    Location:
    United Kingdom
    Firm:
    Boyes Turner LLP
    Draft Finance Bill published: HMRC preferential status on insolvency confirmed
    2019-07-11

    Today the Government published draft provisions for inclusion in the Finance Bill which will amend the Insolvency Act 1986 and grant HMRC preferential status on insolvency. A status that was removed in 2003 but which will be re-instated (in part) from 6 April 2020.

    Despite huge concern from the lending market, voiced in responses to the Government’s consultation on this measure, the only material change we can see is confirmation that preferential status will not apply to insolvency proceedings commenced before 6 April 2020.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Squire Patton Boggs, HM Revenue and Customs (UK)
    Authors:
    Rachael Markham , John Alderton
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    HMRC’s new “secondary preferential” status - draft legislation published
    2019-07-12

    Back in March, we highlighted the launch of a consultation following the UK government’s proposal to introduce a new “secondary preferential” status for HMRC. Further details of the proposal can be found here : HMRC launches consultation on new “secondary preferential” status.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Brodies LLP, HM Revenue and Customs (UK)
    Authors:
    Amy McVey
    Location:
    United Kingdom
    Firm:
    Brodies LLP
    A rare, reported case of fraudulent trading
    2019-06-11

    Pantiles Investments Limited & Anor v Winckler [2019] EWHC 1298 (Ch)

    Background

    The Liquidator of the Pantiles Investments Limited (Company) brought a claim (among others) for fraudulent trading against its former director, Ms Winckler. The claim related to a property transaction involving Ms Winkler, an associate (Mr Goldbart) and the Company. In summary, the transaction was as follows:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Womble Bond Dickinson (UK) LLP, HM Revenue and Customs (UK), High Court of Justice (England & Wales)
    Authors:
    Fintan Wolohan
    Location:
    United Kingdom
    Firm:
    Womble Bond Dickinson (UK) LLP

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