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    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
    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
    UK Government Proposes Preferential Status for Certain Taxes in Insolvencies
    2019-06-05

    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 charges in U.K. insolvencies;
    • the legislation would be retroactive, applying to such tax liabilities incurred at any time prior to insolvency; and
    • it is likely to have a significant impact on asset-based loans (ABLs) involving U.K. obligors.

    Introduction

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Skadden Arps Slate Meagher & Flom LLP, Due diligence, HM Revenue and Customs (UK)
    Authors:
    Seth E. Jacobson , Dominic McCahill , Clive J. Wells , David M. Wagener
    Location:
    United Kingdom
    Firm:
    Skadden Arps Slate Meagher & Flom 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
    Reintroduction of HMRC as a preferential creditor
    2019-06-18

    Introduction The UK Government has announced that it will be introducing legislation under which the UK tax authorities1 will move up the creditor hierarchy in English insolvency proceedings2 in respect of certain taxes paid by

    Filed under:
    United Kingdom, Employment & Labor, Insolvency & Restructuring, Tax, Mayer Brown, HM Revenue and Customs (UK)
    Authors:
    Devi Shah , Alexandra Wood
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    How to limit stress when your pension plan's employer is in distress
    2019-06-20

    Insolvency may seem an unlikely scenario for your pension plan's employer today and for the foreseeable future but the Pension Protection Fund (PPF) has recently published guidance recommending that defined benefit pension plan trustees should make contingency plans for employer insolvency "as with any sensible business continuity or disaster recovery planning".

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Tax, Womble Bond Dickinson (UK) LLP, HM Revenue and Customs (UK), Pension Protection Fund
    Authors:
    Jill McCartney , Ami-Jayne Browning
    Location:
    United Kingdom
    Firm:
    Womble Bond Dickinson (UK) LLP
    New tax developments for insolvency and restructuring deals
    2019-05-13

    The below is a quick snapshot of three recent tax-related developments in the insolvency and restructuring sphere.

    Farnborough – appointment of a receiver and tax grouping

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP, HM Revenue and Customs (UK)
    Authors:
    Ellie Marques , Oliver Walker
    Location:
    United Kingdom
    Firm:
    Weil Gotshal & Manges LLP
    New tax developments for insolvency and restructuring deals
    2019-05-17

    The below is a quick snapshot of three recent tax-related developments in the insolvency and restructuring sphere.

    Farnborough – appointment of a receiver and tax grouping

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP, HM Revenue and Customs (UK)
    Authors:
    Oliver Walker , Ellie Marques
    Location:
    United Kingdom
    Firm:
    Weil Gotshal & Manges LLP

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