Squire Patton Boggs
Hammond Suddards is one of the UK's leading commercial law firms with offices in Leeds, London, Manchester and Bradford, as well as a specialist EU practice in Brussels. With a total strength of over 1,150, Hammond Suddards offers a substantial resource with access to the experience and expertise of more than 500 lawyers.Our client base comprises listed companies, subsidiaries or divisions of UK and overseas multinationals, banks, building societies, insurance companies and other institutional clients.Our resources and expertise in corporate and commercial areas are considerable and the firm has developed a strong reputation in specialist areas such as EU law, corporate finance, tax, commercial contracts, intellectual property, information technology, employment, pensions, planning and commercial dispute resolution.
Insolvency & Restructuring
The Finance Act 2020 recently received royal assent, confirming the anticipated but opposed intention to restore Her Majesty's Revenue and Customs (HMRC) as a secondary preferential creditor on insolvency. From 1 December 2020 HMRC's claim will sit ahead of floating charge holders and unsecured creditors, reducing the monies available for distribution to both when a corporate files for insolvency. But what does this mean for secured lenders and corporates?
The Corporate Insolvency and Governance Act 2020 recently came into force. Alongside this act, a new insolvency practice direction (IPD) came into force and provides additional information on winding-up petitions and the 'coronavirus test'. This article examines a few of the key changes contained in the IPD.