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Insolvency & Restructuring

31 July 2020
Rachael Markham HMRC Crown preference restored from 1 December 2020 – impact on lenders and UK corporates

United Kingdom - Squire Patton Boggs

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?

Author: Rachael Markham
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