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What you need to know: Return of the Crown Preference

What you need to know: Return of the Crown Preference

What is Crown Preference?   In insolvency procedures, creditors are repaid according to a strict statutory hierarchy which sets out the order of priority of creditors. The money realised from the assets of an insolvent company is applied to meet claims of creditors in a set order of priority. The lower down the hierarchy a …

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Cancelling Shares - Different Options for Private Companies

Cancelling Shares – Different Options for Private Companies

Can a Company cancel its own shares?   Following incorporation, private companies might find that as the business has grown and developed, they have a complex capitalisation structure in place involving various classes of shares, both equity and deferred, and employee incentives and loan instruments. A simple solution may be for the company to reorganise …

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Restructuring

One of KaurMaxwell’s specialisms is Insolvency & Restructuring which is headed up by our Managing Partner, Mandeep Kaur Virdee. Mandeep and her team provide comprehensive advice and assistance to Directors, Business Partners and individuals in relation to transactions and restructuring. Our team are here to support you when the unexpected happens within your business and you …

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Budget 2018 – HMRC to become the preferred creditor in insolvencies

In the latest Autumn Budget, Chancellor Philip Hammond announced that HMRC is to become a preferred creditor in insolvencies. This new proposal is to take effect from 6 April 2020. Enterprise Act 2002 Under the Enterprise Act 2002, HMRC removed its right as a preferential creditor and, as a result, became ranked equally with unsecured …

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