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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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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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