Legal Updates

The re-introduction of Crown preference for certain taxes collected by businesses "on behalf of" another (including withholding taxes such as PAYE/NIC deductions, and VAT), as announced by Philip Hammond in the budget would appear to be a backwards step for UK insolvency law.

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"We unhesitatingly reject the argument that debts owed to the community ought to be paid in priority to debts owed to private creditors. A bad debt owed to the State is likely to be insignificant in terms of total Government receipts; loss of a similar sum by a private creditor may cause substantial hardship, and bring further insolvencies in its train."  Cork Report (1982)

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The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Readers should take legal advice before applying it to specific issues or transactions.

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