News & Analysis as of

Creditors United Kingdom HMRC

Latham & Watkins LLP

Charging Ahead: Grappling With the Characterisation of Fixed and Floating Charges

Latham & Watkins LLP on

The characterisation of fixed and floating charges remains a complex area, not least with respect to new intangible asset types. The key distinction between a fixed and a floating charge is well established as a matter of...more

BCLP

Fair's fair: the concept of fairness in Part 26A Restructuring Plans

BCLP on

Since its inception under CIGA 2020, there has been no shortage of legal commentary on the effectiveness of the legislation governing Part 26A Restructuring Plans, and the ways in which the judiciary have interpreted and...more

Hogan Lovells

Judgment reserved on Houst’s potential HMRC cram

Hogan Lovells on

Judgment has been reserved on the sanction of Houst Ltd’s restructuring plan at a hearing held in front of Zacaroli J on Friday morning (15 July 2022), while the company gathers the further valuation information requested by...more

Faegre Drinker Biddle & Reath LLP

The Return of Crown Preference — Implications for Borrowers and Lenders

The first day of December witnessed an early visit from the ghost of Christmas past for the rules relating to the order of priority on insolvency. For insolvencies commenced on or after 1 December 2020, Her Majesty’s Revenue...more

Goodwin

The Return of Crown Preference on 1 December, 2020

Goodwin on

The return of Crown Preference on 1 December, 2020 has widely united the restructuring community against the new measures. Whilst the rationale that the Treasury should have priority for sums received by a debtor on its...more

K&L Gates LLP

COVID 19: UK Insolvency Reform – Crown Preference Returns From 1 December 2020

K&L Gates LLP on

EXECUTIVE SUMMARY - On a UK company’s insolvency, the UK tax authority (HMRC) will become a preferential creditor in respect of certain unpaid taxes (Crown Preference) with effect from 1 December 2020. Despite lobbying...more

McGuireWoods LLP

Financial Challenges Facing English Football Clubs During COVID-19

McGuireWoods LLP on

With the football transfer window having closed on another round of multimillion-pound transfers, the perception continues that football is a sport awash with cash. However, as football plays on behind closed doors, one need...more

Morgan Lewis

HM Revenue & Customs to Get Preferential Status as of 1 December 2020

Morgan Lewis on

With effect from 1 December 2020, the UK’s HM Revenue & Customs will be given preferential creditor status for certain taxes which a company has collected but failed to pay to HMRC on the date it enters insolvency. This was...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Government Proposes Preferential Status for Certain Taxes in Insolvencies

The U.K. government is proposing to reintroduce preferential status to certain taxes in U.K. insolvencies beginning 6 April 2020. If enacted: - certain taxes owed to HM Revenue & Customs (HMRC) would rank ahead of floating...more

K&L Gates LLP

Changing Priorities in UK Company Insolvencies

K&L Gates LLP on

In a consultation issued by the UK tax authority, HM Revenue & Customs (HMRC), on 26 February 2019, a change in the order of asset distribution in the insolvency of UK companies has been proposed. The amendments would newly...more

Morrison & Foerster LLP

The Private Placements Withholding Tax Exemption

Morrison & Foerster LLP on

The Finance Act 2015 introduced an exemption from a borrower’s obligation to withhold tax from interest payments arising on qualifying private placements. It was introduced to stimulate and grow the private placements market...more

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