Finance Act 2020: Two Important Reforms for the UK Restructuring / Insolvency Market
At a Glance
The Finance Act 2020 received Royal Assent on 22 July, meaning that:
- HMRC will rank as a preferential creditor in respect of certain taxes, in insolvency proceedings commencing from 1 December 2020 — strengthening HMRC’s position at the expense of other creditors; and
- Directors risk potential personal liability for taxes in certain “tax abuse” cases involving insolvency or potential insolvency.
Read our Alert
Authors
This communication is distributed with the understanding that the author, publisher and distributor of this communication are not rendering legal, accounting, or other professional advice or opinions on specific facts or matters and, accordingly, assume no liability whatsoever in connection with its use. Pursuant to applicable rules of professional conduct, this communication may constitute Attorney Advertising.