The law of unintended consequences – HMRC as second preferential creditor


On 1 December 2020, despite strong opposition from the insolvency and restructuring profession, HM Revenue & Customs (HMRC) became a secondary preferential creditor in insolvencies, both corporate and personal, meaning it will be paid in priority to floating charge creditors, suppliers, pension schemes, customers and before deduction of the prescribed part.

Stephen Goderski

Director, London

t: 0207 516 2224

e: stephen.goderski@pkfgm.co.uk

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