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Clifford Chance

Clifford Chance

Briefings

The partial restoration of UK Crown preference with effect from 1 December 2020

30 November 2020

As of 1 December 2020, The Insolvency Act 1986 (HMRC Debts: Priority on Insolvency) Regulations 2020 will come into force, partially restoring the Crown's status as a preferential creditor in the order of distribution in insolvency proceedings.

It will also apply to all insolvency proceedings commenced after 1 December 2020 even where the floating charge security was created prior to that date, having retrospective application in this respect.

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