This morning Squire Patton Boggs in conjunction with R3 hosted representatives from across the business community to discuss the proposed return of Crown preference in insolvency.
Following the Government announcing in last Autumn’s Budget that HMRC’s preferential status will be restored in part in April 2020, Squire Patton Boggs together with R3 and representatives from creditor bodies, insolvency and restructuring professionals, banks, the funding community, government, and business representative bodies aired their views about the consultation which concludes at the end of this month. The overwhelming conclusion was that the proposal creates significant uncertainty for funders impacting on existing lending, new business and the UK economy.
We will publish details highlighting the key areas of concern in the coming days.
For further reading please click here to read our previous blog.