Crown Preference – The End of Inventory Funding?

The changes reversed the alterations made in the Enterprise Act 2002, with HMRC now ranking ahead of floating charge secured creditors in respect of creditor claims of unpaid VAT, PAYE and Employee’s National Insurance Contributions. Whilst HMRC’s claims rank below employee preferential employee claims, they erode floating charge asset realisations that previously would have been available to secured creditors holding a floating charge.

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