Crown prerogative dates back to the Magna Carta entitling the monarch to absolute priority for revenue related debt. Come 6 April 2020 will we really be heading back to feudal times and 1215?
The proposal to reinstate Crown preference was announced as part of the Autumn Budget last year and came as a surprise to many. The expected consultation paper published by HMRC this week seeks the views of individuals, shareholders, directors, lenders, companies and insolvency practitioners on the proposal to reinstate Crown preference in part.
However whilst this is a consultation, one might conclude from the language of the paper that t…
Read the full article at: https://www.natlawreview.com/article/hmrc-versus-company-rescue-hmrc-issues-consultation-paper-proposed-return-crown