The following Restructuring & Insolvency guidance note Produced in partnership with Stephen Allinson, Consultant provides comprehensive and up to date legal information covering:
This Practice Note looks at the structure and funding of farming businesses, the types of security that can be granted by them and enforcement options available to lenders. It also considers the risks and issues to be considered before taking enforcement action in the agriculture industry (including those relating to a lender’s security); the operational and practical issues faced on appointment of an insolvency practitioner and the factors to consider when assessing the decision whether to continue trading.
The UK agriculture industry accounts for around 70% of the land in the UK and helps to maintain landscapes of cultural heritage. The industry is traditionally split into three main categories: dairy, arable and livestock. Of the total farming acreage about 70% is owner occupied, the balance being let to tenant farmers.
According to a National Institute of Economic and Social Research report in 2017, it is the main supplier to the food and drinks industry which makes up 20% of the UK manufacturing sector. 20% of agricultural labour force are immigrants, many who are seasonal workers. Only 3% of farmers are under the age of 35 and 30% are 65 or older. Many farmers depend on subsidies to ensure they can continue farming. For some up to 50% of all the money they receive is in subsidies, with small farmers particularly vulnerable.
Rates of agricultural
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234