Commentary

BB/5/02 Insolvency—Crown Departments agree revised “fixed charge” definition

Part V16 Forms and other HMRC material

BB/5/02 Insolvency—Crown Departments agree revised “fixed charge” definition

BB/5/02 Insolvency—Crown Departments agree revised “fixed charge” definition

Business Brief, Issue 5. 27 February 2002

Customs and Excise, the Inland Revenue and Redundancy Payments Service have agreed a joint approach to the question of fixed charges over book debts. This follows a decision of the Privy Council on 5 June 2001 casting new light on the distinction between fixed and floating charges. This will impact on the distribution of book debt proceeds in insolvent cases.

A statement of intent has been issued to the Insolvency Practitioners Professional body, R3, outlining the Crown Departments intentions regarding this issue. The statement follows extensive consultation

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial