BB/5/02 Insolvency—Crown Departments agree revised “fixed charge” definitionBusiness Brief, Issue 5. 27 February 2002Customs 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
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
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