The Return of the Crown Preference – A blog by Menzies
CICM
MARCH 4, 2021
The Enterprise Act 2002 came along, and we saw this abolished and replaced with the Prescribed Part – a pot of money ring fenced for the unsecured creditors. This was a redistribution of the wealth as it meant HMRC’s debt became ‘unsecured’ like everyone else, but they still got a return from floating charge assets.
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