Member Article
A new law that comes into force on 1 December which will move HM Revenue & Customs higher up the creditor ladder could push more struggling North East businesses into insolvency.
Thats the warning from Alexandra Withers, regional chair of insolvency and restructuring trade body R3, in advance of the new Crown Preference rules coming into force.
And in the light of the economic crisis thats been caused by the pandemic, she is calling on the government to make a last-minute reconsideration of its plans.
The rule change will enable HMRC to recover in priority to other unsecured creditors taxes such as PAYE, VAT and National Insurance which have either been paid to insolvent businesses by their customers or which are being h…
Read the full article at: https://bdaily.co.uk/articles/2020/11/25/treasury-cash-grab-could-increase-north-east-business-insolvencies-warns-r3-regional-chair
