Firms hail rescue law reforms

The Enterprise Act 2002, introduced last month to improve corporate recovery procedures, has been widely welcomed as a boost for the UK's "rescue culture". Under the new legislation, which replaces the Insolvency Act 1986, the Crown's preference for PAYE income tax, national insu...

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Bibliographic Details
Published inFinancial Management p. 7
Main Author Parry, Charlotte
Format Trade Publication Article
LanguageEnglish
Published London Chartered Institute of Management Accountants 01.10.2003
Subjects
Credit collections
Insolvency
Legislation
State court decisions
United Kingdom > UK
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Summary:The Enterprise Act 2002, introduced last month to improve corporate recovery procedures, has been widely welcomed as a boost for the UK's "rescue culture". Under the new legislation, which replaces the Insolvency Act 1986, the Crown's preference for PAYE income tax, national insurance and VAT will be replaced with a mechanism for a pot of funds from floating charge realisations, which will be distributed to unsecured creditors.
ISSN:1471-9185