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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Published in | Financial Management p. 7 |
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Main Author | |
Format | Trade Publication Article |
Language | English |
Published |
London
Chartered Institute of Management Accountants
01.10.2003
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Subjects | |
Online Access | Get full text |
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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. |
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ISSN: | 1471-9185 |