HMRC has had mixed results when opposing certain recent Part 26A restructuring plans. While recent judgments are relatively case specific they do provide some guidance which may impact future restructuring plans. In particular, the court has acknowledged that HMRC have a differentiated status, as recognised by their secondary preferential creditor status in respect of certain debts due since 2020. As a result, companies, lenders and advisers must take care when attempting to cram down HMRC; this is especially the case in SME and mid-market restructurings where HMRC typically accounts for a greater proportion of total debt.
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HMRC has had mixed results when opposing certain recent Part 26A restructuring plans. While recent judgments are relatively case specific they do provide some guidance which may impact future restructuring plans. In particular, the court has acknowledged that HMRC have a differentiated status, as recognised by their secondary preferential creditor status in respect of certain debts due since 2020. As a result, companies, lenders and advisers must take care when attempting to cram down HMRC; this is especially the case in SME and mid-market restructurings where HMRC typically accounts for a greater proportion of total debt.
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