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Article: Taxmen to turn up heat as creditor rules change.
- Article from:
- The Evening Standard (London, England)
- Article date:
- July 24, 2003
- Author:
CopyrightCOPYRIGHT 2003 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: NICK GOODWAY
INLAND Revenue and Customs and Excise officials are beefing up their insolvency skills ahead of the abolition of their long-protected preferred creditor status.
The two taxation arms of the State have held a privileged position since 1825 that ranked them ahead of any unsecured creditor when a company went bust. But as part of last year's Enterprise Act, which was designed to improve insolvency practice, their status as preferred creditor disappears in September.
The Government said that this was being done to help small companies since they were often among the unsecured creditors left with nothing once the Inland Revenue ...