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ARTICLE · 17 DECEMBER 2020

Covid-19 Update On Government Measures - December 2020

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HMRC becomes a secondary preferential creditor for PAYE, VAT, Construction Industry Scheme deductions, Employee National Insurance Contributions and student loan repayments in insolvencies commencing on or after 1 December 2020.

United KingdomCoronavirus (COVID-19)
Fatema Begum
Fatema Begum
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Timeline for Government's extended measures

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  • Secondary preferential creditor status of HMRC: HMRC becomes a secondary preferential creditor for PAYE, VAT, Construction Industry Scheme deductions, Employee National Insurance Contributions and student loan repayments in insolvencies commencing on or after 1 December 2020.  
  • Restrictions on winding-up petitions and statutory demands: the current restrictions on the presentation of winding-up petitions and the service of statutory demands where Covid-19 is the reason for the worsened position have been extended and will now expire on 31 March 2021.
  • CBILS and CLBILS new applications: Coronavirus Business Interruption Loan Scheme and Coronavirus Large Business Interruption Loan Scheme have been extended further until 31 January 2021. These schemes were put in place to support businesses in the short to medium term where they suffer lost revenue and/or cashflow disruption due to Covid-19. The loans are

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