Borrowers of asset-based lending (ABL) stock facilities should consider upcoming changes in Crown Preferences
Clearwater International’s UK Debt Advisory team is working with ABL borrowers to determine the impact of changes in Crown Preference. Crown Preference, which would move some of HMRC’s debt up the hierarchy from unsecured to preferential creditor, is expected to return from April 2020. This could have a material impact on the ABL borrowing capacity of stock facilities.
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