Insolvency law will prioritise charities

Charities are set to benefit from corporate insolvency legislation introduced this week, according to the DTI. Until now, government agencies and banks were the first creditors to be paid when a business goes into receivership. Under the changes, the Inland Revenue and Customs and Excise are to lose their preferential rights.

"The new rules mean that unsecured creditors, including charities, now have a better chance of getting a greater percentage of what they're owed if a company which owes them money goes bust," said a DTI spokesman.

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