While much of the focus of the insolvency and restructuring world has (rightly and understandably) been on the fundamental changes introduced under the Corporate Insolvency and Governance Act 2020, it is worth remembering that there have been major tax changes too.

The Finance Act 2020 introduced new rules making directors, shadow directors and certain others jointly and severally liable for a company’s tax liabilities in insolvency situations.  This alert explains in more detail the new rules that have taken effect relatively quietly, despite their potentially wide scope and ramifications.