HM Treasury responds to consultation on Banks and Building Societies (Priorities on Insolvency) Order 2018

On 29 November 2018, HM Treasury published its response to its earlier consultation on the then draft The Banks and Building Societies (Priorities on Insolvency) Order 2018. Among other things HM Treasury responds to a comment regarding the status of unpaid dividends in the revised creditor hierarchy. HM Treasury states that section 74 of the Insolvency Act 1986 clearly outlines the status of unpaid dividends, it is acceptable for them to be captured under tertiary non-preferential debts.

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