Small businesses may find it harder to get bank loans following a Privy Council decision which ruled that loans are only a floating charge against the company's book debts.
Under UK laws, the ruling on the case in question, New Zealand Inland Revenue vs Re Brumark, has persuasive, rather than binding, authority on cases in England and Wales. However, lawyers say because the Law Lords were unanimous in their decision, it is likely to be treated as binding.
Loans had previously been treated as fixed charges and had priority over preferential creditors such as the Inland Revenue and Customs and Excise.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
