New Submission on Detail of Applying Insolvency to Co-ops
I have just sent HM Treasury this extra response to detailed questions they raised about applying the administration procedure to IPS’s.
The main issues concerned credit unions and other societies (if any) operating as deposit takers. I argue that only shareholder depositors in those societies should have the status of creditors in an administration. Other society members should not be treated as creditors but as owner-members as would be the case in a company.
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