PREFERENTIAL CREDITOR STATUS IN IRISH CORPORATE INSOLVENCY LAW: A NEED FOR MORE PRIORITIES?

This article evaluates whether there is a need for further priorities within current preferential debts under Irish corporate insolvency law. In acknowledging the choices facing the legislature when attempting to achieve distributive justice, the article reflects on the reality of insolvency and whether according preferential status to creditors is as significant in practice as might be imagined. The article reviews arguments regarding preferential ranking of the Revenue Commissioners as creditors in insolvency. In light of recent proposals in the UK, the article scrutinises claims to preference of other unsecured creditors, such as prepayment consumers and, in particular, SME traders.