Portsmouth see off HMRC's CVA appeal
Court decides in favour of Portsmouth Football Club in taxman's appeal aginst its CVA - administrators now fighting for £230k in costs for fighting the case
Portsmouth Football Club have fended off the taxman’s appeal against its CVA.
The appeal was heard this afternoon in London’s High Court. Judge Justice
Mann said that on five heads of attack, HM Revenue & Customs failed to prove
unfair prejudice.
Peter Kubik, UHY Hacker Young partner and joint administrator of Portsmouth,
told Accountancy Age after the hearing that he was “very pleased” with the
decision, “but there is still lots of work to do”.
Justice Mann said the hearing was not the appropriate place to decide on
whether the football creditor rule, where football creditors rank above HMRC in
likelihood of repayment in an insolvency, should be revised.
More to follow.
Further reading:
Premier
League defends preferential insolvency rule
HMRC
fights for full voting rights at Portsmouth