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05 Aug 2010
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.
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Briefings
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