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06 May 2011
HMRC'S LEGAL SHOWDOWN against the Football and Premier League over their controversial insolvency rule has been set for November.
The taxman is battling to have the football creditor rule overturned because it believes the current regulation – which prioritises payments to players, managers and clubs in the event of an administration – is "unlawful". If a football club enters administration then all football creditors are paid in full with remaining funds then divided among secured and unsecured creditors.
Further reading
In HM Revenue and Custom's High Court application yesterday, Mr Justice Newey granted a court date for 28 November.
He also allowed the Premier League permission to "intervene" and fight its corner in the proceedings because both divisions enforce the same rule.
Earlier this month, the taxman and the Premier League became embroiled in a Lehman Brothers Supreme Court case over insolvency principles.
The two sides made written submissions to the court, in which Lehmans Brothers' US administrators are battling to defend the insolvency principle that creditors should be treated equally.
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Visitor comments Add your comment
Put the boot in!
Why should footballers get an advantage over other creditors, particularly as they are all probably set up as limited companies anyway? If they were deemed to be "normal" employees, in that instance they would have full entitlement to statutory redundancy pay.
Posted by: Tony Cormack, 06 May 2011 | 17:34