|
|
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.
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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