19 Jan 2010, Santhie Goundar, AccountancyAge
http://www.accountancyage.com/aa/news/1747548/portsmouth-fc-fails-block-winding
Portsmouth FC could be the first Premier League football club to enter administration after failing to stop a winding-up petition from the taxman.
HM Revenue & Customs applied for the petition against last month, but the club argued that the VAT part of its tax bill was too high. However, a High Court judge dismissed the case, the BBC reported today.
A spokesperson for the Judicial Communications Office said: “At the High Court today Mr Justice Newey dismissed an application from Portsmouth City (sic) Football Club Limited for a winding-up petition to be struck out. A further hearing to consider HMRC's winding-up petition will take place in due course.”
Currently bottom of the Premier League, Portsmouth would face a nine-point deduction if they enter administration.
© Incisive Media Investments Limited 2012, Published by Incisive Financial Publishing Limited, Haymarket House, 28-29 Haymarket, London SW1Y 4RX, are companies registered in England and Wales with company registration numbers 04252091 & 04252093
Visitor comments
No Administration
I am a retired Accountant.
Accountancy Age, of all people, should know the Law. Administration is NOT a possibility. It is Liquidation or nothing.
Posted by: Ronald Keay , 10 Feb 2010 | 00:00