Wrexham FC fails 10-point deduction appeal
Wrexham FC has lost its appeal against the 10-point deduction imposed by the Football League for going into administration last month.
Wrexham FC has lost its appeal against the 10-point deduction imposed by the Football League for going into administration last month.
Link: Wrexham placed into administration
The Dragons, which chose to go into administration to avoid an Inland Revenue winding-up order over a £1m tax bill, failed to convince an independent panel that their financial problems were caused by ‘unavoidable or unforeseeable circumstances’.
The club tried to argue that the loss of promised funds due to the collapse of the ITV Digital television contract in 2002 lead to its financial troubles.
However, the panel decided that the 10-point penalty should stand, leaving the Welsh club second-bottom in League Two.
Joint administrators, Steven Williams and David Acland of Begbies Traynor, said they were ‘naturally disappointed’ with the decision despite them admitting that a successful appeal was unlikely.
The decision leaves Wrexham with no more opportunities to appeal, and means they will remain firmly rooted in the relegation zone.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThis regulatory update aims to simplify the reporting process, reduce administrative burdens, increase accuracy, and provide real-time reporting capab...
View articleTechnology could enable this by allowing teams to 'speak the same language' Read More...
View articleBegbies Traynor had a strong first half to its year, buoyed by increased revenue and a number of acquisitions Read More...
View articleRicky Shankar, Chairman of Clear Factor, explains how his own experience with banks led to the creation of Clear Factor - a decentralised global invoi...
View articleLooking at spending patterns of more than 1000 Spendesk users in 35 European countries, making 800,000 transactions totalling over €120million, the ‘S...
View articleWith Accounts Payable fraud on the rise Ian Smith, Finance Director and GM at Invu, looks at whether technology can save businesses from a brewing cri...
View articleBoris Johnson has proposed to raise the 40p tax from £50,000 to £80,000 in his bid to become the next Tory leader – and the accountancy industry...
View articleNew research quantifies the extent of Companies House inaccuracy as the ICAEW urges the Treasury and BEIS to shore up defences Read More...
View article