Wimbledon – described by Mr Justice Lightman as ‘hopelessly insolvent’ – faces liquidation without the CVA. The league is also set to expel the club if it fails to pay football creditors in full, payment the Revenue argued would see the taxman unfairly deprived.
The judge said: ‘The power of the League to impose the obstacle and secure full payment for creditors of its choice may be objectionable…but the obstacle exists [and] by common consent is legal.’
In a hint that it is viewing the challenge to Wimbledon’s CVA as a test case, the Revenue said: ‘We will look at the outcome of this case and consider our position after that.’
The Revenue is appealing the judge’s refusal to grant leave to appeal, meaning Wimbledon’s future remains uncertain.
Administrators Grant Thornton, said: ‘We hope that this will be a big step forward towards restructuring the club’s affairs and allowing the consortium to finally take control.’
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies