Leeds United has been given permission to play in Football League One despite
failing to enter into a company voluntary arrangement, as was required by the
Adminstrators to the club, from KPMG, will liquidate the old Leeds business
and agree payments to its creditors. The
Football League has agreed to transfer rights to enter the
league to the new Leeds company, however, with a 15-point penalty.
The league had insisted that Leeds should enter into a CVA, according to its
insolvency regulations, before the club could take part in the upcoming season.
But, in ‘exceptional circumstance’, it has let the club play despite a lack
The league, in following its priorities of the club continuing to exist, the
payment of football creditors in full and the best possible return for other
creditors has always insisted this is undertaken through a CVA.
But it acknowledged that in this situation a CVA was not possible.
‘This applies only in exceptional circumstances and is at the absolute
discretion of the board,’ said the league in a statement.
The club has appealed the penalty.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned