Portsmouth Football Club have fended off the taxman’s appeal against its CVA.
The appeal was heard this afternoon in London’s High Court. Judge Justice
Mann said that on five heads of attack, HM Revenue & Customs failed to prove
Peter Kubik, UHY Hacker Young partner and joint administrator of Portsmouth,
told Accountancy Age after the hearing that he was “very pleased” with the
decision, “but there is still lots of work to do”.
Justice Mann said the hearing was not the appropriate place to decide on
whether the football creditor rule, where football creditors rank above HMRC in
likelihood of repayment in an insolvency, should be revised.
More to follow.
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
Smith & Williamson has been appointed administrators of charity 4Children