Portsmouth see off HMRC's CVA appeal
Court decides in favour of Portsmouth Football Club in taxman's appeal aginst its CVA - administrators now fighting for £230k in costs for fighting the case
Court decides in favour of Portsmouth Football Club in taxman's appeal aginst its CVA - administrators now fighting for £230k in costs for fighting the case
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
unfair prejudice.
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.
Further reading:
Premier
League defends preferential insolvency rule
HMRC
fights for full voting rights at Portsmouth
The numbers you crunch tell a story. Your expertis...
14yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn 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 resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleBody Shop, Ted Baker, Farfetch, MatchesFashion and Wilko among latest retailer insolvencies. Number of businesses in trouble are the highest in five y...
View articleInsolvency statistics in the UK for the second quarter of 2023 were the highest since 2009 with 83% of them relating to small businesses Read More...
View articleThere were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compar...
View articleThe survey paints a “brightening” picture of the global economy, according to the ACCA Read More...
View articleThe pandemic may have “distorted” some economic data Read More...
View articleAdvisory firms must offer a “more supportive” and holistic approach to clients amid the economic downturn Read More...
View articleHaving a clear plan and clean data to help optimise the use of scarce resources will be key for businesses Read More...
View articleThe Coronavirus Job Retention Scheme has supported millions of jobs amid the pandemic, but with the support measure set to end in September, how can a...
View article