The taxman must pay £200,000 towards the costs of solicitors used by
Portsmouth’s administrators after HM Revenue & Customs failed in the courts
to derail the CVA process.
This afternoon judge Justice Mann ruled against HMRC’s appeal of unfair
treatment in its right to vote down a CVA process being entered by the club, he
awarded costs of £200,000 against the taxman towards solicitor’s cost for the
Administrators had asked for 70% of its costs to be paid, at £250,000. HMRC’s
lawyers argued that the fee per hour billed was excessive, adding that the
taxman should not pay any more than £150,000.
Justice Mann agreed the rate was excessive, but chargeable hours were not. A
fee of £200,000 was set by the judge.
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