HMRC’S LEGAL SHOWDOWN against the Football and Premier League over their controversial insolvency rule has been set for November.
The taxman is battling to have the football creditor rule overturned because it believes the current regulation – which prioritises payments to players, managers and clubs in the event of an administration – is “unlawful”. If a football club enters administration then all football creditors are paid in full with remaining funds then divided among secured and unsecured creditors.
In HM Revenue and Custom’s High Court application yesterday, Mr Justice Newey granted a court date for 28 November.
He also allowed the Premier League permission to “intervene” and fight its corner in the proceedings because both divisions enforce the same rule.
Earlier this month, the taxman and the Premier League became embroiled in a Lehman Brothers Supreme Court case over insolvency principles.
The two sides made written submissions to the court, in which Lehmans Brothers’ US administrators are battling to defend the insolvency principle that creditors should be treated equally.
Signed into law by president Barack Obama in 2010, the Dodd-Frank legislation has tightened regulation of the US financial system
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report
Mid-sized British firms are currently growing faster and generating more profit than their counterparts in Germany, France, Italy and Spain, despite uncertainty surrounding Brexit, says the report
Katie Clark of McDermott Will & Emery explores the 'gig economy', looking at practical steps employers should consider when engaging individuals as self-employed contractors
Ross Risby and Will Naylor of DAC Beachcroft highlight the key issues for accountants to consider when undertaking legal work