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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

05 AUG 2010

BBC reporting that HMRC have lost their case against Portsmouth CVA

Mr Justice Mann (soon to have the "Mr Justice Mann Stand" named after him) has handed down his judgment in Court 52 of the Royal Courts of Justice in the latest twist in the Portsmouth administration saga. The BBC are reporting that:

"Pompey win latest survival battle

Portsmouth have won the latest round of their survival battle after the tax authorities failed in an appeal over the club's Company Voluntary Agreement. (SIC)

The proposed agreement would help the club to come out of administration by organising payment to its debtors.

HM Revenue & Customs (HMRC) wanted it blocked, calling it "unfair and seriously flawed" as it gave preference to football creditors.

Portsmouth's lawyers said the club faced extinction if it lost the case.

More to follow."

As soon as I find the judgment I will post it up here. In the interim see some of counsel's arguments here. Mr Peter Kubic (joint administrator of Portsmouth FC Ltd) has just given an assured interview to BBC News24 (apart from a reference to the DTI) batting off questions and highlighting the fact that the so called 'football creditor' rule is to be challenged later in the year. Interestingly, it was also noted that there is to be no HMRC appeal from Mr Justice Mann's judgment.

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