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Tuesday, 27 July 2010

Portsmouth to discover fate at High Court 3rd August re CVA

We understand that the company voluntary arrangement challenge mounted by HMRC under section 6 Insolvency Act 1986 will be heard on 3rd August in the High Court.

Could be a very interesting day for the club.

We understand the vote of HMRC at the CVA creditors meeting was in relation to the players' image rights and agency fees to offshore companies, therefore not taxable in the Administrator's view. HMRC clearly disagreed.

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