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Friday, 25 May 2012

HMRC lose case on football creditor rule

In a blow to HMRC, the High Court has ruled that the "football creditor rule" is not unlawful.  HMRC were trying to overturn the rule whereby the club, managers and players were paid in full in the event of insolvency whereas the other unsecured were often left with nothing.  This breached, in their view, the fundamental principle that unsecured creditors should be treated equally.   Read our pages for more information on the football creditors rule

HMRC have not yet decided if they want to appeal.  This case has been ongoing since last year and had to be delayed pending the outcomes of a couple of cases where the issue of treating creditors fairly was being looked at,  mainly in connection with the collapse of Lehman Brothers.

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