Derby going into Administration | Page 8 | Vital Football

Derby going into Administration

Basha73 said:
But that’s still behind football creditors unless something has changed but I didn’t find anything to support that.
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I was just reading that it has changed and HMRC are once again preferential creditors. Not sure where I saw it though.
 
Pearced said:
I was just reading that it has changed and HMRC are once again preferential creditors. Not sure where I saw it though.
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If so that would put them on a par with footballing creditors. It wouldn’t put them first.

Then there are creditors with charges secured…

It’s certainly a mess that they will have to work through.
 
Basha73 said:
Fair enough. Either way Derby are in the more and I can’t see HMRC doing them any favours.
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Football creditors come first followed by HMRC, all of whom must be paid in full by the new owners.

If there is nothing left after the football creditors have been paid, HMRC will liquidate the Company.

The EFL came to an agreement with HMRC after the Rangers New Co fiasco; if a Club default with HMRC an embargo is enforced, and if a club go into administration, the new owner does not get the Golden Share until HMRC have been paid off.

That satisfied HMRCs needs and they withdrew their threat to contest the football creditors having preference ruling in the high court.
 
mao tse tung said:
Football creditors come first followed by HMRC, all of whom must be paid in full by the new owners.

If there is nothing left after the football creditors have been paid, HMRC will liquidate the Company.

The EFL came to an agreement with HMRC after the Rangers New Co fiasco; if a Club default with HMRC an embargo is enforced, and if a club go into administration, the new owner does not get the Golden Share until HMRC have been paid off.

That satisfied HMRCs needs and they withdrew their threat to contest the football creditors having preference ruling in the high court.
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HMRC will end up taking a deal
 
mao tse tung said:
Football creditors come first followed by HMRC, all of whom must be paid in full by the new owners.

If there is nothing left after the football creditors have been paid, HMRC will liquidate the Company.

The EFL came to an agreement with HMRC after the Rangers New Co fiasco; if a Club default with HMRC an embargo is enforced, and if a club go into administration, the new owner does not get the Golden Share until HMRC have been paid off.

That satisfied HMRCs needs and they withdrew their threat to contest the football creditors having preference ruling in the high court.
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Thanks for that, I knew Rangers were involved but wasn’t sure how. And I didn’t think that the preferred credit rule had been overthrown but again wasn’t sure why.

The fun is going to be the people with charges secured. I work with charging orders and in normal bankruptcy etc it is the people with charges that have priority. If that isn’t the case, some big creditors are going to potentially lose out big style.
 
mao tse tung said:
Football creditors come first followed by HMRC, all of whom must be paid in full by the new owners.

If there is nothing left after the football creditors have been paid, HMRC will liquidate the Company.

The EFL came to an agreement with HMRC after the Rangers New Co fiasco; if a Club default with HMRC an embargo is enforced, and if a club go into administration, the new owner does not get the Golden Share until HMRC have been paid off.

That satisfied HMRCs needs and they withdrew their threat to contest the football creditors having preference ruling in the high court.
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The HMRC challenged Exeter in 2012 and lost
 
I see they still owe Arsenal £8m

They are truly fucked. We need to see these fuckers losing a few now. Surely the administrators have now knocked bonuses on the head?
 
Pope John XXIII said:
HMRC will end up taking a deal
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Well, I shall write a strongly worded letter, if that's the case. It's not like the Government have just spunked loads of our money or owt! Why should DCFC get away from contributing!!!

"Dear Mr Echo...
 
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I see Arsenal have allowed Derby to defer transfer payment due for the Polish defender they signed from them. I suppose it was either defer & hope to get the money later or get nothing at all
 
JC21 said:
The HMRC challenged Exeter in 2012 and lost
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Do you have the correct year?

Exeter filed a CVA in 2004 but did not file for full administration, the result of which was the Club being run by the supporters trust.

HMRC filed a test case against the football creditors rule in 2011 which failed; there have been other cases filed by HMRC against EBTs which are a different kettle of fish altogether.

HMRC ended up threatening to take the football authorities to the supreme court to get the agreement over turned, this was around 2019.

HMRC do not have a sure fire case; the implementation of penalties for none payment came into question during the Rangers case; HMRC added something like 25m in penalties on top of what they owed; this was challenged and reduced in court.

I do not know what transpired with HMRCs case in 2019; one would have to assume a deal was reached with the football authorities which meant HMRC are now paid up in full directly after the football creditors have been paid; there is also the new rule which means an embargo is enforced for non payment of taxes which points to a deal being in place.
 
mao tse tung said:
Do you have the correct year?

Exeter filed a CVA in 2004 but did not file for full administration, the result of which was the Club being run by the supporters trust.

HMRC filed a test case against the football creditors rule in 2011 which failed; there have been other cases filed by HMRC against EBTs which are a different kettle of fish altogether.

HMRC ended up threatening to take the football authorities to the supreme court to get the agreement over turned, this was around 2019.

HMRC do not have a sure fire case; the implementation of penalties for none payment came into question during the Rangers case; HMRC added something like 25m in penalties on top of what they owed; this was challenged and reduced in court.

I do not know what transpired with HMRCs case in 2019; one would have to assume a deal was reached with the football authorities which meant HMRC are now paid up in full directly after the football creditors have been paid; there is also the new rule which means an embargo is enforced for non payment of taxes which points to a deal being in place.
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I'm not 100% sure, it was something I read a couple of weeks ago. I'll try and find it again
 
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