On 10 May 2007, at 10:41, MATTHEW GAYNOR wrote: > IR got their fingers burned a bit with football when Exeter won a > court challenge that football debts were preferential to other > debts, so i think they are quite reluctant to force clubs into > administration as they may well not get anything.
And the Revenue also are adamant that they DO NOT want another Leicester where the foxes got away with 10p in the pound. The football authorities who are charged with self regulation of the sport are also adamant that their ten point penalty is working - pointing to the low number of teams using the CVA as a way out of debt (however it was created) I predict two things: 1) Footballing debts will continue to be challenged until they are no longer ring fenced - at least one prominent Leeds based commercial lawyer is convinced of this. 2) The taxman will be used as an artifice to control clubs who mismanage their affairs on more and more occassions. Until their is meaningful disclosure legislation for football clubs I fear there will be no major change. Leeds United have collected VAT on behalf of the government and therefore you and me it appears that it hasn't been paid over. OK blair might spend it on pissing about in Iraq but at the end of the day if you or I did that we would be in the dock. Right. Off to France betty _______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist The Leeds List - "where never is heard a discouraging word..."
