I didn't realise insolvency law had changed across the board - I thought HMRC were the preferential creditor apart from football.
I can see why HMRC would be pissed off if they had to give up that privilege themselves, but I can see why it is imperative that football debts are paid as essentially the football league is a private club and if the club going into admin didn't play its debts then it wouldn't be allowed to go back into the club (the golden ticket) and if that happened there is no club. So, HMRC has a point to make to football, I understand their motive, but why does that make Leeds supporters pissed off with Bates? Why does that make Leeds supporters want to write to their MP to investigate what has gone on? I still have no sympathy for HMRC, I have some sympathy for the other little creditors but I still think it is HMRC's doing that they lost out, not Bates. Bates was asking for a payment holiday from HMRC not the other creditors wasn't he? If HMRC didn't have an ulterior motive the little creditors and the taxpayers would have been paid in full, and furthermore we wouldn't have had all the accusations of underhand tactics in the buyback because there wouldn't have been a buyback scenario. Bates may well have gone into admin regardless of HMRC but we will never know will we. > -----Original Message----- > From: [EMAIL PROTECTED] [mailto:leedslist- > [EMAIL PROTECTED] On Behalf Of RickD > Sent: 15 June 2007 20:50 > To: leedslist > Subject: Re: [LU] The inevitable does happen > > ----- Original Message ----- > > Isnt the term 'preferential creditor'? > > Yes that is the term but HMRC are not a preferential creditor. > This is nothing to do with football. It has been like this since the > last > lot of insolvency legislation. > Perhaps this why you don't appear to understand what is going on > between > HMRC and the football authorities. > > > Come on, I thought this was clear? Isnt this the reason HMRC is > pissed > > off > > with football? Because it has to get in line with normal creditors > whilst > > football creditors are preferential? > > Yes this is the reason. You still don't seem to understand though. The > Football creditors are not preferential creditors of the company that > goes > into administration. The football creditors have to be paid by the > NEWCO or > the new owners before the golden share will be reinstated. It is not > the > same thing. > > If the Revenue and the football creditors were on an equal basis then > there > would be no axe for them to grind. Football has artificially created a > situation where the revenue loses and footballers and clubs do not. > HMRC are > no longer willing to accept that arrangement. This does not mean that > all of > the settlement would now go to HMRC and nothing to the other creditors. > > > _______________________________________________ > 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 > Join The Leeds United Supporters Trust at www.lufctrust.org _______________________________________________ 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 Join The Leeds United Supporters Trust at www.lufctrust.org
