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R3 comments on Football League insolvency rules PDF Print E-mail
Wednesday, 10 June 2015

In response to the Football League changing its rules on insolvencies, Andrew Tate, vice-president of R3, the insolvency trade body, says:

“We are delighted that the Football League has taken on board our recommendations. The insolvency profession has been calling for a better deal for unsecured creditors in football insolvencies for some time. Non-football creditors should not be left empty-handed, and the fact that they often ended up in this position thanks to the Football Creditors Rule has been addressed in a manner which recognises the inequality of the Rule when compared with the objectives of the UK’s insolvency regime.”

“It’s also welcome that clubs will no longer be required to undertake a CVA. This should shorten the time need by an insolvency practitioner to rescue a club, saving costs for creditors and shortening the period of uncertainty over a club’s future.”

R3’s proposals for changing football insolvencies can be found at https://www.r3.org.uk/media/documents/policy/policy_papers/corporate_insolvency/R3_Football_finance_briefing_%282014%29.pdf

(Source - R3 Media Statement)
  

 
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