HMRC's defence needs a new back four

I'm pleased that HMRC have failed to overturn the Portsmouth CVA as I feel the grounds for objecting to it were wrong, given the effect of the Football Creditors Rule. HMRC should (and indeed is) challenging the FCR separately.

However, the failure to defeat the CVA has cost HMRC (and indirectly us, as taxpayers) £200,000. See the article in Accountancy Age here. Methinks HMRC's defence needs bolstering for the next round!