Overview
UK finance partner Mark Fine was quoted in the May edition of Global Turnaround regarding the Great Annual Savings’ (GAS) restructuring plan, which was rejected by the UK High Court due to HMRC concerns.
Mr Justice Adam Johnson ultimately concluded that GAS had not shown that UK tax authority His Majesty’s Revenue & Customs (HMRC) would not be any worse off under the plan, adding that even had it done so, he would have declined in his discretion to sanction it, finding the plan unfair.
Global Turnaround, JFW Media Ltd is the leading source of market intelligence for the restructuring and bankruptcy industry and is read in over 70 countries. To find out more, go to www.globalturnaround.com.
