In Stichting Shell Pensioenfonds v Krys [2014] UKPC 41, the Privy Council has held that where a company was being wound up in a jurisdiction where it was incorporated, and where a foreign creditor had submitted a proof of debt to the liquidators, that creditor had submitted to the jurisdiction of the administering court, and could not bring proceedings in its own jurisdiction with the aim of obtaining priority over other creditors.

The Football League has recently finalised some important changes to its insolvency policy which were approved at an AGM over the summer. These changes could have significant implications for clubs, funders, investors and potential rescuers.

Background – the Football Creditor Rule

The Football Creditor Rule

The approach of the Football League to insolvency has drawn a lot of attention in the press over recent years. Particular attention has been paid to the “Football Creditor Rule”.

On 15 January 2018 Carillion PLC and a number of its subsidiary companies (Carillion) went into liquidation, with the High Court appointing the Official Receiver as liquidator and six partners of PWC as special managers.

Those clients who have contracts with Carillion or who are owed money may find the following guidance useful: