Portsmouth Admin

[6ft Kerplunk]

So, now Portsmouth are making up debt so they don't have to pay as much to people and in theory don't lose as much money?

No, they're making up debt so that their 'friendly' creditors have more than 75% of the debt meaning they can push a CVA through against HMRC's wishes.

[weybridgewanderer]

http://www.skysports.com/story/0,19528,11701_6107028,00.html

Pompey owe Spurs one million for Begovic, despite the fact he never played for them....Storrie's really oxf*rd them over

or pompie don;t really owe them anything, but if they add them to the list of creditors it is a friendly vote in favour of their CVA

[cmonurz]

It is utterly disgraceful how a club in this much financial mess

is allowed to carry on trading
is not liquidated and wound up immediately
was still allowed to bring players in in January, albeit on loan

This, 100%.

It's terrible for the fans, but Portsmouth FC just doesn't appear to be a viable business, certainly not as a Premier League club, maybe not a league club at all. Incredible really - simply a result of the excesses of a few summers.

Are there examples of non-sporting businesses in this perilous, continued and worsening financial state not being wound up?

[papereyes]

That prick with the bell owed anything?

[soggy biscuit]

That prick with the bell owed anything?

A kick up the c**t

[Silver Fox]

Local school owed 15 grand, classy touch

[buzzby]

Local school owed 15 grand, classy touch

One of Linvoys charities owed aswell.

[T.R.O.L.I.]

School in So'ton owed 41K IIRC - sounds like a private school so wonder if one of the owners decided to send his kids there and then forgot to pay for it

[Silver Fox]

Local school owed 15 grand, classy touch

One of Linvoys charities owed aswell.

Just as long as Sol gets his image rightgs cash though

[TFF]

£2M owed to Peco AG which, according to many messageboards, is a company liquidated 11 years ago.

[The whole year inn]

£2M owed to Peco AG which, according to many messageboards, is a company liquidated 11 years ago.

'kin hell

[PieEater]

I thought it was interesting how they owe Southampton £35k, presumably for the away allocation of tickets they sold for the FA cup but never passed on the money. I wonder if they ever got their share of gate receipts from Southampton.

[Barry the bird boggler]

£2M owed to Peco AG which, according to many messageboards, is a company liquidated 11 years ago.

'kin hell

Surely if that doesn't attract the attention of plod nothing will...

[rhroyal]

I really hope they get what they deserve. Hospital services, schools, the government and council. Public services being offered between 20-23p for £1 debt. They've screwed this up so badly, 108% or revenue on wages! Liquidate them, squeeze as much value for their creditors as possible. Only a football club could make such a mess and survive to tell the tale. Well, banks could too but I can at least understand the reasons for letting them go on.

[wolsey]

An interesting comment from Portsmouth Fansonline:

The most damaging criticism of Andronikou is within a High Court ruling in December 2008. An appeal judge overturned an attempt by Shami Ahmed, the founder of Joe Bloggs, the clothing company, to avoid bankruptcy through an individual voluntary arrangement (IVA) handled by Andronikou.
HMRC and a spread-betting firm then known as Tradindex had opposed the IVA, which needed approval from three-quarters of Ahmed’s creditors. The fashion boss had run up more than £4m in gambling debts. But the IVA was successful because Andronikou had accepted the validity of £8m in alleged loans to Ahmed from members of his family, thereby making them creditors and giving them a vote on the IVA.
At an appeal by Tradindex, the judge took a different view and disallowed £5m of these family loans, thereby overturning Ahmed’s IVA, and he was forced into bankruptcy.
The judgment said: “Mr Andronikou’s conduct in these proceedings, particularly in relation to evidence filed by him on behalf [of Ahmed and his family], was manifestly inappropriate.” The judge also found that Andronikou “did fail to meet the standard to be expected of a reasonably competent insolvency practitioner”.


He is doing it again,to get the CVA.
Ramping up the debt figure so that HMRC are maginalised therefore cannot veto the CVA.
Even in admin your club is rotton to the core.
Cheats.

[6ft Kerplunk]

Do agents get included in the 'football creditors' or are they unsecured creditors? Can't see Storrie listed as a creditor, how legal was it for him to keep paying himself in full whilst not paying anyone else?

[PieEater]

I guess agents agents are unsecured, maybe Storrie has some front company to get his piece of the pie.

[TFF]

http://www.skysports.com/story/0,19528, ... 14,00.html

"The FA and Premier League have confirmed to the administrators of Portsmouth Football Club that they shall not consider any late application for granting of a Uefa Club Licence for the 2010-11 season."

The decision means that the team who finish seventh in the Premier League - currently LOLiverpool - would play in the Europa League instead.

[rhroyal]

The thing that annoys me most about Pompey has been their behaviour like a petulant little kid. They broke the rules, they're being punished. You'd expect adults to accept that, but instead you hear Grant saying "The point deduction isn't fair, survival should be decided on the pitch." or now this application to play in Europe when the rules clearly state they can't. They'll say this is unfair too.

Do you know what is unfair? Clubs succeeding at the expense of others with players they could never afford to buy or pay. Now shut the oxf*rd up.

[Barry the bird boggler]

An interesting comment from Portsmouth Fansonline:

The most damaging criticism of Andronikou is within a High Court ruling in December 2008. An appeal judge overturned an attempt by Shami Ahmed, the founder of Joe Bloggs, the clothing company, to avoid bankruptcy through an individual voluntary arrangement (IVA) handled by Andronikou.
HMRC and a spread-betting firm then known as Tradindex had opposed the IVA, which needed approval from three-quarters of Ahmed’s creditors. The fashion boss had run up more than £4m in gambling debts. But the IVA was successful because Andronikou had accepted the validity of £8m in alleged loans to Ahmed from members of his family, thereby making them creditors and giving them a vote on the IVA.
At an appeal by Tradindex, the judge took a different view and disallowed £5m of these family loans, thereby overturning Ahmed’s IVA, and he was forced into bankruptcy.
The judgment said: “Mr Andronikou’s conduct in these proceedings, particularly in relation to evidence filed by him on behalf [of Ahmed and his family], was manifestly inappropriate.” The judge also found that Andronikou “did fail to meet the standard to be expected of a reasonably competent insolvency practitioner”.


He is doing it again,to get the CVA.
Ramping up the debt figure so that HMRC are maginalised therefore cannot veto the CVA.
Even in admin your club is rotton to the core.
Cheats.

So at least HRMC will have a good place to start their argument against the CVA then.