Goalie66

Interesting how all the positive spin emerges just before matches so that the team can play with confidence haha. Very difficult for a consortium to collectively show cash given the very nature of consortia. In my experience with Consortia you get one dominant party with the cash and others with complementary skills. Anyhow proof of pudding etc will be revealed today. Also on rumours that Chanrai might go down admin route. Only a preferred creditor can iniate that now.That would be HMRC and Gaydamac. Both these parties are unlikely to as HMRC issued the WUO and Gaydamack would lose all the money he is supposedly owed. However, if Chanrai has now converted his loan to equity then he cannot be a preferred creditor, or even if he has not done than that and just exchanged the loan to owning Fratton Park he would still not be a Preferred creditor. So who would pout them in Admin?

breaking news the new South African owner that is heading up the newly formed consortium is .... Hans Zindertill

Steve Peter Reid meant Fantasy football club

no no and no

But lawyers make thier money out of intepretation of the law. Chanrai did have an agreement, in law, as far as I know on his loan whereby, in the case of default of his loan to PCFC then he would receive 90% of the shares in PCFC". This transaction did take place before the winding up order, therefore, there is an argument that the asset ,Fratton Park, was subject to a legally binding agreement not subject to the protection of assets, post winding up order. I agree that if the court does wind up PCFC then what you say would be open to intepretaion as to the Assets that could be disposed by the court appointed liqidator.

Lawyers could gave a field day here but my understanding is that Chanrai secured Fratton Park aginst his loan prior to the winding up order. He ,therefore realised that security when the loan was not repaid. Chanrai is not a director therefore cannot be guilty as stated above. Having said that I would assume his motive for selling Fratton Park is to get his cash out before a WUO and as stated earlier that is where lawyers could have a field day!!

Assumption is that they would then own an asset rather just shed load of debt. So lets say they pay £17 mill for the ground they still have to pay the debts of £50 million or more of which £15 mill are to HMRC by next Monday. Still does not make any business sense as any businessman could buy them for peanuts after Monday if they are only interested in the LAND.

No not necessarily .Only if it affects value of assets( Ie Asset stripping) Investing £30 million in cash would make them solvent.

Agreed what better timing than just before kickoff to get everone thinking they still have hope !!

No the liquidator takes the assets not HMRC, Steve

correct

Agreed. If you are looking anyone it has to be Storrie. He is CEO and his strategy must have been all along to pay off those that would not affect the footballing side of the business. He must have been advised,probably by his CFO, that not paying taxes would catch up with them. If as, he alludes "I do not own the company" I am only following orders then he has failed in his feduciary responsibilities. HMRC are aggressive.They get paid commission on results.They will go after big and small.Storrie must have known this and he gambled on protecting himself and the lolly that goes with PL status and thought he could do a deal with HMRC. which majorly backfired. If I was a Pompey fan,Storrie is your arch villain. Igf he had any intregrity he should have resigned. Instead I hope that the Fraud squad put him berhind bars in the new prison that could be built on Shatton Park.

It does that is why HMRC issued the WUO.Simply stated the consequences of you not paying a company that issues a WUo is that you could go out of business. In any language that makes you the number 1 creditor. PCFC have playedPoker with HMRC and appear to have lost.

Yes and have cleared the debts before the 1st then the WUO would not go ahead assuming that the HMRC accepted the cheque !!

But the point is that HMRC issued the WUO because of the change in the law in 2003.By issuing the WUO they became the de facto creditor.The fact of the matter is that PCFC could not pay,would not pay, cannot ever pay their taxes without an investor coming to the rescue. So HMRC want to make an example of PCFC. They are not interested in getting paid in part but only in full, which we know PCFC cannot do . HMRC would not want to change their prefferred creditor status at the moment in the event that a miracle happened and they got paid .LOL Whethet PCFC goes into Admin or is liquidated HMRC will get 0.They know that any status as a creditor at that point is meaningless. HMRC also know that they cut their future losses once PCFC get wound up and I suspect that is exactly how a Judge will see it too on March 1st.

A Judge,IMO in a case such as this, has to act in the public interest.If as in this case HMRC cannot be paid what they are owed or the SOA demonstrates that PCFC are insolvent that Judge will take 50 seconds to make the decision. The Judge has to deal with facts. If PCFC have not paid all their debts and have no means to do so it does not matter whether it is a Premier League Football club or a Bank. The promise of investment will not wash. Bank guarantees might (unless they were in the Virgin Isles !!!) HMRC will either drop the case (they have been paid in full) EOS (0%) HMRC will ask for further evidence pending investigating SOA (1%) HMRC will ask for WUO to be enforced (99%) Outcome Liquidation

HMRC have preferred creditor status at the moment as they issued the WUO. As only a prefered creditor can now send them into Admin it is unlikely that HMRC would do this as they would lose their preferred creditor status as per the law change in 2003. If they did initiate admin they would be behind football debts. This is what is behind HMRC's agressive stance and IMO they will enforce the liquidation and the Court will have no choice as PCFC are insolvent and if the continued trading are likely to increase liabilities further.

HMRC are not interested in the money but the message it sends to every other football club. They will collect millions more now from those,including football clubs, who see HMRC as an inteest free bank.Hence , even though they are currently a preferred creditor they would not be if Pompey went into admin.Thus as Pompey have little assets HMRC would still get nothing from the winding order and even less under Admin!!!. Net result HMRC will send them into liquidation come March 1st.

Oh no and we thought we got rid of them.From Fratton Faithful..... I had heard that before about Chainrai and that administration could be beneficial to him as he would get the ground and lease back. Well if that is the case and he is to charge £1m a season, I hope that PFC will consider playing their home games at St. Marys and pay half that and leave Chainrai holding the stadium with no tenants.

Crikey that means two things future VAT and NI unpaid or underdeclaration of previous returns.If latter that is fraud.The issue on the first of March is not whetether they will be wound up but how many fraud officers will invade ShattonPark that day !!

Trading while insolvent knowingly is breaking criminal law if you are a Director.You can become personally liable for the debts too as well as end up in jail !!

Administration is where a company can apply to the courts to defer payments to debtors in order to try and rearrange its finances so that all or part of these debtors can be satisfied. In the case of Saints the Directors asked to go into Administration. The court or a major debtor can also request that a company go into administration in order to gain preferrential debtor status. HMRC issued the winding up order to gain preferrential debtor status. Insolvency is where a company cannot meet its creditor obligations and is not solvent ( no cash).If a court decides a company is insolvent it appoints and Administrator to wind up the company immediately and recover any assets to be paid back to the creditors. Normally pennies on the pound. Trading while insolvent is a criminal offence and Directors can be held liable for the cebts. Hope that helps

re: The premier league wont let you go bust....... ... Posts: 524 Hall of Fame Some Pompey fans do understand !! From Fratton Faithful it's not in the Premier League's hands. It is in the hands of the Judge. If they were going to put together a rescue package, the time to do it would have been before the court. and for what it's worth, I think people overestimate both how much damage Pompey going bust will do the brand, and any potential 'domino' effect Outside of Portsmouth, I'm not sure it will have any appreciable impact at all. People will look on aghast for a moment, the way they do with car crashes, then shrug their shoulders and go about their business.... We're not Man Utd. We are a small, provincial club. We are not going to bring the whole edifice crashing down Edit by user 19 Feb 11:09

Love this one from Fratton Faithful. I think we should change the name to Shatton Park !

Te splattered everywhere..brilliant