Goalie66

They would not still be in the FA Cup if they had't. Anyhow Palace went into admin several days before their Winding Up order and appear to not have the choatic mess of PCFC.

Just to clarify Admin can only happen befor Wednesday.If they go that route then they COULD forget to apply to the FA to continue in the Cup.I realise that if the Winding up order is successful then they are dead, finito.

Please remember that HMRC have to agree to accept any deal and that payment be made before Wednesday. I do not think HMRC are in any mood for a deal and what to use this case as both a warning and cope de gras to Football in general.

If Pompey go into Admin then they have to submit in writing a request to still stay in the FA Cup according to FA Rules. Then and it is discretionery by the FA can they play. Given the chaos at Fratton Park I just wander they might forget !!! Now that would be ironic

Yep

Good question. Short answer is that they cannot out of predicted cashflow.unless the tooth fairy comes tonight !!!!

As a Footbal Club I would like them to survive and I think that whatever happens there will be a footbal club in Portsmouth as Wimbledon have demonstrtaed albeit under different circumstances. As a Ltd company I would say that the odds are 90% liquidation as the Admin route assumes there are saleable assets that can be realised as a going concern. They have none. If their current management think that they can still avoid relegation and hence not enter admin then they are betting their future on being allowed time by the Court on Wednesday. They will lose and be IMMEDIATELY liquidated. Hence no game Saturday. That my friends is what will happen

Excellent piece I think many people do not realise that LIKELY outcome is that PCFC will be wound up..That is why I have not bought a ticket for the game on Saturday as I do not think it will happen

Not if they cannot proove they are a going concern, which they are not.They could get wound up the same day. Plymouth and Notts County owed HMRC under a million and could demonstate the means of repayment. PCFC owe over £7million.Kings Lyn owed £250,000 but could not pay that on the day they went to court and were liquidated the same day as the hearing. The only way PCFC can survive is to pay their debt next Wednesday. EOS

My fear is that we do have quality but no tactical brains on or off the pitch to adapt to the opposition. Simply put we are not doing our homework and imposing that supposed superority. Against both Brentford and Stockport there was a lack of hunger to dominate and it sounds the same today. We all know that it is a team game and that the engine room or midfield will be where we will dominate a game. Lallana and Sneiderlein are not robust enough to adapt their game to the conditions yet because they are still learning. We still need a midfield general to fight and distribute aka Div 1 equivalent of Ball or Case to gel together these talents. the MK Dons game is a bigger game than Saturday IMO as we need to play well ,build confidence as wellas have a purpose until the end of March if the play offs are a steo to far this season. Alo I dont think PCFC will be around come Wednesday !!

My understanding is that once a winding up petition is issued bank accounts are frozen and pending the order to wind all actions by the Directors to increase the debt or liability is Retospective to the date of the ISSUE of the Winding up order. Chanrai has either got to pay up or PCFC will be liquidated next Wednesday.

Listening on the radio we sounded poor and tactically we appear to have got it wrong...again.

Taken from Coper Matthews web site The three main effects of Winding Up a company There are three main areas that company directors need to be aware of: 1.Freezing of Company Bank Accounts and Assets Under section 127(1) of the Insolvency Act 1986, if a company is wound up, any sale of the company's property, any transfer of shares, or any alteration in the status of the company's shareholders, made after the commencement of the winding-up is void, unless otherwise ordered by the court. This means that it is very difficult for a company to continue to trade after a winding up petition is issued. 2.Director Investigation Once a company has been ordered to be wound up by the court, the appointed liquidator must investigate the activities of the company directors to ensure that they have acted properly and according to their legal duties. If the liquidator believes that the directors are guilty of wrongful trading they may recommend that the directors are banned from all current and future directorships for a period of time. This is commonly known as striking off. 3.Directors personal liability for company debts If company directors are found guilty of continuing to allow a business to trade while insolvent, they may become personally liable for the debts incurred by the company from the time they knew the business was insolvent. Therefore my interpretation of this would be: Chanrais take over would be null and void as in effect he is just another creditor. Jacobs are Storrie would lose entitlement to become Directors Storrie could well be PERSONALLY liable for the debts as CEO of PCFC....unless someone pays the 7.5 million + to HMRC and Grosvenor next Wednesday. It is too late for PCFC to enter Administartion as it is pay up or be liquidated. Am I correct?

Agree that wins today and against Plastic FC are crucial. I still do not think the Pompey game will happen but even it does there will probably be at least 4 players from these two games who will not feature in the Fa Cup and win or lose against Pompey is nowhere as important as points subsequently againsyt Norwich and Wycombe

As of 8.30am on the official website of PCFC. Owner: Balram Chainrai Non-Executive Chairman: Sulaiman Al Fahim Chief Executive Officer: Peter Storrie Executive Director: Mark Jacob Club Secretary: Paul Weld No Trust fund , no company.. My friends HE is liable for the debt !!!

I think the question was WE (Saints) rather than you !!!

If Gadamuck is reluctant become a prefferred creditor and is still owed his money for his shares in PCFC then in most trade sales his lawyer would have insisted on a contigency for non-payment. Bank guarantees are not uncommon as are rights to have the shares returned for any unpaid portion. As we all know Poopey have no realisable assets rendering these share worthless. However, I agreee with many of the threads that someting totally currupt appears to be happening with Changbuy and Gadamuck that certainly is very , very suspicious. Also let us not forget that all those businessses that HAVE NOT been paid from local suppliers to other Football teams, PCFC have kept the cash from that VAT whilst not paying HMRC. VAT is paid every three months and I bet if you looked at their books a lot of transactions would be recorded to have maximised that additional income without again without any intention to repay. Also I wonder what their current VAT is and the interest on the overdue amounts. I hope the Judge next week can leave aside the high profile name and let justice be done. After all if they do not pay their taxes everyone ends up subsidising such corrupt buusinesses. Whilst I have every sympathy for genuine fans of any club, the law is the law.

National debt Pursuit Office 2nd Floor Princess House Cliftonville Road Northampton NN1 5AE 01604 731680

I thought there are two companies with a winding up order and not just HMRC. Will they get the extension? PCFC Statement Balram Chainrai has exercised a clause in the security arrangement with Falcondrone Ltd to take a controlling interest in Portsmouth Football Club. Mr Chainrai wishes to stabilise the club’s situation until new owners for the club are found. The security arrangement with Falcondrone Ltd is based on documents drawn up by Fuglers law firm as part of the original draw down of the loan, depositing with Mr Chainrai the original share certificate and a signed but undated share transfer in favour of Mr Chainrai, which could be dated and exercised in the event of default on the terms of the loan agreement. Peter Storrie continues as the chief executive officer of the club and continues to run the club. Meanwhile new owners are being found for the long-term future of the club. The club will now apply to HMRC to adjourn next week's winding-up hearing to allow time for the club to be stabilised and new owners found. New directors will be appointed to the board and Daniel Azougy will no longer be involved with any part of the club. The importance and priority is to stabilise the business and give the players, staff and fans of Portsmouth FC confidence that the club will go forward

No they got the "tin" deal No updates No money No team

taken today from Pompey official website 7 hours after their latest takeover.. Owner: Ali Al Faraj Non-Executive Chairman: Sulaiman Al Fahim Chief Executive Officer: Peter Storrie Executive Director: Mark Jacob Club Secretary: Paul Weld

Notice that there is nothing OFFICIALLY announced about any takeover on the OFFICIAL Pompey web site. I wonder why?

Case of Non Defacandum Porterundum

If I was a creditor to PCFC I would get my winding up order in now as Chanrai has the money to pay it. If he does not clear the debts then liquidation beckons. Having said that this whole thing stinks and I hope the fraud squad put the lot behind bars

If Chanrai negotiated with last owners his lien on the loan AFTER the Winding Up Order would that not invalidate that agreement as it could be construed as nothing more than leveraging preferred creditor status?