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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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Guided Missile

Guided Missile

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

The invalidation of dispositions of an insolvent’s assets after the date of presentation of a winding-up petition or a petition for bankruptcy is designed to prevent the directors of a company or the bankrupt, when insolvency proceedings are imminent, from disposing of the assets to the prejudice of the creditors and to preserve those assets for the benefit of the general body of creditors.

Goalie66

Goalie66

Posted
Posted
The invalidation of dispositions of an insolvent’s assets after the date of presentation of a winding-up petition or a petition for bankruptcy is designed to prevent the directors of a company or the bankrupt, when insolvency proceedings are imminent, from disposing of the assets to the prejudice of the creditors and to preserve those assets for the benefit of the general body of creditors.

 

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!!

Guided Missile

Guided Missile

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

My posts above were cut and pasted from the UK Governments Insolvency Website. They confirm that you and Portsmouth are wrong, as whatever the value of the asset, the sum realised, whether a fair value or not, may benefit one particular creditor over another, i.e. Chanrai, in this case.

I would have thought that whether he is a secured or preferred creditor, or not and whether he ranks ahead of HMRC, is a question for the court, not the board of a bankrupt football club to decide.

IF the court has not approved the disposal of Fratton Park, I think the transaction will be voided until a receiver/liquidator is appointed and whoever approved the sale of Fratton Park on behalf of the club could be in the sh !t...

Goalie66

Goalie66

Posted
Posted
My posts above were cut and pasted from the UK Governments Insolvency Website. They confirm that you and Portsmouth are wrong, as whatever the value of the asset, the sum realised, whether a fair value or not, may benefit one particular creditor over another, i.e. Chanrai, in this case.

I would have thought that whether he is a secured or preferred creditor, or not and whether he ranks ahead of HMRC, is a question for the court, not the board of a bankrupt football club to decide.

IF the court has not approved the disposal of Fratton Park, I think the transaction will be voided until a receiver/liquidator is appointed and whoever approved the sale of Fratton Park on behalf of the club could be in the sh !t...

 

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.

dubai_phil

dubai_phil

Posted
Posted
the jammy ****s have scored

 

Of course they did.

 

This has to keep going on and on and on. It can't be all over in just a few days, there's months of fun left yet.

 

Remember what happened to us and what hurt us the most - wasn't the doom, it was the hope that kills you and ours lastest 3 LONG slow painful YEARS

dune

dune

Posted
Posted
Just put £3 on it being a draw at h/t @7/1. C'mon Stoke.

 

correction, i tried to place the bet, but it hasn't regsietered so £3 saved. Happy days.

Just a Fan

Just a Fan

Posted
Posted

So Chanrai has bought the land from Gaydamak, actually given him the money for it. I don't understand why that is. Has poopey somehow got hold of some money to pay of the taxman, or is it just that there's another consortium coming in on Monday? If Chanrai has paid off gaydamak without any money coming in for poopey, then surely he's just lost 10 mil. I don't understand.

CB Saint

CB Saint

Posted
Posted

What really gets up my nose is they were allowed to resign O hara and he is one of their best players. I can imagine the conversation now.

 

Storrie: Go on Harry lend us O Hara.

Twitcher: Nah, you won't pay us

Storrie: I'll shred those secret files if you do

Twitcher: He'll be with you within the hour

Gingeletiss

Gingeletiss

Posted
Posted
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!!

 

Again, I stand to be corrected, but the WO was presented to the court before Chairai came on the scene, my take is, that it is at that point the clock stops, not when they go to court. Again, I stand to be corrected.

S-Clarke

S-Clarke

Posted
Posted
17,208 for potentially their last ever home match. Greatest fans in the world eh!

 

according to everyone they are.

 

i wish the media would STFU about it tbh....does my tits in.

Wilko

Wilko

Posted
Posted

It's clear to me that all the spare seats are in the away end, just like all the other non-sell outs over the past five years. They're so amazing. The football world is losing a great bunch of blokes. Really, it is.

dune

dune

Posted
Posted
I cannot for the life of me understand why some of you are watching the Skates.

 

You need to get over your strange obsessions.

 

You need to get off our thread.

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