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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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merrimd

merrimd

Posted
Posted
Without being at all 'in the know' I suspect that in reality HMRC are under a legal duty to maximise the tax return to the exchequer , and all this 'send a message out' stuff is just so much chaff in the wind . Something is always better than nothing , and some kind of messy deal will be reached . Probably something like PFC agreeing to donate most of next seasons 'parachute payment' directly to the taxman .

 

They must also weigh up the likelyhood of the 7.5 mil debt increasing if things are left as they are. They can take the 1.8m now, and give the skates another 2 months to get the rest together, meantime they could have increased the debt by up to 2m, with them still with the same decisions to make. 7.5m debt has now become 7.7m debt.

 

I say cut your losses and run Mr Taxman.

Clapham Saint

Clapham Saint

Posted
Posted
BBC South saying frantic negotiations still ongoing. If no deal is struck today, WUP will be heard at 10.30 tomorrow.

 

Frantic? As in...

 

Storrie: Please.

 

HMRC: No.

 

Storrie: Please.

 

HMRC: No.

 

Storrie: Please.

 

HMRC: No.

 

Storrie: Please.

 

HMRC: No.

 

etc...

Matthew Le God

Matthew Le God

Posted
Posted (edited)
Not sure which court to look in, but I can't see any sign of it yet! http://www.hmcourts-service.gov.uk/cms/courthearings.htm

 

LOOK HERE

 

http://www.hmcourts-service.gov.uk/cms/list_companies_winding.htm

 

It is there under the not before 11:30am bit...

 

22180 /2009 Portsmouth City Football Club Limited

313 /2010 Portsmouth City Football Club Limited

 

Cardiff and Southend also there.

 

22181 /2009 Southend United Football Club Limited (The)

22182 /2009 Cardiff City Football Club Limited

Edited by Matthew Le God
bridge too far

bridge too far

Posted
Posted (edited)
Here it is in the 'Not before 11:30 am' section:

 

"22180 /2009 Portsmouth City Football Club Limited

313 /2010 Portsmouth City Football Club Limited "

 

http://www.hmcourts-service.gov.uk/cms/list_companies_winding.htm

 

Two interesting things I've noticed trawling through the lists:

 

1. Three other sports clubs being heard - Hinckley, Brighton (Rugby) and Southend United.

 

2. Two petitions for Portsmouth.

 

It will be interesting to see if the court treats Portsmouth any differently to the other sports clubs.

 

Oh I missed Cardiff

Edited by bridge too far
I missed Cardiff
pedg

pedg

Posted
Posted
It is there under the not before 11:30am bit...

 

22180 /2009 Portsmouth City Football Club Limited

313 /2010 Portsmouth City Football Club Limited

 

http://www.hmcourts-service.gov.uk/cms/list_companies_winding.htm

 

Cardiff and Southend also there.

 

22181 /2009 Southend United Football Club Limited (The)

22182 /2009 Cardiff City Football Club Limited

 

Interesting that the 313/2010 is the Grosvenor Basingstoke one. If they have paid this should this have been removed?

Joensuu

Joensuu

Posted
Posted
It is there under the not before 11:30am bit...

 

22180 /2009 Portsmouth City Football Club Limited

313 /2010 Portsmouth City Football Club Limited

 

http://www.hmcourts-service.gov.uk/cms/list_companies_winding.htm

 

Cheers MLG, just found it (see above).

 

Interestingly the two cases immediately after the Pompey ones are:

 

22181 /2009 Southend United Football Club Limited (The)

22182 /2009 Cardiff City Football Club Limited

 

Looks like they have grouped them together (why? raised at the same time? or perhaps to be overseen by the same Judge?)... But anyhow, both of those cases have been dismissed I think:

 

Cardiff: http://www.cardiffcityfc.co.uk/page/NewsDetail/0,,10335~1906615,00.html

 

Southend: http://www.guardian.co.uk/football/2009/nov/09/southend-united-avoid-winding-up-order

Foxstone

Foxstone

Posted
Posted
LOOK HERE

 

http://www.hmcourts-service.gov.uk/cms/list_companies_winding.htm

 

It is there under the not before 11:30am bit...

 

22180 /2009 Portsmouth City Football Club Limited

313 /2010 Portsmouth City Football Club Limited

 

Cardiff and Southend also there.

 

22181 /2009 Southend United Football Club Limited (The)

22182 /2009 Cardiff City Football Club Limited

 

Then realistically, they have until 4-30 this afternoon to schmooze the revenue otherwise they are in tomorrow!

hutch

hutch

Posted
Posted

Interesting. 2 references. The ../2009 is obviously the WUP from December. The ../2010 looks like the appeal on the January attempt to have the WUP thrown out on a technicality.

 

Busy boys tonight. Must be why there are so many tickets left for their match.

Weston Saint

Weston Saint

Posted
Posted

22180 /2009 Portsmouth City Football Club Limited

313 /2010 Portsmouth City Football Club Limited

22181 /2009 Southend United Football Club Limited (The)

22182 /2009 Cardiff City Football Club Limited

 

Could be an interesting day. Before REGISTRAR DERRETT

bridge too far

bridge too far

Posted
Posted
Cheers MLG, just found it (see above).

 

Interestingly the two cases immediately after the Pompey ones are:

 

22181 /2009 Southend United Football Club Limited (The)

22182 /2009 Cardiff City Football Club Limited

 

Looks like they have grouped them together (why? raised at the same time? or perhaps to be overseen by the same Judge?)... But anyhow, both of those cases have been dismissed I think:

 

Cardiff: http://www.cardiffcityfc.co.uk/page/NewsDetail/0,,10335~1906615,00.html

 

Southend: http://www.guardian.co.uk/football/2009/nov/09/southend-united-avoid-winding-up-order

 

Cardiff have reached 'an amicable settlement' and Southend have paid up in full.

hutch

hutch

Posted
Posted

It's Mrs. Registrar Derrett. And she's got form:

 

MOVES TO RESCIND KINGS LYNN FC WINDING UP ORDER ABANDONED

 

King's Lynn FC's future looks bleak following moves at London’s High Court this morning. An application to lift the winding up order made against the club last month was today abandoned at the eleventh hour.

 

A hearing was scheduled this morning in which Timothy Coates and Michael Chinn were to apply to Mr Registrar Simmonds to rescind the winding up order made against the Unibond League side by Mrs Registrar Derrett on 25 November, over £65,000 of unpaid taxes.

 

However, counsel for Her Majesty's Revenue and Customs, Catherine Addy, told the court that a letter had been received from Mr Coates' and Mr Chinn's solicitors confirming that they are withdrawing their application.

 

She said that the two men were not represented in court, with a view to minimising legal costs.

 

In response, Mr Registrar Simmonds said: "Right, application dismissed."

 

He ordered the two men to pay HMRC's legal costs of £250, to be paid within 14 days.

 

At last month's hearing, Mrs Registrar Derrett resisted the pleas of club chairman Ken Bobbins for one more chance to pay the debt, which at the previous hearing in October stood at £65,209.

 

She granted a request by Her Majesty's Revenue and Customs to make the "usual compulsory order" winding up the club, finding that it is "woefully insolvent".

 

The winding-up order which she made, and which remains in force following today's hearing, effectively hands over the club's affairs to an Official Receiver.

 

His job is to do his best to ensure that debts are paid off by selling any assets available and then bringing business to a close.

$$$

$$$

Posted
Posted

Meeting is running last so I’ve come up with this while wasting time, needs a bit of work :D

 

To the tune of Sunny Afternoon

 

The taxman’s taken all their dough

And they’ve remortgaged their ****hole

All they’ve got ‘s that pikey with a bell

 

And they can’t pay their bills

Website down, canteen cupboards unfilled

All they’ve got ‘s that pikey with a bell

 

Someone please put the skates out of their misery

They’ve got a space waiting for them in the blue square league

 

And we’d love to live so pleasantly

With the skates below us in the league

As long as they take that pikey with a bell

Pikey with a bell

Pikey with a bell

hutch

hutch

Posted
Posted

But, it seems Mrs. Registrar Derrett is capable of leaning both ways:

 

Chester City FC

 

Chester City FC handed winding-up reprieve – the full story

Jan 28 2010 Chester Chronicle

 

THE Blues have six weeks to pay off the debts that threaten their very existence.

 

HM Revenue & Customs wanted to wind-up the cash-strapped club at the High Court in London yesterday.

 

But City were given until March 10 to finalise proposals for a Company Voluntary Arrangement (CVA) aimed at enabling the club to clear its debts – £26,125 of which is owed to the taxman.

 

Lawyers for Chester said they are proposing a CVA that will allow the club’s creditors to receive 92p in the pound.

 

Registrar Derrett’s decision to give City – who entered and came out of administration last summer – 42 more days went against the wishes of HMRC, whose lawyers argued: “This is the successor company to the previous incarnation of the football club which previously went into administration with large debts outstanding.

 

“It seems that second time around it is failing.”

 

The hearing, which lasted about four minutes, came two days after the Blues were put up for sale for £1.

 

Owner Stephen Vaughan Junior is willing to sell-up for the knock-down price on the condition the successful purchaser takes over all of the club’s debts.

 

Mike Blood, of Manchester-based legal firm Brabners Chaffe Street, has been instructed to handle the potential sale.

 

Former Chester director Paul Baker is one of a group of local businessmen to have shown an interest in entering the due diligence process, while official supporters group, City Fans United (CFU), have been approached via a text message seemingly sent from the phone of Stephen Vaughan Snr – father of Stephen Jnr and former owner and chairman of the Blues.

 

A CFU statement, released on Monday, read: “City Fans United can confirm that earlier this afternoon we received a text message from Stephen Vaughan Snr’s mobile phone as follows: ‘£1 for 100% shareholding. u pay all outstanding creditors. Stephen Vaughan junior’.”

 

The Football Conference is keen to arrange a meeting with Chester’s powers-that-be after the club snubbed their request to send senior decision-making officials to the league’s scheduled EGM at Hinckley United FC last Thursday.

 

“We wanted to meet the club last week to find out how they were going to tackle the hearing and how they are proposing to continue,” said Conference general manager Dennis Strudwick, who learned of the outcome of the High Court hearing from The Chronicle yesterday afternoon. “But sadly insufficient people from the club turned up.

 

“We were very disappointed, but now that the hearing has passed, we will be suggesting another meeting to find out how they are going to proceed from here.”

 

Several other stricken sports clubs had their cases heard at the High Court yesterday. Joining the Blues – listed under the company name Chester City FC 2004 Ltd – on the winding-up list were Crystal Palace and Burscough football clubs, along with rugby league teams Wakefield Trinity and Keighley Cougars.

 

Managerless Chester welcome Julian Dicks’ Grays Athletic to the Deva Stadium on Saturday for a Blue Square Premier basement battle (3pm). Captain Tim Ryan serves the final game of his suspension.

 

The match is the first since the CFU announced an official boycott of all City home matches until there is a change in ownership of the club.

 

 

And it seems she doesn't hang around listening to waffle. Storrie can have the day off.

Chez

Chez

Posted
Posted
They must also weigh up the likelyhood of the 7.5 mil debt increasing if things are left as they are. They can take the 1.8m now, and give the skates another 2 months to get the rest together, meantime they could have increased the debt by up to 2m, with them still with the same decisions to make. 7.5m debt has now become 7.7m debt.

 

I say cut your losses and run Mr Taxman.

 

depends if you see future tax revenue as a good thing or not. I mean if they put them out of business thats one less company paying tax. I doubt the HMRC actually want this. Any future tax is better than nothing.

BTW Saint

BTW Saint

Posted
Posted

Companies Court Winding Up List 10 February 2010

Posted by Moe Nawaz

 

 

 

It is emphasised that the following list is provisional and subject to change until 4.30pm. Any alterations after this time will be telephoned or emailed direct to the parties or their legal representatives.

 

THE DAILY LIST

COMPANIES COURT

 

Court 56

 

Fifth Floor

Thomas More Building

 

Before

 

REGISTRAR DERRETT

 

on

 

Wednesday 10 February 2010

 

ROBED

 

at

 

 

10:30 am

 

Many listings and then........

 

 

Not before 11:30 am

 

Many small listings then....

 

For a Company Credit Search Click This

OR

Search Companies House Data

 

22180 /2009 Portsmouth City Football Club Limited

313 /2010 Portsmouth City Football Club Limited

22181 /2009 Southend United Football Club Limited (The)

22182 /2009 Cardiff City Football Club Limited

 

 

For a Company Credit Search Click This

OR

 

 

All three together.

Barfy

Barfy

Posted
Posted

I apologise if this has been posted before, but I was looking at PCFC accounts with a Pompey fan at work:

 

Year ending Net Assets/(Liabilities)

31/5/2000 £86,000

31/5/2001 (£651,000)

31/5/2002 (£890,000)

31/5/2003 (£14,112,000)

31/5/2004 (£17,668,000)

31/5/2005 (£12,304,000)

31/5/2006 (£20,763,000)

31/5/2007 (£45,118,000)

31/5/2008 (£73,736,000)

 

I know they have reduced their debts since then but still... :smt119

Saint Keith

Saint Keith

Posted
Posted

that chester article is a bit of a red herring. i think they were already in administration, and looking to finalise a CVA agreement. pompey have not gone this route yet

 

more importantly, chester were offering creditors 92% of what they were owed, which is a huge amount, and barley insolvent. also the revenue debt was only £26k

 

there is no way pompey could offer 92% to their creditors, where the fook would they be getting circa £57million from?

Gemmel

Gemmel

Posted
Posted

Well something isnt going to plan.

 

How long does it take to agree something both sides are happy with.

 

I'm going for a long shot ......admin by 9.00am tomorrow morning

saintds

saintds

Posted
Posted (edited)
Here it is in the 'Not before 11:30 am' section:

 

"22180 /2009 Portsmouth City Football Club Limited

313 /2010 Portsmouth City Football Club Limited "

 

http://www.hmcourts-service.gov.uk/cms/list_companies_winding.htm

 

Holy crap. That's alot of WUPs for one day! I say that having never previously considered what would be a reasonable amount.

 

I see Skatesville aren't the only football club being considered, with Hinkley Utd (of the Blue Sq North) also making an appearance.

 

Edit: and there's me thinking I was being ultra observant :rolleyes:

Edited by saintds
Matthew Le God

Matthew Le God

Posted
Posted
Holy crap. That's alot of WUPs for one day! I say that having never previously considered what would be a reasonable amount.

 

Most are dealt with in literally a minute or two of court time. It is very quick.

Clapham Saint

Clapham Saint

Posted
Posted
depends if you see future tax revenue as a good thing or not. I mean if they put them out of business thats one less company paying tax. I doubt the HMRC actually want this. Any future tax is better than nothing.

 

They aren't paying any tax at the moment regardless.

 

If the players go to other clubs then the other clubs will (hopefully) pay the tax due.

Doctoroncall

Doctoroncall

Posted
Posted
I think they have cottoned onto my Guy Askham guise. Time for a name change.

 

I've sent in two but no replies yet.

 

Interesting he says the Prince buyout link is genuine.... !!!

stevegrant

stevegrant

Posted
Posted
They aren't paying any tax at the moment regardless.

 

If the players go to other clubs then the other clubs will (hopefully) pay the tax due.

Would they attempt to claim backdated PAYE/NI from the players' new clubs then? I don't see how they'd be able to enforce that...

Clapham Saint

Clapham Saint

Posted
Posted
I apologise if this has been posted before, but I was looking at PCFC accounts with a Pompey fan at work:

 

Year ending Net Assets/(Liabilities)

31/5/2000 £86,000

31/5/2001 (£651,000)

31/5/2002 (£890,000)

31/5/2003 (£14,112,000)

31/5/2004 (£17,668,000)

31/5/2005 (£12,304,000)

31/5/2006 (£20,763,000)

31/5/2007 (£45,118,000)

31/5/2008 (£73,736,000)

 

I know they have reduced their debts since then but still... :smt119

 

I'm sure that most would know this already but just in case...

 

Net Assets/(Liabilities) doesn't refer to their debts.

 

It is the amount that their liabilities are HIGHER than the value of their assets.

St Marco

St Marco

Posted
Posted

Well and hour or so to go then.

 

Interesting that the judge is the same one who has dealt with (and in some cases killed) other football club cases.

 

I wonder if she will be lenient when Storie and his renegades take to the stand.

 

"i see your up for tax evasion Mr Storie"

 

"it was my idea to go up before a judge for tax evasion, i figured why should Harry have all the fun?"

OldNick

OldNick

Posted
Posted
You boyz is proper nawty, spoiling their nice chat like that :-)
their reporter thinks the Arab is still after them Phil.Lets hope the 3rd one doesnt ruin the fun
Lord Duckhunter

Lord Duckhunter

Posted
Posted

HMRC have got themselves into this mess with their lenient treatment of football clubs over the years. Had they treated them as any other business then a couple may have gone belly up, but Poorsmouth would have done everything in their power to settle this. The fact they didn't conduct a completet fire sale and end up with frees and youth players ala Weymouth, shows IMHO that they think they can wriggle out of it.

 

Had the options been liquadation or taking the chance of finding a buyer in the CCC, they would have coughed up. By past actions, the revenue have indicated there is a third option. Settle a small % of the bill, restructure payments and try to get taken over, or by some miracle stay up, with a poor side. The fact that Wolves, Burnley and Hull are awful sides, makes this option pretty attractive.

 

Forget that it's Poorsmouth, but this has to stop. Burnley, and Wolves paid their tax bills. By not paying theirs Poorsmouth, have gained an advantage over them.

Channon's Sideburns

Channon's Sideburns

Posted
Posted

'And what about Southampton's clash? Oh that's right, no-one cares.

 

Thanks for all your comments and here's to a positive week for our club for once.'

 

That reporter is a co(k.

 

Yeah right no-one cares, so why mention it kn0bhead.

 

Pompey Pompey no-one cares..

If you stay or go

Gambled with your future

Massaged by a Ho

 

Ignore the rules

Of this fine land

You gotta pay the price

You've got no god given right..

 

CAUSE THE FUTURE'S RED AND WHITE

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