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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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bridge too far

bridge too far

Posted
Posted
I am with nickh on this one......The evidence was overwhelming and should have resulted in a closure of PFC......sOMETHING OR SOMEONE AT THAT COURT CASE WAS HAD OVER..sOMETHING SMELLS..

 

But it wasn't at the time, was it.

 

Vantis can only report on the information given to them at the time. The fact that significant further debt has become apparent is either due to poor record keeping by the club or to 'creative accounting'.

 

Vantis couldn't report on what they didn't know.

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Gingeletiss

Gingeletiss

Posted
Posted
I think that it's pretty fair to assume that info was hidden from Vantis at the time they created the SOA to paint a better picture than the one which has come into the public domain over the past week or so. I'd like to suggest that this is fraudulent behavior by the directors of PartSmurf.

 

This is my take on things. It was the registrar who called for the S of A. I'm led to believe, that this is binding in law, and all debts generated after this, are deemed illegal. Portsmouth appointed AA, when then were put into admin by Chainrai who claimed secured creditor status. Whilst HMRC agreed, they had a little proviso added to the court order, reserving the right to challenge that status.

 

Thus it is my belief, that there is still a sh1t storm waiting to happen, I believe that HMRC are playing the long game, and giving this muppet lots of rope in which to hang himself. Also relevant IMHO, are the ongoing court cases against previous officers of PCFC, these may yet come back and bite the 'new' owners on the rear end.

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OldNick

OldNick

Posted
Posted
This is my take on things. It was the registrar who called for the S of A. I'm led to believe, that this is binding in law, and all debts generated after this, are deemed illegal. Portsmouth appoint AA, when then were put into admin by Chainrai who claimed secured creditor status. Whilst HMRC agreed, they had a little proviso added to the court order, reserving the right to challenge that status.

 

Thus it is my belief, that there is still a sh1t storm waiting to happen, I believe that HMRC are playing the long game, and giving this muppet lots of rope in which to hang himself. Also relevant IMHO, are the ongoing court cases against previous officers of PCFC, these may yet come back and bite the 'new' owners on the rear end.

The Guardian's piece today stating that the HMRC will only go after them if they think there is a good chance of winning. With the state purse empty and the Revenue stretched I suspect the managers will be loathe to spend a lot more on this, sickening i know but
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ottery st mary

ottery st mary

Posted
Posted
But it wasn't at the time, was it.

 

Vantis can only report on the information given to them at the time. The fact that significant further debt has become apparent is either due to poor record keeping by the club or to 'creative accounting'.

 

Vantis couldn't report on what they didn't know.

 

 

I still think it is very FISHY;)

 

PS Reading this forum would have helped AND a few more enquiries at the PFC end...

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Gingeletiss

Gingeletiss

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Posted

Nick,nick,nick, there is more than one way to skin a cat. HMRC are not stupid, they are f ing mad at the ruling that took away their equal share, and since then they have lost a lot of revenue due to clubs playing the admin game. Look around you nick, look at Bournemouth, Southend, Crystal Palace,Notts County etc, they are all trying like mad to get their Ducks set up in a nice little row. Only Portsmouth it seems, feel that they can get away with writing of that amount of tax debt. Do you seriously think that the Government/PL/FA will let that happen without punishment?

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hypochondriac

hypochondriac

Posted
Posted
Nick,nick,nick, there is more than one way to skin a cat. HMRC are not stupid, they are f ing mad at the ruling that took away their equal share, and since then they have lost a lot of revenue due to clubs playing the admin game. Look around you nick, look at Bournemouth, Southend, Crystal Palace,Notts County etc, they are all trying like mad to get their Ducks set up in a nice little row. Only Portsmouth it seems, feel that they can get away with writing of that amount of tax debt. Do you seriously think that the Government/PL/FA will let that happen without punishment?

 

Yep. There is no chance they will let them get away scott free.

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Joensuu

Joensuu

Posted
Posted

 

Loads of bits I wasn't aware of...

 

The following creditors have expressed their interest to form part of the committee: [Creditors Committee]

  • Stade Rennais Football Club
  • HMRC
  • Ocadia Invetsments [NB UHY's spelling not mine!]
  • Mr Perais
  • Players Football Association
  • Capstone Sports/27 Rights
  • RC Lens

The creditors commitee can only consist of a maximum number of 5 creditors and therefore creditors are asked to nominate 5 of the above creditors to sit on the creditors committe or alternatively such other creditors of the Club as they may choose who have consented to be a member of the creditor's committee...

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Gingeletiss

Gingeletiss

Posted
Posted
Vantis job was not only to look at what PS etc gave them, they had a duty to delve and find.

 

Lol nick......they had four days I think, some say it will take four years to sort their books out. Regardless, it was submitted to the court, and that is now a legal document.

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Foxstone

Foxstone

Posted
Posted
Nick,nick,nick, there is more than one way to skin a cat. HMRC are not stupid, they are f ing mad at the ruling that took away their equal share, and since then they have lost a lot of revenue due to clubs playing the admin game. Look around you nick, look at Bournemouth, Southend, Crystal Palace,Notts County etc, they are all trying like mad to get their Ducks set up in a nice little row. Only Portsmouth it seems, feel that they can get away with writing of that amount of tax debt. Do you seriously think that the Government/PL/FA will let that happen without punishment?

 

Agree.

If HMRC are prepared to go after other clubs for relatively small amounts, they would surely go after PFC with the £16 to £20 million they owe - Its big bucks and worth their time and effort.

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Joensuu

Joensuu

Posted
Posted
Again, it is my understanding, that on the appointment of AA as the administrator, it was with the understanding from the courts, that HMRC would be part of that creditors committee.

 

Not sure I suggested that they wouldn't be... I'm not one of the 'got away with it' freaks...

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ottery st mary

ottery st mary

Posted
Posted
Ouch!

 

 

Not you but my old bud jonah called me a freak from time to time....Brought back fond memories:smt050

COYRs

 

 

PS Just checked the case papers and the good lady Judge has a little leeway but I know most Judges in her position would have sent Storrie and the Administrator to the Gallows on that day.......Now that is freakish...:smt084

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OldNick

OldNick

Posted
Posted
Pompey owe Saints £35,000

 

I wonder if Saints will accept only getting £8,050 (£1,610 each year for 5 years) or not sign the CVA?

Football related creditor, shame as it would be funny if it was us not signing the CVA stopped them getting it
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buctootim

buctootim

Posted
Posted
Look around you nick, look at Bournemouth, Southend, Crystal Palace,Notts County etc, they are all trying like mad to get their Ducks set up in a nice little row. Only Portsmouth it seems, feel that they can get away with writing of that amount of tax debt. Do you seriously think that the Government/PL/FA will let that happen without punishment?

 

I fear it will be too late to stop pompey getting away without meaningdful punishment. I'm damned sure there will be action to stop the whole stinking mess happening again though, whichever party wins the election.

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Matthew Le God

Matthew Le God

Posted
Posted
He is copying Jo Moore/Stephan Byers and burying bad news.

 

I knew it! At least he admitted it.

 

The creditors' meeting will fall on the same day as the election. Andronikou admitted that he had planned it so the story "flew under the radar" on the day that he made the official offer.

 

http://www.independent.co.uk/sport/football/premier-league/portsmouth-anatomy-of-a-crisis-1949428.html

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OldNick

OldNick

Posted
Posted
surely he is duty bound to call the meeting as soon as he possibly can, to minimise incurring further debts - not hang around for a good news day?
its Pompey they can put it off until next year or the year after.

RL apponited the wrong administrator, why we missed on on this one lord only knows.

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OldNick

OldNick

Posted
Posted
Lol nick......they had four days I think, some say it will take four years to sort their books out. Regardless, it was submitted to the court, and that is now a legal document.

it means SFA if it doesnt go back to court. The snippets today suggest it won't

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Whitey Grandad

Whitey Grandad

Posted
Posted
not with 3m a month wage bill lol

So.... the longer it goes on the more the 'football' element of the debt and the smaller the HMRC proportion. The players could agree to defer their wages knowing that they will eventually be paid in full and everybody else could agree a CVA. Is that possible?

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