FMPR Posted 15 July, 2010 Share Posted 15 July, 2010 You want to do the sums my fishy friend, even if HMRC do not appeal, you will fail to deliver on the CVA, thus prompting another winding up order. £48m of the £56m is covered by parachute payments... Link to comment Share on other sites More sharing options...
Jimmy_D Posted 15 July, 2010 Share Posted 15 July, 2010 That's assuming you don't get relegated. Link to comment Share on other sites More sharing options...
View From The Top Posted 15 July, 2010 Share Posted 15 July, 2010 £48m of the £56m is covered by parachute payments... Oh dear. Link to comment Share on other sites More sharing options...
pedg Posted 15 July, 2010 Share Posted 15 July, 2010 To be honest given the optimistic circumstances that need to occur for the full 20p in the pound to be paid I expect a lot of the creditors could well settle for 5p in the pound up front on the grounds that that way they are then at least sure of getting something. Link to comment Share on other sites More sharing options...
Jimmy_D Posted 15 July, 2010 Share Posted 15 July, 2010 yeah, but it only needs one creditor owed at least £750 (and the HMRC is one of them) to issue a winding up petition... Link to comment Share on other sites More sharing options...
benjii Posted 15 July, 2010 Share Posted 15 July, 2010 It's ok because most of the parachute payments have spent the majority of their career playing at the highest level. Link to comment Share on other sites More sharing options...
andysstuff Posted 15 July, 2010 Share Posted 15 July, 2010 £48m of the £56m is covered by parachute payments... So there you have it. The true cost of running up £130m of debt. The grand total of £1.6m a season.CHEATS. Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 15 July, 2010 Share Posted 15 July, 2010 1 3. Brown, Michael 2 4. Smith, Tommy 3 5. Nugent, Dave 4 7. Mokoena, Aaron 5 8. Wilson, Marc 6 9. Hughes, Richard 7 10. Mullins, Hayden 8 11. Webber, Danny 9 12. Ritchie, Matt 10 13. Subotic, Danijel 11 14. O'Brien, Liam 12 15. Nlundulu, Gaël 13 16. Ward, Joel 14 17. Kilbey, Tom 15 19. Gregory, Peter 16 20. Pack, Marlon 17 23. Çiftci, Nadir 18 24. Hurst, James 19 25. Ryan, Perry 20 26. Hughes, Jordan 21 29. Martin, Ellis 22 30. Goddard, Billy These our our professional players if the expected players leave with 4 of them just turning pro That's enough to be going on with. Bompey did a similar thing last season and look how much they achieved in L2! Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 15 July, 2010 Share Posted 15 July, 2010 That only works if they win the appeal, chances are we will come out of admin without a CVA pay 5p total in the pound and the taxman loses even more and we have no further liabilities. Yes we will be hit with a deduction but we can get a new (old) owner in place but we will get the embargo lifted I think not! Link to comment Share on other sites More sharing options...
teamsaint Posted 15 July, 2010 Share Posted 15 July, 2010 and we went into admin because we couldn't service a £4m overdraft and stadium costs of a couple of mill PA. You are , unless a nice owner is found, in a world where a few million is the difference between survival and............. Link to comment Share on other sites More sharing options...
pedg Posted 15 July, 2010 Share Posted 15 July, 2010 yeah, but it only needs one creditor owed at least £750 (and the HMRC is one of them) to issue a winding up petition... Luckily for them AA latest figures show that only £749 of the HMRC debt can be included... Link to comment Share on other sites More sharing options...
Under Weststand Posted 15 July, 2010 Share Posted 15 July, 2010 Android never fails when he delivers his comical Andy speeches , Fictional extended debt to get a fictional CVA, then threaten HMRC with massive law suit if they appeal. As they have a fictional new buyer who has miraculously appeared when he rubbed that old lamp he found last week. Or is the new buyer Chainrai more likely. He is desperate not to go to court, as he will have to convince the judge that the extra debt he has amassed is not just a figure in the debt column a slip of the pen & is a true debt. he will also have to explain why it has almost doubled from the SOA since he took over. AA has a history of fictionally increasing debt in the high court, which will go against him should it get that far. Link to comment Share on other sites More sharing options...
Gingeletiss Posted 15 July, 2010 Share Posted 15 July, 2010 £48m of the £56m is covered by parachute payments... I guess you haven't been following this thread too closely, as you seem to have selective recall;). As we keep saying, 'it's the hope that kills you', and you lot still have hope, and that's the real laugh here:lol: Link to comment Share on other sites More sharing options...
fish fingers Posted 15 July, 2010 Share Posted 15 July, 2010 Are they dead yet? Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 15 July, 2010 Share Posted 15 July, 2010 Are they dead yet? Not quite but if you're patient you'll see a lady come along in a minute and she's selling ices and cold drinks. Oh! Vuvuzelas are available at the back. Link to comment Share on other sites More sharing options...
hutch Posted 15 July, 2010 Share Posted 15 July, 2010 That only works if they win the appeal, chances are we will come out of admin without a CVA pay 5p total in the pound and the taxman loses even more and we have no further liabilities. Yes we will be hit with a deduction but we can get a new (old) owner in place but we will get the embargo lifted Ask Bournemouth what happens to the transfer embargo if you come out of admin without a CVA. Link to comment Share on other sites More sharing options...
Saint_John Posted 15 July, 2010 Share Posted 15 July, 2010 if you come out or admin without a cva agreed does that allow you to simply pay 5p in the pound and all creditors just have to accept it? I'd of thought creditors could refuse any offer and the consequence would be for PFC to be liquidated instead? - but then again I am not clued up on these things. Enlighten me chaps. In the case of Leeds, they offered 1p in £ before the CVA vote, this was raised to 8p in the £ the last day before end of the 28 day cooling off period. They finially paid 11.2p in the £. In the case of Luton, the FL insisted on 16p in the £ (same as cva offer) IN EXCHANGE for their Golden Share. A Football League statement today read: "Luton Town were unable to agree a CVA with their creditors and as a consequence are unable to satisfy the normal conditions of the League's insolvency policy for exiting administration. "The board decided, however, that they were prepared to exercise their absolute discretion under their 'exceptional circumstances' provisions in order to accommodate the new entity. "In accordance with recent precedent, the board decided to include the following principle conditions of entry as a pre-requisite to the exercise of that discretion. "1) The new company (Luton Town 2020) should pay the unsecured creditors the amount offered at the time of the CVA hearing (16 pence in the pound). "2) A 20-point deduction should apply in the 2008-09 season, which also takes into account the fact that this is the club's third insolvency event in the last 10 years." http://www.independent.co.uk/sport/football/football-league/luton-town-hit-with-points-penalty-864607.html So ignore the Skate he hasn't done his research, it all mouth and no facts. Link to comment Share on other sites More sharing options...
fish fingers Posted 15 July, 2010 Share Posted 15 July, 2010 Not quite but if you're patient you'll see a lady come along in a minute and she's selling ices and cold drinks. Oh! Vuvuzelas are available at the back. About time, I've been sat here since July last year without a drink. Link to comment Share on other sites More sharing options...
Bobbyboy Posted 15 July, 2010 Share Posted 15 July, 2010 Not quite but if you're patient you'll see a lady come along in a minute and she's selling ices and cold drinks. Oh! Vuvuzelas are available at the back. Is she selling toast as well? Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 15 July, 2010 Share Posted 15 July, 2010 Is she selling toast as well? Hopefully, also it is expected that the barbecue will be fired up. Hmmmmmm! Fish with peppers! Link to comment Share on other sites More sharing options...
trousers Posted 15 July, 2010 Share Posted 15 July, 2010 (edited) http://www.accountancyage.com/accountancyage/news/2266529/hmrc-faces-millions-costs The taxman could face a multi-million pound bill if it fails in its appeal, expected to be filed at court today, against the Portsmouth FC company voluntary arrangement (CVA). Should the appeal fail administrators said they would "pursue HMRC for costs and potentially for any loss suffered by the creditors". Joint administrator Andrew Andronikou is reported to have said an appeal may not be heard until October or November this year. An appeal can be retracted before its court date. So, if I'm reading those two quotes correctly, Andrew Andronikou would only "pursue HMRC for costs and losses" if HMRC lodge an appeal AND lose that appeal in court. Or, in other words, if HMRC lodge an appeal today BUT withdraw said appeal 1 day before the court date (in November, let's say) then Andrew Andronikou would not be in a position to pursue them for costs, losses, etc. So, bottom line, HMRC have nothing to lose by lodging an appeal, and withdrawing it later on, in order to make PFC squirm a bit longer? Yes/No? Edited 15 July, 2010 by trousers Link to comment Share on other sites More sharing options...
badgerx16 Posted 15 July, 2010 Share Posted 15 July, 2010 Hopefully, also it is expected that the barbecue will be fired up. Hmmmmmm! Fish with peppers! Is she also the slightly chubby one who is providing the choral entertainment ? Link to comment Share on other sites More sharing options...
aintforever Posted 15 July, 2010 Share Posted 15 July, 2010 http://www.accountancyage.com/accountancyage/news/2266529/hmrc-faces-millions-costs So, if I'm reading those two quotes correctly, Andrew Andronikou would only "pursue HMRC for costs and losses" if HMRC lodge an appeal AND lose that appeal in court. Or, in other words, if HMRC lodge an appeal today BUT withdraw said appeal 1 day before the court date (in November, let's say) then Andrew Andronikou would not be in a position to pursue them for costs, losses, etc. So, bottom line, HMRC have nothing to lose by lodging an appeal, and withdrawing it later on, in order to make PFC squirm a bit longer? Yes/No? Think that's what they did with Leeds. Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 15 July, 2010 Share Posted 15 July, 2010 Is she also the slightly chubby one who is providing the choral entertainment ? Yup, she's the one who's breath smells of Sloane's. Link to comment Share on other sites More sharing options...
pedg Posted 15 July, 2010 Share Posted 15 July, 2010 Is she also the slightly chubby one who is providing the choral entertainment ? Not sure but with BBQ it can be long before the fat lady singe's Link to comment Share on other sites More sharing options...
grammy Posted 15 July, 2010 Share Posted 15 July, 2010 I think you could be spot on with this Trousers. This would force them to exit administration without the cva therefore incurring the -15/17 points penalty. I reckon the HMRC would see this as the best warning shot to other clubs thinking of talling the p!ss. http://www.accountancyage.com/accountancyage/news/2266529/hmrc-faces-millions-costs So, if I'm reading those two quotes correctly, Andrew Andronikou would only "pursue HMRC for costs and losses" if HMRC lodge an appeal AND lose that appeal in court. Or, in other words, if HMRC lodge an appeal today BUT withdraw said appeal 1 day before the court date (in November, let's say) then Andrew Andronikou would not be in a position to pursue them for costs, losses, etc. So, bottom line, HMRC have nothing to lose by lodging an appeal, and withdrawing it later on, in order to make PFC squirm a bit longer? Yes/No? Link to comment Share on other sites More sharing options...
Gorgiesaint Posted 15 July, 2010 Share Posted 15 July, 2010 Meanwhile according to Betfair, amongst news about a possible loan signing is the news that West Ham can't agree wages with Tal Ben Haim. That would be the skates paying his £30k pw plus for a little longer then.. http://www.betfairfootball.com/league-one/southampton/southampton-pursue-city-youngster-on-loan/ Link to comment Share on other sites More sharing options...
Jimmy_D Posted 15 July, 2010 Share Posted 15 July, 2010 And the appeal is in... SSN Link to comment Share on other sites More sharing options...
benjii Posted 15 July, 2010 Share Posted 15 July, 2010 And the appeal is in... SSN 100% f'sure? :vuvu: Link to comment Share on other sites More sharing options...
pedg Posted 15 July, 2010 Share Posted 15 July, 2010 And the appeal is in... SSN also here http://www.portsmouth.co.uk/newshome/Blow-for-Pompey-as-taxman.6422728.jp Link to comment Share on other sites More sharing options...
Shroppie Posted 15 July, 2010 Share Posted 15 July, 2010 And the appeal is in... SSN :) :) :) :) Link to comment Share on other sites More sharing options...
grammy Posted 15 July, 2010 Share Posted 15 July, 2010 Revenue and customs block attempt from Poor smuff to come out of admin. SSN Link to comment Share on other sites More sharing options...
rallyboy Posted 15 July, 2010 Share Posted 15 July, 2010 Yo! Get in there my son!! Link to comment Share on other sites More sharing options...
pedg Posted 15 July, 2010 Share Posted 15 July, 2010 according to the news... A spokesman for HMRC said it was appealing on two grounds. The first was that the interests of HMRC 'have been or will be unfairly prejudiced' by the agreement. The second was that there were 'irregularities' in the way the votes of creditors were taken to secure the agreement. Link to comment Share on other sites More sharing options...
View From The Top Posted 15 July, 2010 Share Posted 15 July, 2010 And the appeal is in... SSN Get in there my son. Link to comment Share on other sites More sharing options...
dellgirl Posted 15 July, 2010 Share Posted 15 July, 2010 how does the old song go....gypsies tramps and thieves... Link to comment Share on other sites More sharing options...
benjii Posted 15 July, 2010 Share Posted 15 July, 2010 But, hang on, Nick H said that Gordon Brown had a word in their ear to ease off a bit... Link to comment Share on other sites More sharing options...
Gingeletiss Posted 15 July, 2010 Share Posted 15 July, 2010 Next step.....liquidation! Link to comment Share on other sites More sharing options...
View From The Top Posted 15 July, 2010 Share Posted 15 July, 2010 OK then. What happens next? Link to comment Share on other sites More sharing options...
Tamesaint Posted 15 July, 2010 Share Posted 15 July, 2010 ... and Corp called us all a bunch of mongs because we thought that they would appeal!! Link to comment Share on other sites More sharing options...
Matty's Caddy Posted 15 July, 2010 Share Posted 15 July, 2010 And the appeal is in... SSN He shoots, he scores!!!!!!! CHEATING PIKEYS Link to comment Share on other sites More sharing options...
Jimmy_D Posted 15 July, 2010 Share Posted 15 July, 2010 More like yet more watching and waiting as we wait for the appeal date, while Pompey's squad gets thinner and thinner. Link to comment Share on other sites More sharing options...
Minsk Posted 15 July, 2010 Share Posted 15 July, 2010 Well done HMRC, you beauties!!! Link to comment Share on other sites More sharing options...
Wes Tender Posted 15 July, 2010 Share Posted 15 July, 2010 Three cheers for the HMRC , Hoorah! Hoorah! Hoorah! So what do you think about it all, NickH? Are they getting away with it? Link to comment Share on other sites More sharing options...
pedg Posted 15 July, 2010 Share Posted 15 July, 2010 OK then. What happens next? Depends if you live in the real world or in pompey world. In pompey world they will be bought by BC for a pittance within day and have to accept a 17 point deduction as their only punishment. In the real world any sale of the club without the CVA will still leave them open to legal action from creditors that could lead to liquidation. Link to comment Share on other sites More sharing options...
thefunkygibbons Posted 15 July, 2010 Share Posted 15 July, 2010 sweet Link to comment Share on other sites More sharing options...
angelman Posted 15 July, 2010 Share Posted 15 July, 2010 Ummm. Let's not go overboard. While HMRC have done well for our fishy "friends", they are still the tax man. Link to comment Share on other sites More sharing options...
The Godfather Posted 15 July, 2010 Share Posted 15 July, 2010 Well done HRMC. Link to comment Share on other sites More sharing options...
JackFrost Posted 15 July, 2010 Share Posted 15 July, 2010 Depends if you live in the real world or in pompey world. In pompey world they will be bought by BC for a pittance within day and have to accept a 17 point deduction as their only punishment. In the real world any sale of the club without the CVA will still leave them open to legal action from creditors that could lead to liquidation. I take it that includes HMRC Link to comment Share on other sites More sharing options...
View From The Top Posted 15 July, 2010 Share Posted 15 July, 2010 Ummm. Let's not go overboard. While HMRC have done well for our fishy "friends", they are still the tax man. The enemy of my enemy is my friend. Link to comment Share on other sites More sharing options...
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