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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Chin Strain

Chin Strain

Posted
Posted

 

That interview makes my blood boil. He's basically chosen to fecking well pay the players and keep the tax and NI, and just admitted that it was the responsibility of the club....the club that he is the CEO for. It's an absolute disgrace. He should be barred from being a company director. He's sticking two fingers up to every decent, honest law abiding person in the country. He's told the FA that they're stuffed because their funding 'fell away' in November. How on Gods earth are they not in admin. The FL have questions that need answers.

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sussexsaint

sussexsaint

Posted
Posted
That interview makes my blood boil. He's basically chosen to fecking well pay the players and keep the tax and NI, and just admitted that it was the responsibility of the club....the club that he is the CEO for. It's an absolute disgrace. He should be barred from being a company director. He's sticking two fingers up to every decent, honest law abiding person in the country. He's told the FA that they're stuffed because their funding 'fell away' in November. How on Gods earth are they not in admin. The FL have questions that need answers.

 

Utterly agree with this. Wonder if any other clubs realise the level of cheating going on here

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Toomer

Toomer

Posted
Posted

Just done a credit check on them, Portsmouth Football Club (2010) Ltd, date of incorporation 20/05/2010

They have had a CCJ against them at Northampton County Court on 14th Dec 2011 and have nine counts of unpaid bills going back to July 2011.

 

Credit check, very high risk and advise zero credit limit and they list total assets at £1m and things are worsening.

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Matthew Le God

Matthew Le God

Posted
Posted
Just done a credit check on them, Portsmouth Football Club (2010) Ltd, date of incorporation 20/05/2010

They have had a CCJ against them at Northampton County Court on 14th Dec 2011 and have nine counts of unpaid bills going back to July 2011.

 

Credit check, very high risk and advise zero credit limit and they list total assets at £1m and things are worsening.

 

Can you post a screenshot of it?

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rooney

rooney

Posted
Posted
That interview makes my blood boil. He's basically chosen to fecking well pay the players and keep the tax and NI, and just admitted that it was the responsibility of the club....the club that he is the CEO for. It's an absolute disgrace. He should be barred from being a company director. He's sticking two fingers up to every decent, honest law abiding person in the country. He's told the FA that they're stuffed because their funding 'fell away' in November. How on Gods earth are they not in admin. The FL have questions that need answers.

 

Can we make a citizens arrest?

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carljack

carljack

Posted
Posted
So, has much happened since the last time I popped in 6 months ago...???

 

The only assets they have left are the players! Basically they are fooked, Agent Lampitt has shredded the paperwork and his mission on behalf of the Football Authorities is complete,I still believe criminal proceedings (tax vat) will follow after the Liquidation of PFC.You also have the side pot of Harry and Mandy to entertain you whilst the whole sordid mess that is PFC is cleaned up.

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Chez

Chez

Posted
Posted
Went to the rugby today to watch my home town side Worthing play Launceston in National League 2 South which, if you don't know, is at level 4 in the rugby hierarchy. Here's an interesting comparison to see how the RFU deals with clubs in financial difficulty. Last season Launceston went into admin and were docked 20 - TWENTY - points which resulted in their relegation from National League 1. They were only relegated becaus eof this points deduction.

And to show even further how the RFU has the b@lls to deal with this sort of thing in 1999 Richmonf RFC, one of the top sides and the first to embrace the new professional era in rugby, went into admin when their major backer pulled out. As a result of this they were relegated NINE, yes NINE tiers down having to start again at a VERY low level. They are now also in the same league as Worthing and are currently top of NL2S having fought their way back from virtual oblivion.

 

Why, one asks, do not the EPL and FL have the b@lls to do the same thing ?

 

tell me how you would have felt if the FL had relegated us by 9 divisions? Yes the skates seem to continually take the ****, but don't ever forget that we also ****ed up our own finances and went into administration.
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trousers

trousers

Posted
Posted
Just done a credit check on them, Portsmouth Football Club (2010) Ltd, date of incorporation 20/05/2010

They have had a CCJ against them at Northampton County Court on 14th Dec 2011 and have nine counts of unpaid bills going back to July 2011.

 

Credit check, very high risk and advise zero credit limit and they list total assets at £1m and things are worsening.

 

The Northampton CCJ had cropped up on this thread a while back (can't remember when) but nine unpaid bills?! Does it say how much for and to whom?

 

Cheers

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Toomer

Toomer

Posted
Posted
The Northampton CCJ had cropped up on this thread a while back (can't remember when) but nine unpaid bills?! Does it say how much for and to whom?

 

Cheers

The CCJ was for only £249.00 risk disk has not got a list of who the unpaid are owed to.

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St Chalet

St Chalet

Posted
Posted

The only way the real fans can salvage this is through AFC Portsmouth. They will have a hardcore of circa 7-8k who will make the journey back up the league viable. Wimbledon didn't have the same support base as the Skates and have managed it in a decade.

 

I dare say that the majority of us on here would wish them well and look forward to derby days again, with the result being determined by the quality of the football - not the size of the overdraft or the amount of dirty money passing through the squad.

 

As it stands the club has become a pawn in an international scam of epic proportions, yet the gullable few down the road lap up the BS from the latest shister to promise them massive investment and a return to the big time. I'll repeat my point from the last few days, liquidation is now the most profitable outcome for Chanrai short of finding a madman buyer to underwrite the debts. With todays admission they are insolvent I can now see a points penalty being levied very quickly.

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Matthew Le God

Matthew Le God

Posted
Posted (edited)
The only way the real fans can salvage this is through AFC Portsmouth. They will have a hardcore of circa 7-8k who will make the journey back up the league viable. Wimbledon didn't have the same support base as the Skates and have managed it in a decade.

 

An AFC Portsmouth would possibly start in a higher league than AFC Wimbledon did. AFC Portsmouth would be a replacement club for a defunct club where as AFC Wimbledon were a protest club and the original (if you can call MK Dons that) still exists. When Saints were on the brink didn't fans groups have constructive and positive talks with the Blue Square Premier/North/South about joining at that level? I think the Pompey trust may have done the same.

Edited by Matthew Le God
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St Jim

St Jim

Posted
Posted
FF should publish a book on this when it's all over! I reckon it'll be a best seller...

 

Given this thread will only close upon liquidated of the pikey camp, FF should be given the Keys to the City of Southampton for starting this thread which is the source of all information on the goings on at Dale Farm FC.

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ooh it's a corner

ooh it's a corner

Posted
Posted
That interview makes my blood boil. He's basically chosen to fecking well pay the players and keep the tax and NI, and just admitted that it was the responsibility of the club....the club that he is the CEO for. It's an absolute disgrace. He should be barred from being a company director. He's sticking two fingers up to every decent, honest law abiding person in the country. He's told the FA that they're stuffed because their funding 'fell away' in November. How on Gods earth are they not in admin. The FL have questions that need answers.

 

I am entirely with you.

 

Start throwing the Companies Act rule book at a few Directors within football and the game will change....

 

I cannot for the life of me, understand why football seemingly operates under a different guidance to the rest of us...

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saintmatt

saintmatt

Posted
Posted
An AFC Portsmouth would possibly start in a higher league than AFC Wimbledon did. AFC Portsmouth would be a replacement club for a defunct club where as AFC Wimbledon were a protest club and the original (if you can call MK Dons that) still exists. When Saints were on the brink didn't fans groups have constructive and positive talks with the Blue Square Premier/North/South about joining at that level? I think the Pompey trust may have done the same.

 

I remember hearing about those contingency talks with the Conference and thinking, if we were to go down that route, it would have to be managed very carefully. The higher you enter the football league pyramid, the more clubs you are effectively denying a "bump-up" promotion to; surely lawsuits etc would result?

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St Chalet

St Chalet

Posted
Posted (edited)
An AFC Portsmouth would possibly start in a higher league than AFC Wimbledon did. AFC Portsmouth would be a replacement club for a defunct club where as AFC Wimbledon were a protest club and the original (if you can call MK Dons that) still exists. When Saints were on the brink didn't fans groups have constructive and positive talks with the Blue Square Premier/North/South about joining at that level? I think the Pompey trust may have done the same.

 

So what's stopped them forming a protest club over the past 2.5 years?

 

The anti-Glazer mob have had the courage of their convictions http://www.fc-utd.co.uk/home.php

Edited by St Chalet
typos
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dubai_phil

dubai_phil

Posted
Posted

Ok. Today was the day that the World Changed.

 

For the past few years I've followed this thread. I've had the chance to analyse information and draw conclusions.

 

Totally by accident while demonstrating a product, I accidentally (BUT with approval) gained access to information in a way that would have made the NOTW feel embarrased, and so I had to couch my posts in oblique ways. I never acted on that information and never posted it on here just sat and typed garbage with a grin on my face knowing what may be coming.

 

Personally I expressed the opinion that the pain was deserved by the many idiots, but I commented that the true fans were hurt by the mockery that their club had become. I for one advocated the continuing pain, I did not want the Toast other than in a witty joining in manner. I felt that for the idiots, "Death was too good for them".

 

Let's face it, the PL relegation & 9 points was nothing for what they had for 5 years, I will NEVER forget the first Forum Match at SMS, while we were in admin, parking up & eating our Fish & Chips in the car thinking we would never be coming back again.

 

I had heard Rupert on a phone call trying to save us, I was aware of the incredible efforts made by Andrew Cowen long into many nights and early on many morning as he scoured the world for a COMPLIANT solution to our problems that helped the small investors and saved the club.

 

I have watched this joke continue, I have like many sat in amasement at the lack of pronouncements by the FL on the Club they were watching so closely.

 

I feel the pain of Mero and the boys in Deacons in Salisbury, but now, finally it is too much.

 

To the Directors and idiots - you have moved from a Laughing Stock, you are no longer embarrassing yourselves. You are now just Wrong.

 

Your last great hope was someone who made LLS at Bompey look Balanced, forget the Points Deduction for financial Impropriety, you now deserve Points Deductions for Bringing The Game we all love into Disrepute.

 

It is now time to die. I will mourn you with your true fans, and I hope that you can rise from the Ashes.

 

Enough now, go

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saint si

saint si

Posted
Posted
Actually, in all seriousness, aren't we duty bound as citizens to report a suspected crime to the police?

 

http://www.accountingweb.co.uk/blogs/elliot-green/elliot-green-licensed-insolvency-practitioner-trials-and-tribulations/wrongful-tr

 

Interesting...

 

The short answer is Wrongful Trading is the unlawful act as set out in Section 214 of the Insolvency Act 1986

 

Wrongful trading is the act by Directors of a period of trading in which debts and liabilities are incurred and typically increase, whilst having no reasonable prospect of a company avoiding insolvent liquidation.

 

There are two tests for solvency defined in Section 123 of the Insolvency Act 1986, being 1) are your assets exceeded by your liabilities and 2) are you failing to discharge your debts as and when they fall due. If you satisfy either criteria then you are technically insolvent in accordance with the definition of the same in the legislation.

 

Assets vs. liabilities - tough one, as player registrations and golden share are hard to value.

Discharging debts when they fall due - pretty clearly failing this test as publicly admitted by the CEO and the parent company's administrator.

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ooh it's a corner

ooh it's a corner

Posted
Posted
http://www.accountingweb.co.uk/blogs/elliot-green/elliot-green-licensed-insolvency-practitioner-trials-and-tribulations/wrongful-tr

 

Interesting...

 

The short answer is Wrongful Trading is the unlawful act as set out in Section 214 of the Insolvency Act 1986

 

Wrongful trading is the act by Directors of a period of trading in which debts and liabilities are incurred and typically increase, whilst having no reasonable prospect of a company avoiding insolvent liquidation.

 

There are two tests for solvency defined in Section 123 of the Insolvency Act 1986, being 1) are your assets exceeded by your liabilities and 2) are you failing to discharge your debts as and when they fall due. If you satisfy either criteria then you are technically insolvent in accordance with the definition of the same in the legislation.

 

Assets vs. liabilities - tough one, as player registrations and golden share are hard to value.

Discharging debts when they fall due - pretty clearly failing this test as publicly admitted by the CEO and the parent company's administrator.

 

good points, well made.

 

but to add to it, the Golden Share is worthless as it is explicitly non-transferable.

 

Otherwise me and my mates could buy it and start playing professional football..

 

bagsy in nets...

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trousers

trousers

Posted
Posted
Can you start by reporting Phil for babbling more than a brook?

 

Take his last post, I understand the words when read individually, but when he clumps them altogether to make his 'sentences' [sic], I have completely lost the ability to comprehend.

 

That has to be a crime, right?

 

Harsh :-)

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trousers

trousers

Posted
Posted
The HMRC lack of payments has made the BBC website:

 

http://news.bbc.co.uk/sport1/hi/football/16652130.stm

 

Though they too appear to be falling for the "its not a problem because the club will be sold next week" line.

 

Well, at least the Football League now have it in black and white that Lampitt admits that PFC haven't been able to trade solvently since the collapse of CSI.

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Waterside.saint

Waterside.saint

Posted
Posted
How can you sign more players, pay them wages but not other to pay tax? Why is this ok? Is it now a choice? Pay your tax, or go shopping instead if you like. For the 90000000th time, how is this situation still going on?

 

"in this world nothing can be said to be certain, except death and taxes."

Benjamin Franklin, 1789

 

In the case of p*mpey, they appear to have chosen death

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pedg

pedg

Posted
Posted (edited)

http://www.guardian.co.uk/sport/2012/jan/21/portsmouth-tax-michael-appleton?newsfeed=true

 

Portsmouth have been issued with a petition to be wound up by Her Majesty's Revenue and Customs for unpaid PAYE of £1.6m, according to Andrew Andronikou, the administrator of the club's parent company. He described the situation as "very serious''.

..

Andronikou, of Convers Sports Initiatives (CSI), which owns Portsmouth and who handled the club's administration last year, said: "The club effectively ran out of cash at the end of December.

 

and

 

The issuing of the petition effectively means the club loses its ability to use its bank accounts. But we've made other provisions. We're not fazed or worried by it. The club's debts are not significant, we haven't got millions and millions of liabilities.

 

"Oh yes you have!" and I thought Panto season was over. How can you with one breath say you owe HMRC 1.6 million and then in the next claim you don't have millions in liabilities?

Edited by pedg
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ooh it's a corner

ooh it's a corner

Posted
Posted
http://www.guardian.co.uk/sport/2012/jan/21/portsmouth-tax-michael-appleton?newsfeed=true

 

 

 

and

 

 

 

"Oh yes you have!" and I thought Panto season was over. How can you with one breath say you owe HMRC 1.6 million and then in the next claim you don't have millions in liabilities?

 

Happy days are here again, the skies above are clear again.....

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pedg

pedg

Posted
Posted
If that's the case, then how are they going to pay the wages in January? Lumpitt & Admin Andy have both said that they've got the funds, now AA is saying they haven't. Hmm.

 

apparently they can magic the money up from somewhere, from the same article:

 

"We've got plans to have the players paid for this month as well
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saint si

saint si

Posted
Posted

 

Great find! This would rather complicate things...

 

http://www.companyrescue.co.uk/company-rescue/guides/what-is-a-winding-up-petition

 

What can I do if we receive a winding up petition? What should I do?

Once the company receives a petition there are now fewer options available;

 

Oh dear!

 

And note the typical contradictions in the article...

 

The club is not in administration, the club is still running under the steam of the board

 

Umm, so how come you can say...

 

in general terms we are looking to lower the average wage bill.

 

If you're not running the club, then it isn't yours to lower!

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St Chalet

St Chalet

Posted
Posted

Not surprised that we are now hearing about the Winding-Up Petition.

 

My UK companies follow the process of:

 

1. Chase Debt

2. If we have no luck or suspect Default then Issue Statutory Demand .

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/CourtClaimsAndBankruptcy/DG_187711

3. Issue a winder

 

Skates fail to pay mid December, HMRC give a weeks grace, issue Stat Demand - nothing doing they issue the WUP.

 

The interesting thing about a Winding Up Petition is it relates to UNDISPUTED debt. It becomes a factual issue of payment or non-payment. As I recall last time the cheating bastards argued the toss on VAT regulations, if it is simply NI then no solicitor or Director will likely risk the consequences of trying to challenge the validity of the debt.

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pedg

pedg

Posted
Posted
(and the bit from company rescue i meant to include)

 

You CANNOT sell the company and you cannot sell the assets, as this sale may be reversed by the Court

 

Bit of a problem perhaps?

 

Ahhh rules. I believe pompey may be aware of them but they are still not sure what they are for.

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