Pompey Takeover Saga

[Guided Missile]

What have they said? Hope it's not true, I work down there, as do lots of Saints fans, a legacy of Vospers moving down there.

Sorry, mate, but it looks grim:

 

BAE to shut Portsmouth dockyard

 

Up to 3,000 jobs and more than 500 years of naval history are in peril at the defence giant after orders for new vessels dry up

Karl West Published: 22 January 2012

 

BAE has yards on the Clyde, at Scotstoun and Govan, above, and at Portsmouth (John Linton)

 

BAE Systems is considering closing the historic Portsmouth dockyard in a move that would threaten up to 3,000 jobs and end more than 500 years of naval shipbuilding in the city.

Portsmouth is the likely victim of a review of the defence group’s shipbuilding operations, senior industry sources said. A lack of orders after the completion of the Royal Navy’s new aircraft carriers has made the south coast base vulnerable, with a decision likely in the next three months, they said.

BAE employs about 1,500 at the yard and there are 1,500 jobs in support roles. The closure is likely to cost the taxpayer hundreds of millions of pounds as the Ministry of Defence is bound by contract to shoulder the expense.

Portsmouth has been a naval base since the 1200s but the first recorded warship built there was the Sweepstake in 1497. Other military vessels produced there include the Mary Rose and HMS Dreadnought.

BAE gained a monopoly in British warship construction in 2009 when it bought the shipbuilding arm of VT Group, formerly Vosper Thorneycroft.

It has yards on the Clyde, at Scotstoun and Govan, and at Portsmouth. All are working on hull sections for the aircraft carriers, HMS Queen Elizabeth and HMS Prince of Wales.

Workers at Portsmouth are due to start cutting steel on the second hull section next month. The defence group yesterday insisted work would begin as planned. However, it declined to comment on whether it would transfer Portsmouth’s work to the Clyde yards at a later date.

It emerged last week that BAE has appointed LEK Consulting, the management consultant, to examine the future of its shipbuilding unit.

BAE said: “As part of our business planning activity, we are reviewing how best to retain the capability to deliver and support complex warships in the UK in the future.

“This work is ongoing and we will keep our employees and trade union representatives fully informed as it progresses.”

BAE’s shipbuilding arm signed a 15-year terms of business agreement with the MoD in mid-2009, which guaranteed work for the duration of the deal.

A section of the contract, called Strategic Rationalisation, states that the ministry will bear the costs of any site closure. BAE came under fire in September for axing 3,000 jobs at sites across the country because of a slowdown in work on military aircraft.

The upheaval in the ships business comes as Richard Olver, the chairman of BAE, has extended his tenure for another year, pushing back his retirement from the board to the summer of 2014.

Olver’s new deal will be outlined in the 2011 annual report, which is due to be released in March.

[Channon's Sideburns]

Precisely. This entire thread is just about the finest example you'll ever see of utter hipocracy. All fuelled by vicious hatred and jealousy...

 

Yes, but it's intelligent hypocrisy.

 

Most Poopey fans STILL don't get it - you and a few others do however. That's what is so sad about the situation - the vast majority of fans think that Pompey deserve special treatment when, if they were a NORMAL LIMITED COMPANY (and not a football club) they'd have been toast after the first WUP.

 

This thread, when viewed generally after Pompey does go pop, WILL be seen as a living document that shows just how corrupt your club became.

 

No, it's not nice, but neither is charities and local businesses still being taken for mugs - or, when the country is trying to get itself out of the sh1tter, it's also not right that one entity continues to flick the V's at everyone in sight.

 

I wish Pompey fans the best of luck with AFC Pompey - at this point, it can be the only positive to come out of this whole putrid, dirty, Pompey Takeover Saga.

[Wurzel]

Can a better man than me possibly make a single post sticky of the timeline and main charachters involved over the duration if this thread. Been trying to explain it to Mrs W but end up confusing myself let alone her. Added advantage would be we could all send out the link ans have the story go viral (if we tried it with link to the thread noone is going to wade through all this lot )

[Shrek]

Sky have now cottoned on:

 

http://www1.skysports.com/football/news/11095/7448120/

 

I love the photo they've used

 

[Crab Lungs]

For a self-proclaimed set of passionate fans, they aren't protesting much... Just hoping someone comes in and saves them whilst deflecting the blame or plain ignoring the situation. For all Sa the faults of Saints fans, they didn't stand idly by... They protested, marched in huge numbers and raised in excess of 100,000. The difference in humility and class between the two sets of fans is incredible.

[dubai_phil]

For a self-proclaimed set of passionate fans, they aren't protesting much... Just hoping someone comes in and saves them whilst deflecting the blame or plain ignoring the situation. For all Sa the faults of Saints fans, they didn't stand idly by... They protested, marched in huge numbers and raised in excess of 100,000. The difference in humility and class between the two sets of fans is incredible.

 

We did not go to a Court of Law and submit a document saying that we were not in financial trouble. They Did.

 

We did not try and dispute the amount owed. They Did.

 

We sought Compliant Solutions. They sought whatever they could find.

 

We did not try and dispute the Rules/Law regarding VAT. They Did.

 

We did not suddenly change the published Creditors Figures at the last minute which altered the balance of votes for a CVA solution. They Did.

 

We paid all our players what they were owed from their time with us. They did NOT (Sol)

 

Anything else I've missed?

[Winchester Red]

2 comments from the Few forum that I just can't believe.

 

'Clearly the 20p in the £1 agreement for the CVA was too generous' - FFS, you're blaming that for your problems! You haven't even started paying it yet!

 

'We need someone to invest in us - Anyone!' - Double FFS, haven't you learnt anything!

 

I'm speechless...

[Colinjb]

We did not go to a Court of Law and submit a document saying that we were not in financial trouble. They Did.

 

We did not try and dispute the amount owed. They Did.

 

We sought Compliant Solutions. They sought whatever they could find.

 

We did not try and dispute the Rules/Law regarding VAT. They Did.

 

We did not suddenly change the published Creditors Figures at the last minute which altered the balance of votes for a CVA solution. They Did.

 

We paid all our players what they were owed from their time with us. They did NOT (Sol)

 

Anything else I've missed?

 

Bang on, and for any of the blue vermin to claim that the situations are directly comparable is delusion of the highest order. That after 3 and a half years they still cannot understand the difference just shows how utterly beneath contempt and redemption they truly are.

[ericb]

In some ways i don't blame the few, i blame the media. Their fans are staggeringly badly informed about what's going on, you just have to talk to them or look at what they put on social media sites to see it.

 

Now i know this is naive but one of the points of the media i thought was to hold public and private bodies accountable, and for all the grief it gets on here the Daily Echo does try to do exactly that with us, even to the extent of getting barred from the ground (a huge thing for a paper that relies on Saints to sell papers).

 

The News on the other hand seems to shy away from holding the club to account, i mean ok they finally seem to have started but where was the questioning of this corrupt and morally defunct entity over this period? It's really no wonder that the fans can't see the depths they've sunk to, or the underhanded and arguably illegal actions that've come about if NO ONE in their local press has the gaul to challenge them.

 

Still this to me looks very much like the final comeuppance and i can only hope that this time round something will be actually done about it.

[Saint_John]

Precisely. This entire thread is just about the finest example you'll ever see of utter hipocracy. All fuelled by vicious hatred and jealousy...

 

I really shoudn't need to say this, but for the sake of those who still don't 'get it'...

You stole Premiership status and an FA Cup with a lot of money that wasn't yours and then went bust for millions- and you still havent learned

 

Exactly.

They still haven't learned from last time.

After the last admin a couple of years ago what did they do when they sold Wilson to Stoke for many millions (£6m ??) ?

a) use the money to correct the problems in the club with regard to income/expenditure (as per Saints and other clubs)

or

b) use the money to buy in Kitson and Lawrence on weekly wages of £19k & £20k (I believe the News quotes those figures) and carry on as if there is nothing wrong with not paying taxes.

[Daren W]

Precisely. This entire thread is just about the finest example you'll ever see of utter hipocracy. All fuelled by vicious hatred and jealousy...

 

And all of it thoroughly deserved as your rancid, diseased ridden, club continues to lie and cheat and weasel its way out of paying what it ****ing owes...

I think you'll find we paid the penalty and took the punishment on the chin... Probably why we despise the fact that Pompey will do everything it can to avoid paying what it owes...

I think we can all do without this hand wringing, self pitying bull**** from the likes of you...

[trousers]

Precisely. This entire thread is just about the finest example you'll ever see of utter hipocracy. All fuelled by vicious hatred and jealousy...

 

For the hard of understanding....Oranges are orange and apples are apples.

 

*puts face in hands and shakes head*

[EastleighSoulBoy]

Precisely. This entire thread is just about the finest example you'll ever see of utter hipocracy. All fuelled by vicious hatred and jealousy...

 

:lol: Don't make me laugh! If there had been a different reaction from you lot (owners/management et al):

 

1. When we went into Administration.

 

2. Shown some humility when realising your lot (owners/management) were crooks and charlatans.

 

3. Raised some sort of protest instead of bending over and sucking it all up for 2 visits to Wembley and 1 F.A. cup win.

 

etc. etc. etc.

 

Then we may have had some empathy and compassion? I feel for the likes of Mack and Mero (and there's more like them out there). However, all those other counts giving it the big one, living the dream while sticking fingers in ears and singing "la la la I can't hear you" while we (this thread) were pointing out the blindingly obvious deserve every bit of gloating, p!55 taking, I told you so comments.

 

I erred on the side of never wanting to see a club go to the wall, for it's fans to suffer. A decent punishment would have been enough for me. Well, you know what?

 

 

I've changed my mind and hope that your fishy, stinking, cess pit of a club toally and irrevocably folds. The sooner that happens then the better!

[gaz]

Will they even last to page 1000?

 

 

Tick tock...

[Crazy Diamond]

We did not go to a Court of Law and submit a document saying that we were not in financial trouble. They Did.

 

We did not try and dispute the amount owed. They Did.

 

We sought Compliant Solutions. They sought whatever they could find.

 

We did not try and dispute the Rules/Law regarding VAT. They Did.

 

We did not suddenly change the published Creditors Figures at the last minute which altered the balance of votes for a CVA solution. They Did.

 

We paid all our players what they were owed from their time with us. They did NOT (Sol)

 

Anything else I've missed?

 

Post of 2012 so far.

[FarehamRed]

Will they even last to page 1000?

Tick tock...

 

Assuming no one buy's them (and why would they?), I suppose player sales will keep them limping along for Jan/Feb. If there's a court case at the end of Feb, they mihht be wound up then, but more likely they get some donations/do some bucket rattling to keep them limping along until March. Maybe they'll get some special dispensation to sell players outside of the transfer window to keep them going until the end of the season.

 

But that'll be it - no way can they survive the close season without a new backer. So, yes, this will easily top 1000 pages by then ;-))

[anothersaintinsouthsea]

We did not go to a Court of Law and submit a document saying that we were not in financial trouble. They Did.

 

We did not try and dispute the amount owed. They Did.

 

We sought Compliant Solutions. They sought whatever they could find.

 

We did not try and dispute the Rules/Law regarding VAT. They Did.

 

We did not suddenly change the published Creditors Figures at the last minute which altered the balance of votes for a CVA solution. They Did.

 

We paid all our players what they were owed from their time with us. They did NOT (Sol)

 

Anything else I've missed?

 

Yep, we didn't steal money from charities

[rocknrollman no2]

What i want is for them to have to sell their better players and limp along with the younger/fringe players they have left.Let them last just long enough until they come to St Marys when we thrash them 4,5,6 nil.

Then knowing all is lost they can be relegated or just go out of business.

[Saint_John]

The Football League introduced new rules re paying taxes to HMRC on the 12 June 2009, here is the news item :-

http://www.football-league.co.uk/footballleaguenews/20090612/clubs-approve-new-tax-regulations_2293334_1691419

At their Annual General Meeting, Football League clubs have voted to introduce new financial regulations relating to tax payments.

Once necessary practical arrangements have been made, any club that falls behind with its employee related payments to HMRC will be subject to a transfer embargo until such time as the debt is cleared.

Football League Chairman Lord Mawhinney explained, "It is only right that we do not permit clubs that are unable to meet the costs associated with their existing playing staff to make further new player commitments."

Clubs have also agreed to give The League written permission to monitor, as appropriate, their tax affairs directly with HMRC, who have welcomed this new arrangement.

 

Why were they allowed to sign a player last week ?

 

The rules are in Section 17

http://www.football-league.co.uk/regulations/20110629/section-4-clubs_2293633_2125725

17 HMRC Reporting

17.1 Current HMRC Debt. With effect from 1st July 2009, any Club which has not within 28 (twenty eight) days of the relevant Due Date paid to HMRC the amounts due to be paid to HMRC to discharge:

17.1.1 the Club's full liability for PAYE & NIC due in respect of any and all employees or former employees of the Club for the immediately preceding payment period;

.....

17.6 Reporting Default Events. When a Club reports a Default Event to the Executive it shall at the same time provide to the Executive details of any and all amounts due to HMRC from the Club in respect of PAYE & NIC, together with the periods to which they relate

17.7 Consequences of a Default Event. A Club which is subject to a Default Event shall be subject to a registration embargo such that it shall not be permitted to register any Player with that Club without the prior written consent of the Executive for the period that the Club is subject to a Default Event.

17.8 Failure to Notify a Default Event. A Club which fails to report a Default Event shall be guilty of misconduct and shall be referred to the Football Disciplinary Commission in accordance with Section 7 of these Regulations.

 

Did they notify the FL of the "default event" in December ?

[View From The Top]

So they owe £800k from Nov' & Dec' and now have Jan's due which makes HMRC by far the largest creditor of New Co giving them all the aces and stopping those creditors with charges over CSI placing PFC into administration?

 

Is this correct?

[Matthew Le God]

The Football League introduced new rules re paying taxes to HMRC on the 12 June 2009, here is the news item :-

http://www.football-league.co.uk/footballleaguenews/20090612/clubs-approve-new-tax-regulations_2293334_1691419

 

Why were they allowed to sign a player last week ?

 

The rules are in Section 17

http://www.football-league.co.uk/regulations/20110629/section-4-clubs_2293633_2125725

 

Did they notify the FL of the "default event" in December ?

 

Email the FL? Probably won't get an answer.

[miserableoldgit]

Precisely. This entire thread is just about the finest example you'll ever see of utter hipocracy. All fuelled by vicious hatred and jealousy...

A couple of points here. Firstly, I have been supporting Saints for over 50 years. They are in my blood and in my DNA. I will defend the club, sometimes beyond reason, whatever they do, but there comes a point when it is impossible to defend the indefensable. Any reasonable, normal Pompey fan should have reached that point a long time ago. It`s a bit like being a Gary Glitter fan. At one point in time it was acceptable - but now?? Seconly, how can anyone condone what has happened at and feel clean?? Please explain. Also please explain how Saints fans should be jealous! I can`t wait for that one!

[miserableoldgit]

Email the FL? Probably won't get an answer.

You will get an answer, but it won`t tell you much.

[mcjwills]

There is a silver lining in every cloud, if they do go to the wall and are wound up before the end of the season West Ham have more points wiped out than us.

[Channon's Sideburns]

Deleted. Redknapp hasn't resigned. It was a spoof Twitter account.

[ottery st mary]

I thought Pompey...

 

made paying the charities and the little peeps...

 

 

PRIORITY:rolleyes:

 

 

Maybe the cheque is in the post:(

[skintsaint]

Deleted. Redknapp hasn't resigned. It was a spoof Twitter account.

 

lol

[Weston Super Saint]

So they owe £800k from Nov' & Dec' and now have Jan's due which makes HMRC by far the largest creditor of New Co giving them all the aces and stopping those creditors with charges over CSI placing PFC into administration?

 

Is this correct?

 

That is EXACTLY how I read it too.

 

Having the WUP means they cannot sell players or the club - I guess they could get around that by selling CSI and thus the club with it.

 

But, they can't enter Voluntary Company Liquidation, and I'm guessing they can't put the club into admin now, but even if they do, then HMRC will be the biggest creditor, so gaining a CVA would mean they would have to agree to pay HMRC 100% of the debt + costs. I guess they could only guarantee they could do this by getting another new owner with lots of cash to burn.

 

As for the Android stating that he thinks there may be a court date scheduled for the end of Feb, I read somewhere that there was one in place for next weds - can't remember where I read it though so no link.

 

Either way it's time to Pay Up Pompey or Wind Up Pompey

[BigShadow]

So they owe £800k from Nov' & Dec' and now have Jan's due which makes HMRC by far the largest creditor of New Co giving them all the aces and stopping those creditors with charges over CSI placing PFC into administration?

 

Is this correct?

 

Not exactly - they owe....

 

£800k from Nov - was due Dec 19

£800k from Dec - was due Jan 19

January's will be due on Feb 19.

 

ALSO - if their VAT quarter ended 31 Dec - the VAT will be due on Jan 31 to add to their woes.

 

As for whether HMRC are by far the biggest unsecured creditor - you would think so, but this is Pompey we're talking about.

[solentstars]

That is EXACTLY how I read it too.

 

Having the WUP means they cannot sell players or the club - I guess they could get around that by selling CSI and thus the club with it.

 

But, they can't enter Voluntary Company Liquidation, and I'm guessing they can't put the club into admin now, but even if they do, then HMRC will be the biggest creditor, so gaining a CVA would mean they would have to agree to pay HMRC 100% of the debt + costs. I guess they could only guarantee they could do this by getting another new owner with lots of cash to burn.

 

As for the Android stating that he thinks there may be a court date scheduled for the end of Feb, I read somewhere that there was one in place for next weds - can't remember where I read it though so no link.

 

Either way it's time to Pay Up Pompey or Wind Up Pompey

yes i read its next wensday somewhere you would have thought pompey fans would have started a new football club called afc pompey and bury the waste of space which is pompey and all there debts and start afresh.

[Sevvy]

What have they said? Hope it's not true, I work down there, as do lots of Saints fans, a legacy of Vospers moving down there.

 

 

Me too mate, moved down from woolston in 2003, not the same down here as it was in good old woolston

[Daren W]

Precisely. This entire thread is just about the finest example you'll ever see of utter hipocracy. All fuelled by vicious hatred and jealousy...

 

And just why are we jealous? Of the FA cup you bought with stolen money?

Hardly...

Edited 22 January, 2012 by Daren W

[trousers]

@pn_neil_allen: RT @IanDarkeESPN: Can anyone give me one bit of good Pompey news ?

[stev2001]

@pn_neil_allen: RT @IanDarkeESPN: Can anyone give me one bit of good Pompey news ?

 

Yes you'll be all out of your misery soon

[stev2001]

@pn_neil_allen: RT @IanDarkeESPN: Can anyone give me one bit of good Pompey news ?

 

Pompey have been dying a slow miserable death for the last few years. Its about time someone did the decent thing and put them down. Good news for all

[SOTONS EAST SIDE]

@pn_neil_allen: RT @IanDarkeESPN: Can anyone give me one bit of good Pompey news ?

Yeah they do euthanasia,in Switzerland still!! Go now!! lol

[Verbal]

Well that's it then. Within weeks, Pompey will be the biggest club in British football history to simply disappear in a puff of debt-laden smoke.

 

Staggering.

[stev2001]

Well that's it then. Within weeks, Pompey will be the biggest club in British football history to simply disappear in a puff of debt-laden smoke.

 

Staggering.

 

They can put that in their history book along with their other great achievements:

 

Biggest cheats in British football history

Biggest debt compared to income percentage in British football history

First premier league club to go into Admin

Most deluded fans in British football history

 

I'm sure there are many more.......Anyone care to help?

[Gingeletiss]

They can put that in their history book along with their other great achievements:

 

Biggest cheats in British football history

Biggest debt compared to income percentage in British football history

First premier league club to go into Admin

Most deluded fans in British football history

 

I'm sure there are many more.......Anyone care to help?

 

Bestest fans in the world!?

[JackFrost]

Well that's it then. Within weeks, Pompey will be the biggest club in British football history to simply disappear in a puff of debt-laden smoke.

 

Staggering.

 

or the judge gives them a "stay of execution" for x amount of weeks to which Chainrai finds some nutter to pump some funds in

[SOTONS EAST SIDE]

They can put that in their history book along with their other great achievements:

 

Biggest cheats in British football history

Biggest debt compared to income percentage in British football history

First premier league club to go into Admin

Most deluded fans in British football history

 

I'm sure there are many more.......Anyone care to help?

The only investment,Bernard Madoff advised against!! Edited 22 January, 2012 by SOTONS EAST SIDE

[Pugwash]

So, let's see if I've got this right.

 

If November's PAYE and NI were due on 19th December, then a default event occurred 28 days later, on 16th January. The club would have had to report this within two working days, i.e. by 18th January, to avoid reference to the disciplinary committee. Correct?

 

Also, if they are pushed into administration, does the £10.8m loan become a debt to CSI, thereby diluting the percentage of the HMRC debt (£1.6m) again?

[hutch]

The Football League introduced new rules re paying taxes to HMRC on the 12 June 2009, here is the news item :-

http://www.football-league.co.uk/footballleaguenews/20090612/clubs-approve-new-tax-regulations_2293334_1691419

At their Annual General Meeting, Football League clubs have voted to introduce new financial regulations relating to tax payments.

Once necessary practical arrangements have been made, any club that falls behind with its employee related payments to HMRC will be subject to a transfer embargo until such time as the debt is cleared. Football League Chairman Lord Mawhinney explained, "It is only right that we do not permit clubs that are unable to meet the costs associated with their existing playing staff to make further new player commitments."

Clubs have also agreed to give The League written permission to monitor, as appropriate, their tax affairs directly with HMRC, who have welcomed this new arrangement.

Why were they allowed to sign a player last week ?

 

The rules are in Section 17

http://www.football-league.co.uk/regulations/20110629/section-4-clubs_2293633_2125725

17 HMRC Reporting

17.1 Current HMRC Debt. With effect from 1st July 2009, any Club which has not within 28 (twenty eight) days of the relevant Due Date paid to HMRC the amounts due to be paid to HMRC to discharge:

17.1.1 the Club's full liability for PAYE & NIC due in respect of any and all employees or former employees of the Club for the immediately preceding payment period;

.....

17.6 Reporting Default Events. When a Club reports a Default Event to the Executive it shall at the same time provide to the Executive details of any and all amounts due to HMRC from the Club in respect of PAYE & NIC, together with the periods to which they relate

17.7 Consequences of a Default Event. A Club which is subject to a Default Event shall be subject to a registration embargo such that it shall not be permitted to register any Player with that Club without the prior written consent of the Executive for the period that the Club is subject to a Default Event.

17.8 Failure to Notify a Default Event. A Club which fails to report a Default Event shall be guilty of misconduct and shall be referred to the Football Disciplinary Commission in accordance with Section 7 of these Regulations.

 

Did they notify the FL of the "default event" in December ?

I see it as just another example of bending the rules so far it amounts to cheating, again. They're obliged to report the Default Event to the FL "within 28 days". Quick sums 22 December (latest date for EFT payment) + 28 days = 19 January. So they had to notify the FL by 19 January latest.

 

And they signed Etuhu on ........... 18 January.

 

It's significant that since then Appleton has been reported in the News as saying there will be no more new signings.

 

Although they didn't actually break the rules then (the Lampitt factor?), if they had any self respect they could have notified the FL when they sent in Etuhu's papers for registration, in the spirit of the new regulations, that they were already 2 months behind with their PAYE payments to HMRC. If they had, I very much doubt they would have signed him. Everything they do is tainted with that same horrible smell.

[dingbattigger]

Was the 10.8 loan from CSI or from Antonov? I mean was it a company loasn ie CSI or a personal loan ie Antonov? Also aren't they supposed to pay the administrators soon?

[Pugwash]

University of Southampton - like it!

 

http://www.fishontoast.com/

[hutch]

or the judge gives them a "stay of execution" for x amount of weeks to which Chainrai finds some nutter to pump some funds in

The big difference is last time Chainrai put his hand in his pocket to keep them going during the process, which has been added to the debt and makes them even more difficult to sell.

 

This time it appears he has said "no more, go find another mug".

[SW5 SAINT]

If poopey are threatened with winding up, we will have the hilarious re run of Sullivan and Gold bleating how unfair it is "and it cannot be right that WHU will six points" only last time they were battling relegation from the EPL.

[Waterside.saint]

University of Southampton - like it!

 

http://www.fishontoast.com/

 

Its actually derived from the old University of Southampton 'dolphin' logo which became extinct three years ago

http://logosnob.wordpress.com/2008/05/ - 2nd article down the page

[Fowllyd]

So, let's see if I've got this right.

 

If November's PAYE and NI were due on 19th December, then a default event occurred 28 days later, on 16th January. The club would have had to report this within two working days, i.e. by 18th January, to avoid reference to the disciplinary committee. Correct?

 

Also, if they are pushed into administration, does the £10.8m loan become a debt to CSI, thereby diluting the percentage of the HMRC debt (£1.6m) again?

 

As things stand, administration looks unlikely, unless there's some hitherto unknown individual or body that can put them there. They face a winding-up petition courtesy of HMRC, as a result of which they are effectively in limbo - bank accounts frozen, not permitted to sell the business or any assets thereof, and so forth. I'm pretty sure that under these conditions there are very strict limits on who could put the business into administration. A secured creditor can, I think, but that would mean either Chainrai or CSI (who are pretty much one and the same now anyway) I would imagine - will he want to do it?

 

So it will all hinge on the outcome of the petition; HMRC will have a considerably stronger hand to play than they did at the previous one, as any argument put forward by Pompey's lawyers will be met with "That's what they said the last time, and here we are again." Last time, the presence of a significant legal team to put Pompey's case, plus the various statements of valuable assets and potential buyers, swayed the court. If they'd gone on to the second hearing, I think the plug would have been pulled, but they were put into administration before that happened. I can't see them being given another stay of execution.

[Waterside.saint]

sorry duplicate post - meant to say that although the similarity to poopey's plight is coincidental, its still funny