Whitey Grandad Posted 30 December, 2009 Share Posted 30 December, 2009 If they dont pay the players tomorrow, some will walk away and sign on for other clubs, taking a nice 20% + signing on fee for themselves, if they do get paid, pompey will sell sell sell..... the trouble being that this news will ensure the players values are greatly reduced. If I remember correctly, if a player is not paid for 2 weeks they become a free agent and the parent club receives nothing in the way of a transfer fee. Link to comment Share on other sites More sharing options...
Under Weststand Posted 30 December, 2009 Share Posted 30 December, 2009 It's a formal legal process that results in the dissolution of the business. Anyone who is a creditor or a certain amount can petition the courts to wind the company up if they can show that they have tried to get their money back without success. I think the company would then be liquidated where assets are sold to pay creditors. A football legal expert (ex-Bournemouth Chairman) said that this is quite drastic but doesn't actually mean much unless other creditors (specifically the banks) get spooked and also file petitions. He felt that Portsmouth would pay the 'Revenue somehow and that they'd continue to try to find new capital. Now also on Sky Sports News. Thanks for that Saintbletch you've answered what I was thinking. I was wondering if others would also go this route. ie Lens have been making noises about legal representation. this could well spook others to go this route. Looks like end game time to me. Link to comment Share on other sites More sharing options...
hypochondriac Posted 30 December, 2009 Share Posted 30 December, 2009 This is excatly what I thought, if you are owed money now then you will be as ****ed off as pompey fans. HMRC have first dibs on any money, so watford and co will be panicking. If the petition is successful it automatically becomes a compulsory liquidation. If they dont pay the players tomorrow, some will walk away and sign on for other clubs, taking a nice 20% + signing on fee for themselves, if they do get paid, pompey will sell sell sell..... the trouble being that this news will ensure the players values are greatly reduced. Except that in order to play in the league they have to setle all fotball related debts. Am I right in thinking that the majority of their debts are either football related or HMRC? (as well as that Hong Kong bloke who they owe 15 million to secured against their ground?) How the hell are they going to pay all that off if they go into admin? It won't be the easy fix like we had. Link to comment Share on other sites More sharing options...
Saints foreva Posted 30 December, 2009 Share Posted 30 December, 2009 I for one will be wishing them good luck. I don't want them to go bust, it would make football boring for us imo. The rivalry is one of the best in England. A rivalry with Bournemouth or Reading would be horrible and it just wouldn't be the same. I have a strong dislike for Pompey, they laughed at our situation in the summer but the fair majority on multi fan forums were pretty happy that we got a takeover. I think there were even a couple on here who wished us good luck with our future owners. Link to comment Share on other sites More sharing options...
hypochondriac Posted 30 December, 2009 Share Posted 30 December, 2009 If I remember correctly, if a player is not paid for 2 weeks they become a free agent and the parent club receives nothing in the way of a transfer fee. This will be the third time they have not been paid on time, voiding their contracts. Link to comment Share on other sites More sharing options...
Whitey Grandad Posted 30 December, 2009 Share Posted 30 December, 2009 This will be the third time they have not been paid on time, voiding their contracts. Is there anybody there WCDAJFU? Link to comment Share on other sites More sharing options...
Colinjb Posted 30 December, 2009 Share Posted 30 December, 2009 This will be the third time they have not been paid on time, voiding their contracts. Fact? Link to comment Share on other sites More sharing options...
Gemmel Posted 30 December, 2009 Share Posted 30 December, 2009 Has LifelongCherrySkate started a rescue package yet? Do they even use photocopiers in Cosham? LOL, i bet he has already snapped one off the wrist with this news and is putting the final touches to his two paragraph business plan. Make no mistake he will make an appearance. Link to comment Share on other sites More sharing options...
Under Weststand Posted 30 December, 2009 Share Posted 30 December, 2009 This will be the third time they have not been paid on time, voiding their contracts. Thanks for confirming that Hypo I also thought along those lines, but didn't post as I couldn't find any definitive answers for that scenario. Do you know that as fact or just think it's so like me? Link to comment Share on other sites More sharing options...
Gemmel Posted 30 December, 2009 Share Posted 30 December, 2009 Fact? According to some employment lawyer the Guardian quoted Link to comment Share on other sites More sharing options...
S-Clarke Posted 30 December, 2009 Share Posted 30 December, 2009 more funny news they still have OVER 10,000 tickets left for the Cov FA Cup game on saturday... let's get down there and show our support Link to comment Share on other sites More sharing options...
View From The Top Posted 30 December, 2009 Share Posted 30 December, 2009 Fact? Apparently so. Link to comment Share on other sites More sharing options...
RedArmy Posted 30 December, 2009 Share Posted 30 December, 2009 Goodbye Link to comment Share on other sites More sharing options...
chocco boxo Posted 30 December, 2009 Share Posted 30 December, 2009 Hope the press really go after Hr and Storrie now as they are to blame more than anyone! Link to comment Share on other sites More sharing options...
SO16_Saint Posted 30 December, 2009 Share Posted 30 December, 2009 more funny news they still have OVER 10,000 tickets left for the Cov FA Cup game on saturday... let's get down there and show our support like the sentiment, but we would, stealthly, be paying their debts for them. Link to comment Share on other sites More sharing options...
the colonel Posted 30 December, 2009 Share Posted 30 December, 2009 yeah but at least they won the FA Cup and it was well worth it. Well thats what one the blue few told me the other day. twwat. Link to comment Share on other sites More sharing options...
Greenridge Posted 30 December, 2009 Share Posted 30 December, 2009 A good stuffing by the Arsenal this evening will complete Christmas for the turkeys. Link to comment Share on other sites More sharing options...
Yeovil Saint Posted 30 December, 2009 Share Posted 30 December, 2009 Thanks for confirming that Hypo I also thought along those lines, but didn't post as I couldn't find any definitive answers for that scenario. Do you know that as fact or just think it's so like me? It's supposed to be a clause in the standard player's contract that all players have. But I've not seen the contract so I don't know. It would make sense for Pompey to risk the winding up petition if they absolutely have to make sure the players are paid this month. Link to comment Share on other sites More sharing options...
JonnyLove Posted 30 December, 2009 Share Posted 30 December, 2009 Is this not the funniest thing you have seen http://www.pfcfinancialservices.co.uk/home/ Link to comment Share on other sites More sharing options...
hypochondriac Posted 30 December, 2009 Share Posted 30 December, 2009 After making a quick enquiry, have been told that, whilst there may be a deal in place with HMRC, that this is the 'least of our problems'. Can't really express how angry I am at the present time. Lol. Link to comment Share on other sites More sharing options...
Um Bongo Posted 30 December, 2009 Share Posted 30 December, 2009 Is this not the funniest thing you have seen http://www.pfcfinancialservices.co.uk/home/ The banner at the top? 'Tax Free Savings?' Lol. Link to comment Share on other sites More sharing options...
Danny Posted 30 December, 2009 Share Posted 30 December, 2009 Is this not the funniest thing you have seen http://www.pfcfinancialservices.co.uk/home/ "We cóck up your finances so you don't have to." Link to comment Share on other sites More sharing options...
Saint_clark Posted 30 December, 2009 Share Posted 30 December, 2009 Who the hell is PompeyScot? Link to comment Share on other sites More sharing options...
benjii Posted 30 December, 2009 Share Posted 30 December, 2009 This is excatly what I thought, if you are owed money now then you will be as ****ed off as pompey fans. HMRC have first dibs on any money, so watford and co will be panicking. If the petition is successful it automatically becomes a compulsory liquidation. If they dont pay the players tomorrow, some will walk away and sign on for other clubs, taking a nice 20% + signing on fee for themselves, if they do get paid, pompey will sell sell sell..... the trouble being that this news will ensure the players values are greatly reduced. That's not correct. HMRC have no preference over other unsecured creditors. Link to comment Share on other sites More sharing options...
trousers Posted 30 December, 2009 Share Posted 30 December, 2009 Perhaps Richard Fry left Begbies Traynor and is now working for HMRC....now that would be the conspiracy theory to end all conspiracy theories.... Link to comment Share on other sites More sharing options...
Tractor_Saint Posted 30 December, 2009 Share Posted 30 December, 2009 http://news.bbc.co.uk/1/hi/business/8434987.stm Wow. Link to comment Share on other sites More sharing options...
hypochondriac Posted 30 December, 2009 Share Posted 30 December, 2009 Who the hell is PompeyScot? Admin of the pompeyonline messageboard. Link to comment Share on other sites More sharing options...
trousers Posted 30 December, 2009 Share Posted 30 December, 2009 Who the hell is PompeyScot? Where? Link to comment Share on other sites More sharing options...
hypochondriac Posted 30 December, 2009 Share Posted 30 December, 2009 That's not correct. HMRC have no preference over other unsecured creditors. But they will vote against the CVA unless they get all they are owed... Link to comment Share on other sites More sharing options...
Saint_clark Posted 30 December, 2009 Share Posted 30 December, 2009 http://news.bbc.co.uk/1/hi/business/8434987.stm Wow. Just saw that as well, let's go f*cking mental, let's go f*cking mental, la la la la! Link to comment Share on other sites More sharing options...
benjii Posted 30 December, 2009 Share Posted 30 December, 2009 LOL, i bet he has already snapped one off the wrist with this news and is putting the final touches to his two paragraph business plan. Make no mistake he will make an appearance. Will be funny if he's promising Arab money again. Link to comment Share on other sites More sharing options...
Under Weststand Posted 30 December, 2009 Share Posted 30 December, 2009 It's supposed to be a clause in the standard player's contract that all players have. But I've not seen the contract so I don't know. It would make sense for Pompey to risk the winding up petition if they absolutely have to make sure the players are paid this month. Yes would agree with that if clause is valid as we seem to think. Seems that the players are all they've got as saleable assets & must be paid so they can sell them ¬ lose them for nothing. Link to comment Share on other sites More sharing options...
benjii Posted 30 December, 2009 Share Posted 30 December, 2009 But they will vote against the CVA unless they get all they are owed... This is true and may have an impact with regards to further points penalties. Not sure what proportion of the debt is owed to HMRC. Link to comment Share on other sites More sharing options...
trousers Posted 30 December, 2009 Share Posted 30 December, 2009 What percentage of HMRC wind up petitions end up in actual company wind ups? Roughly? Just trying to work out if this is just a run-of-the-mill shot across the bows by the tax man or whether it is something that more often than not signals the beginning of the end? Link to comment Share on other sites More sharing options...
JRM Posted 30 December, 2009 Share Posted 30 December, 2009 I will be happy with them being relegated and starting next year on -30, don't want to see them go out of business completely. Pinnacle consortium to take over with Alan Knight / Mick Quinn as the front men or possible chairman? Link to comment Share on other sites More sharing options...
Verbal Posted 30 December, 2009 Share Posted 30 December, 2009 I will be happy with them being relegated and starting next year on -30, don't want to see them go out of business completely. Pinnacle consortium to take over with Alan Knight / Mick Quinn as the front men or possible chairman? I'd rather they had lifelongskate as chairman with tommac as his troubleshooter. Link to comment Share on other sites More sharing options...
JRM Posted 30 December, 2009 Share Posted 30 December, 2009 What percentage of HMRC wind up petitions end up in actual company wind ups? Roughly? Just trying to work out if this is just a run-of-the-mill shot across the bows by the tax man or whether it is something that more often than not signals the beginning of the end? Well Southend have already had one this season and that got sorted out ok Link to comment Share on other sites More sharing options...
S-Clarke Posted 30 December, 2009 Share Posted 30 December, 2009 Well Southend have already had one this season and that got sorted out ok But southend's debts were only something like £1-2m, pompey owe £10m...and it's rising every day. Not going to be an easy way out. Link to comment Share on other sites More sharing options...
benjii Posted 30 December, 2009 Share Posted 30 December, 2009 What percentage of HMRC wind up petitions end up in actual company wind ups? Roughly? Just trying to work out if this is just a run-of-the-mill shot across the bows by the tax man or whether it is something that more often than not signals the beginning of the end? It basically signals that HMRC have got bored of chasing for late payments. Will it culminate in winding-up? Probably not as the sums owed seem fairly modest. However, if Pompey can't offer anything by way of repayment then I wouldn't expect HMRC to withdraw the petition. Link to comment Share on other sites More sharing options...
OldNick Posted 30 December, 2009 Share Posted 30 December, 2009 Admin of the pompeyonline messageboard. Is he Merovian on here? I think e has something to do with one of the Pompey forums (290) Link to comment Share on other sites More sharing options...
Saint_clark Posted 30 December, 2009 Share Posted 30 December, 2009 With the wages for this month yet to be paid their debt levels will only rise. Link to comment Share on other sites More sharing options...
sotonjoe Posted 30 December, 2009 Share Posted 30 December, 2009 pay up pompey, pompey pay up Link to comment Share on other sites More sharing options...
RedArmy Posted 30 December, 2009 Share Posted 30 December, 2009 Surely the best they can hope to come out of this is administration? Link to comment Share on other sites More sharing options...
S-Clarke Posted 30 December, 2009 Share Posted 30 December, 2009 Just on SSN, Pompey say that they are ''Suprised by the winding up order, as they believed the tax was all in order'' lol - they just don't have a clue. Link to comment Share on other sites More sharing options...
Under Weststand Posted 30 December, 2009 Share Posted 30 December, 2009 Just on SSN, Pompey say that they are ''Suprised by the winding up order, as they believed the tax was all in order'' lol - they just don't have a clue. Also LOL at their legal team are looking into the winding up petition as they feel its illegal Link to comment Share on other sites More sharing options...
Saint_clark Posted 30 December, 2009 Share Posted 30 December, 2009 Just on SSN, Pompey say that they are ''Suprised by the winding up order, as they believed the tax was all in order'' lol - they just don't have a clue. F*cking mongoloids. It's disgusting to be honest the way the whole lot of them just deny everything rather than actually being honest with the fans. Redknapp, Storrie and Mandaric were "surprised" by the charges against them - before hiring some of the top top lawyers around. For 2 months now they've been "confident" that all the debts would be paid off within a week. Do they really think people are that stupid? Denial works up to a point, but beyond that you just make yourself look retarded. Link to comment Share on other sites More sharing options...
Verbal Posted 30 December, 2009 Share Posted 30 December, 2009 ...and on to page 100... Link to comment Share on other sites More sharing options...
Thedelldays Posted 30 December, 2009 Share Posted 30 December, 2009 On SSN now.. get in there.. I hope their FA cup was worth it...lol Link to comment Share on other sites More sharing options...
Saint_clark Posted 30 December, 2009 Share Posted 30 December, 2009 Also LOL at their legal team are looking into the winding up petition as they feel its illegal where does it say that? Link to comment Share on other sites More sharing options...
Johnny Bognor Posted 30 December, 2009 Share Posted 30 December, 2009 http://news.bbc.co.uk/1/hi/business/8434987.stm Wow. Come on, keep up http://www.saintsweb.co.uk/forum/showpost.php?p=546187&postcount=80 Link to comment Share on other sites More sharing options...
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