Colinjb Posted 30 December, 2009 Share Posted 30 December, 2009 Cheers - just seen it was announced on Five live as HMRC. No getting away from that bunch! Pay up or fook off! So, who exactly do they owe money they don't have too? HMRC Lens Chelsea Spurs Their own staff Any others? Link to comment Share on other sites More sharing options...
Ludwig Posted 30 December, 2009 Share Posted 30 December, 2009 They owe Watford quite a bit. Link to comment Share on other sites More sharing options...
Toadhall Saint Posted 30 December, 2009 Share Posted 30 December, 2009 So, who exactly do they owe money they don't have too? HMRC Lens Chelsea Spurs Their own staff Any others? Sorry - not sure I understand the question? Link to comment Share on other sites More sharing options...
benjii Posted 30 December, 2009 Share Posted 30 December, 2009 Indeed. I'm no expert on these matters but I believe that it all then comes down to a high-court ruling rather than an agreement between the two parties, and voluntary administration is no longer an option. I could be wrong on that though, can anybody clarify? Yes, that's wrong. They can still come to an agreement to settle the outstanding debt. I suspect this is what will happen. The significance of this petition is what effect it will have on other creditors (if any). What it does do though, is force the directors to look closely at how comfortable they are with being an officer of company that is de facto insolvent and continuing to trade. Link to comment Share on other sites More sharing options...
sambosa75 Posted 30 December, 2009 Share Posted 30 December, 2009 I hope the skates survive but I hope their debts cripple them to the point they now fall through the leagues or even get expelled from the football league and have to rebuild from BSP. It was only a few months ago people on here were cooing at what a great job Peter Storrie was doing. I've more or less admitted now that Lowe made a lot of wrong moves to put us in the mess we found ourselves in last year but at least he had the decency to put us in administration rather than totally bury his head in the sand. Good luck Pompey, I hope you survive. I hope going for broke and winning the FA Cup was worth the total free-fall I think you are about to experience. Link to comment Share on other sites More sharing options...
Glasgow_Saint Posted 30 December, 2009 Share Posted 30 December, 2009 GOOD! Pay up Pompey, Pay UP!! Now They've been issued with this, other creditors will get jumpy and call in all debts! Words - House, Cards & Falling! Link to comment Share on other sites More sharing options...
Stud mark of doom Posted 30 December, 2009 Share Posted 30 December, 2009 I hope the skates survive but I hope their debts cripple them to the point they now fall through the leagues or even get expelled from the football league and have to rebuild from BSP. It was only a few months ago people on here were cooing at what a great job Peter Storrie was doing. I've more or less admitted now that Lowe made a lot of wrong moves to put us in the mess we found ourselves in last year but at least he had the decency to put us in administration rather than totally bury his head in the sand. Good luck Pompey, I hope you survive. I hope going for broke and winning the FA Cup was worth the total free-fall I think you are about to experience. Barclays put us in administration, not Lowe. Link to comment Share on other sites More sharing options...
Colinjb Posted 30 December, 2009 Share Posted 30 December, 2009 Sorry - not sure I understand the question? Who do they (Portsmouth) owe money (need to provide funds to) that they do not have (They have not got a pot to p*ss in) too? Simples Link to comment Share on other sites More sharing options...
Toadhall Saint Posted 30 December, 2009 Share Posted 30 December, 2009 Who do they (Portsmouth) owe money (need to provide funds to) that they do not have (They have not got a pot to p*ss in) too? Simples Everyone! Simples Link to comment Share on other sites More sharing options...
benjii Posted 30 December, 2009 Share Posted 30 December, 2009 Barclays put us in administration, not Lowe. No, the board of SLH PLC did. Link to comment Share on other sites More sharing options...
niceandfriendly Posted 30 December, 2009 Share Posted 30 December, 2009 I'm not sure how to react to this news! I'm feeling a little bit of excitement but also sympathy. Hmmm... Link to comment Share on other sites More sharing options...
Kingsland Nick Posted 30 December, 2009 Share Posted 30 December, 2009 Luckily for Portsmouth the transfer window is about to open, so they won't be wound up. Link to comment Share on other sites More sharing options...
up and away Posted 30 December, 2009 Share Posted 30 December, 2009 Originally Posted by Bexy Indeed. I'm no expert on these matters but I believe that it all then comes down to a high-court ruling rather than an agreement between the two parties, and voluntary administration is no longer an option. I could be wrong on that though, can anybody clarify? Southend have just been through this. Once threatened by HMRC they moved heaven and earth and after a week's extension, coughed up thanks to a benefactor. IIRC they owed £250,000. It's going to come down to what the majority of the creditors want, not only HMRC. Someone can still find the money and they are back where they started, but things do look very bleak for them. One point of interest on the Macums site was what possible benefit could the HMRC have in taking this decision. That could in part be down to the parachute payments available to offset losses over time. Not completely certain the Premier league would continue to pay, if the club folded though? Link to comment Share on other sites More sharing options...
charliemiller Posted 30 December, 2009 Share Posted 30 December, 2009 Dont get to excited guys , yes they are in the poo and yes they should probably be wound up in Feb . BUT The premier League will never let them go bust while they are still in the top division it would be very very bad for the brand . However once they are relagated they are stuffed. Link to comment Share on other sites More sharing options...
bridge too far Posted 30 December, 2009 Share Posted 30 December, 2009 Luckily for Portsmouth the transfer window is about to open, so they won't be wound up. But any club looking to buy a PFC player, and knowing this sh1t has just hit the fan, is going to offer sweet FA for said player. PFC aren't really in a strong bargaining position now, are they? Link to comment Share on other sites More sharing options...
SOTONS EAST SIDE Posted 30 December, 2009 Share Posted 30 December, 2009 Now on SSN. HMRC issued order. Link to comment Share on other sites More sharing options...
Colinjb Posted 30 December, 2009 Share Posted 30 December, 2009 According the Ed Chamberlin they where actually served the order before Christmas. How did they keep it quiet for so long? Link to comment Share on other sites More sharing options...
St Marco Posted 30 December, 2009 Share Posted 30 December, 2009 To be honest with you it makes you wonder why this did not happen sooner. Nobody has a clue where the money is coming from or when the bills will be paid. They get a new owner every couple of weeks with this weeks being the chuckle brothers etc.. It looks like the league have made special rules to help them to stop a club from the prem league going under which in turn makes the league look bad. They got a players ban or something too. Regardless of being a rival to us they have dodged penalties that would of probably been dealt to teams in a lower league. They got what they deserved. They are a small club with attendences of around 15k-20k and they spent money they did not have trying to have some glory day's. I have no sympathy for them. Borrowing £50m to buy a cup and then not pay it back is their own fault. The fans said nothing when the good times rolled, they laughed at us when we were in the ****. So **** them. Link to comment Share on other sites More sharing options...
trousers Posted 30 December, 2009 Share Posted 30 December, 2009 According the Ed Chamberlin they where actually served the order before Christmas. How did they keep it quiet for so long? By not telling anyone I reckon - just a hunch -1 point for sarcasm Trousers Link to comment Share on other sites More sharing options...
up and away Posted 30 December, 2009 Share Posted 30 December, 2009 Originally Posted by Stud mark of doom Barclays put us in administration, not Lowe. No, the board of SLH PLC did. As soon as Barclay's bounced Webster's cheque, the board were forced to apply for administration. You can argue this which ever way you like, but the one act precipitating administration, was the of bouncing that cheque. Don't bounce the cheque, no administration. Link to comment Share on other sites More sharing options...
Colinjb Posted 30 December, 2009 Share Posted 30 December, 2009 By not telling anyone I reckon - just a hunch -1 point for sarcasm Trousers You where being Sarcastic? I would NEVER have been able to tell. Link to comment Share on other sites More sharing options...
Dibden Purlieu Saint Posted 30 December, 2009 Author Share Posted 30 December, 2009 According the Ed Chamberlin they where actually served the order before Christmas. How did they keep it quiet for so long? I bet Ed loved breaking that news! Good lad!! Link to comment Share on other sites More sharing options...
Scummer Posted 30 December, 2009 Share Posted 30 December, 2009 According the Ed Chamberlin they where actually served the order before Christmas. How did they keep it quiet for so long? Presumably the courts have been shut over Christmas. Link to comment Share on other sites More sharing options...
Glasgow_Saint Posted 30 December, 2009 Share Posted 30 December, 2009 According the Ed Chamberlin they where actually served the order before Christmas. How did they keep it quiet for so long? Probably sent it 2nd class - post is slow around xmas time Link to comment Share on other sites More sharing options...
Prince Jazzbo Posted 30 December, 2009 Share Posted 30 December, 2009 The Echo has copied the BBC report word for word. Link to comment Share on other sites More sharing options...
Colinjb Posted 30 December, 2009 Share Posted 30 December, 2009 The Echo has copied the BBC report word for word. Journalism at it's best. Link to comment Share on other sites More sharing options...
tonibell Posted 30 December, 2009 Share Posted 30 December, 2009 breaking news On sky sports new now Link to comment Share on other sites More sharing options...
Prince Jazzbo Posted 30 December, 2009 Share Posted 30 December, 2009 The Echo has copied the BBC report word for word. Well not quite but near enough. Link to comment Share on other sites More sharing options...
Kingsland Nick Posted 30 December, 2009 Share Posted 30 December, 2009 The Echo has copied the BBC report word for word. Well not quite but near enough. They probably both copied the Press Association. Link to comment Share on other sites More sharing options...
Johnny Bognor Posted 30 December, 2009 Share Posted 30 December, 2009 From the BBC News business site: http://news.bbc.co.uk/1/hi/business/8434987.stm Portsmouth Football Club has been issued with a winding up petition by HM Revenue & Customs, the BBC has learned. The petition was presented on 23 December but a full court hearing will not take place until February. If the club is unable to strengthen its financial position by then, the club could be declared bankrupt. Portsmouth has been the subject of much takeover speculation and has reportedly been unable to pay some player wages Link to comment Share on other sites More sharing options...
Chez Posted 30 December, 2009 Share Posted 30 December, 2009 As soon as Barclay's bounced Webster's cheque, the board were forced to apply for administration. You can argue this which ever way you like, but the one act precipitating administration, was the of bouncing that cheque. Don't bounce the cheque, no administration. couldn't the club have asked Webster to sight tight and wait for his wages, or is it more a case of the bank not extending the overdaft further thereby making the club insolvent? Link to comment Share on other sites More sharing options...
bridge too far Posted 30 December, 2009 Share Posted 30 December, 2009 They've been insolvent for some time now, haven't they? Isn't it illegal to continue to trade whilst knowingly insolvent? Link to comment Share on other sites More sharing options...
Steeleye Saint Posted 30 December, 2009 Share Posted 30 December, 2009 I haven't got the real anti-Pompey hatred in me, unlike a lot of Saints fans - but I can't help feeling this would be karma for those skate morons who came on here revelling in our near demise. Link to comment Share on other sites More sharing options...
jdsaint Posted 30 December, 2009 Share Posted 30 December, 2009 Can they opt to go into administration now? Or has this winding up petition made that a non-option? Link to comment Share on other sites More sharing options...
Son of Bob Posted 30 December, 2009 Share Posted 30 December, 2009 At least the fans are rallying behind their club in this time of financial crisis... http://www.portsmouthfc.co.uk/LatestNews/news/Plenty-Of-Coventry-Tickets-Left-431.aspx Link to comment Share on other sites More sharing options...
benjii Posted 30 December, 2009 Share Posted 30 December, 2009 As soon as Barclay's bounced Webster's cheque, the board were forced to apply for administration. You can argue this which ever way you like, but the one act precipitating administration, was the of bouncing that cheque. Don't bounce the cheque, no administration. Obviously refusing to extend unarranged borrowing facilities had the effect of making the club unable to meet its liabilities as they fell due - "insolvent". However, it is fact, not argument, that it was the board of SLH PLC that put us into administration. It doesn't matter and I say purely factually not normatively, but there is no argument to be had; it's a fact. Link to comment Share on other sites More sharing options...
benjii Posted 30 December, 2009 Share Posted 30 December, 2009 Can they opt to go into administration now? Or has this winding up petition made that a non-option? Pretty sure they still could but I don't see how that would be of any benefit to them. Link to comment Share on other sites More sharing options...
Prince Jazzbo Posted 30 December, 2009 Share Posted 30 December, 2009 At least the fans are rallying behind their club in this time of financial crisis... http://www.portsmouthfc.co.uk/LatestNews/news/Plenty-Of-Coventry-Tickets-Left-431.aspx Coventry supporters have been allocated the whole of the Apollo Stand (Milton end), so Pompey fans will not be able to buy tickets in this area. The Apollo Stand? no wonder they've had their heads in the clouds for so long. Link to comment Share on other sites More sharing options...
tonibell Posted 30 December, 2009 Share Posted 30 December, 2009 (edited) At least the fans are rallying behind their club in this time of financial crisis... http://www.portsmouthfc.co.uk/LatestNews/news/Plenty-Of-Coventry-Tickets-Left-431.aspx £25 for that sh-t Edited 30 December, 2009 by tonibell spelling wrong Link to comment Share on other sites More sharing options...
Steeleye Saint Posted 30 December, 2009 Share Posted 30 December, 2009 Pay up Pompey, Pay UP!! Love that one! Could just see all opposition fans singing that to them as the saga unfolds! Nice one. Link to comment Share on other sites More sharing options...
fanimal Posted 30 December, 2009 Share Posted 30 December, 2009 Oh joy, Happy NewYear!!!!!!!!!! Link to comment Share on other sites More sharing options...
Hatch Posted 30 December, 2009 Share Posted 30 December, 2009 When Arsenal stuff them 15-0 tonight, they will blame it all on the tax man. Link to comment Share on other sites More sharing options...
benjii Posted 30 December, 2009 Share Posted 30 December, 2009 When Arsenal stuff them 15-0 tonight, they will blame it all on the tax man. But clap Arsenal. Link to comment Share on other sites More sharing options...
St Marco Posted 30 December, 2009 Share Posted 30 December, 2009 Also how is this not Saints related news? We are their fierce rivals, have a history as long as history itself. If that does not deserve a place on the main board then nothing does. You will have to no doubt delete and move a lot of threads on the main as this grows, seems petty to put it in here. Link to comment Share on other sites More sharing options...
RonManager Posted 30 December, 2009 Share Posted 30 December, 2009 260 online and rising - can the server cope? Link to comment Share on other sites More sharing options...
saint lard Posted 30 December, 2009 Share Posted 30 December, 2009 I might just have to watch their match tonight. Link to comment Share on other sites More sharing options...
Thedelldays Posted 30 December, 2009 Share Posted 30 December, 2009 Dont get to excited guys , yes they are in the poo and yes they should probably be wound up in Feb . BUT The premier League will never let them go bust while they are still in the top division it would be very very bad for the brand . However once they are relagated they are stuffed. you say that but we complained that the FL did not do a great deal to help....surely the PL should be doing all they can.. not that I want them to of course Link to comment Share on other sites More sharing options...
OldNick Posted 30 December, 2009 Share Posted 30 December, 2009 Coventry supporters have been allocated the whole of the Apollo Stand (Milton end), so Pompey fans will not be able to buy tickets in this area. The Apollo Stand? no wonder they've had their heads in the clouds for so long. yep they can f### off to space Link to comment Share on other sites More sharing options...
ChrisPY Posted 30 December, 2009 Share Posted 30 December, 2009 When Arsenal stuff them 15-0 tonight, they will blame it all on the tax man. Blame it on the Storrie Blame it on the Avram Blame it on the Arabs And blame it on the Redknapp He just can't He just can't He just can't control his twitch. Link to comment Share on other sites More sharing options...
Hatch Posted 30 December, 2009 Share Posted 30 December, 2009 Trying to organize a shoe waving protest for tonight. Link to comment Share on other sites More sharing options...
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