Clubs in trouble

[Dante Lavelli]

Interesting appointment of administrator, watch this space

Please expand for the slow of thinking.

[PaulTheVillan]

Interesting appointment of administrator, watch this space

Please expand for the slow of thinking.

Maybe it's Harry Redknapp?

[UK Redsox]

just wondering but can the IR in particular appeal against administration if they feel it is a way of Pompey reneging on thier commitments ?
Would they want to ?

No they cant, as long as they satisfy the criteria for Admin, the main criteria being that there would be a higher asset realisation than liquidation.

The creditors can form a creditors comitte and investigate the affairs of the club which can lead to action against directors for wrongful trading or even fraudulent preference,

The asset realisations might be higher in an ADM than in a WUC/CVL (certainly the IP will get more out of it !!) but HMRC will get less due to the "footballing creditors must be paid first" situation that applies to ADMs.

Has HMRC ever tried to challenge the way that normal insolvency regulations don't seem to apply to football clubs ?

[BannedUserIAT]

The asset realisations might be higher in an ADM than in a WUC/CVL (certainly the IP will get more out of it !!) but HMRC will get less due to the "footballing creditors must be paid first" situation that applies to ADMs.

OMG. LMAO.

[TimTheVillain]

Has HMRC ever tried to challenge the way that normal insolvency regulations don't seem to apply to football clubs ?

Probably, they do keep all bases covered, serves the bastards right ( Ann Robinson smiley )

[eastie]

Hmrc have challenged pompeys administration bid and they are ordered to high court tomorrow- may be wound up!

[Risso]

Hmrc have challenged pompeys administration bid and they are ordered to high court tomorrow- may be wound up!

Oh balls, that'll really put the skids on our top 4 challenge if it happens.

[TaxDodger]

This would be very, very annoying.

[SashasGrandad]

They have got to let them get to this weekend so they can beat Small Heath.

Then we can draw them in the semi.

They can then get wound up - and we get a bye to the final.

Thus we don't have to waste money (£70 to stand up behind the goal) in  that corporate citadel for the semi and then have to spend over an hour getting out of the car park.

[hawkeye]

Turning over an adminastration order is unprecedented, the Adminisrtator says he is not concerned. If this did happen they would have to rewrite the whole insolvency legislation because it would cause havoc with the process, the only way i can see this happening is if the basis of the order that was granted is some how ultra-vires which means "beyond the powers" ie the Admin Order is ilegal in that it did not comply with the 2003 Enterprise Act. As i said this is extremely unusual.

It maybe that HMRC would rather have the affairs of Pompey placed into The Official Recivers Hands because this would provide a better basis for an investigation into the conduct of the Company and its Directors.
It could be posturing by HMRC as there was a significant sea change in attitude last year caused by the very low level of collections they are making which has led to these high profile cases.

[hawkeye]

Ok HMRC are chalenging on a technicality, they are chalenging the debenture under which the order was granted- as long as the debenture is ok then the order should stand
An Admin order is proposed on behalf of a debenture holder or the company and this obviously determines who gets the appointment

[CJ]

Hawkeye- you clearly have a much better understanding of these things than me. In your opinion, what do you think is the likelihood of HMRC succeeding in their challenge, and more importantly if they do succeed how quickly could they get Portsmouth wound up? You know what I'm getting at here - how likely are Blose to get a bye to the semi?

[Karlos96]

Hawkeye- you clearly have a much better understanding of these things than me. In your opinion, what do you think is the likelihood of HMRC succeeding in their challenge, and more importantly if they do succeed how quickly could they get Portsmouth wound up? You know what I'm getting at here - how likely are Blose to get a bye to the semi?

I wonder if they would get bye or would Southampton take Portsmouth's place?

[mattjpa]

Would make sense for Southampton to progress. They would have a massive case to be re-entered, should there be a winding up of pompey

[Lizz]

I've not paid too much attention to this, but would season ticket holders get any money back?