Doctoroncall

Yes, just ask Bournemouth. bonus negative points for being in admin before (2 or more), no cva thanks mainly to HMRC (15) and financial irregularities with Storrie, Redknapp and Mandrick alledgedly fiddling the books (~12).

I think there is also a "fair" price attached to the assets so they cannot sell anything at a knock down value even if authorised to sell.

Probably the wrong sort of rain and not falling in the right place!

Don't worry, I've thought about my two kids and they are fine about the split - so no tissues necessary.

Not sure that is the case as I remember players being able to vote when Leeds had there CVA reviewed. Happy to be corrected.

Thanks Weston, first time for me as well. I'll have to spend less time on the takeover thread to catch up on more interesting stuff!

The lower down you go in the leagues, the worse the penalties gets. I remember a conference team getting kick out of a cup for fielding an non-registered player and also a few teams have had points deduction for the same issue but for league matches.

Haven't seen this link listed, but confirming other reports of administrators already starting work: http://www.guardian.co.uk/football/2010/feb/25/portsmouth-administration and Fifa hoping this will be a wake up call to the PL: http://www.guardian.co.uk/football/2010/feb/24/fifa-portsmouth-premier-league

Well, all other fans are talking about it, this from a boro furum: Order of priority is: 1. Football creditors (players wages, managers wages, compenastion to ex managers, instalments of transfer fees owed to other clubs - and presumably owed to the premier league now) 2. The Secured Creditors (banks/anyone who has loaned money and taken either a mortgage on land or a debenture over the company's assets) 3. Preferential Creditors - this is now a very limited category of employee claims as set out in statute. Until 2002 the tax man had preferential status but no longer, hence why HMRC is getting more trigger happy 4. The Unsecured Creditors - basically everyone else 5. The shareholders - they only get anything if the unsecured creditors are paid in full and the reality is they will get nothing on administration or liquidation, certainly not from the shares. Near in mind these same people may actually have put in debt and may have security so that is where they may get a return. Each category ranks what we call "pari passu" so only if one class is paid in full does anything pass down to the next, subject to something called the "prescribed part" which allots a small pool of realisations if there is a debenture and "floating charge" assets which is available to the unsecured creditors. Costs of realisation of each class comes out of each pot first. In reality I would be amazed if there is anything for the unsecured creditors in this. As the winding up petition has been served they have to apply to the court for an admin order, they can't use the out of court routes. On the application for the order you are right, they have to show that it will result in a better return to creditors than an immediate winding up but that should be quite easy to show. On a winding up they have to cease trading and the player registrations revert to the league so the players become free agents. That won't happen on an admin at least in the interim. Any disposal since the winding up petition is void unless ratfied by the court but the inter relation with that and admin is complicated. Once in administration the administrator has wide powers to challenge transactions entered into in relevant periods prior to the onset of insolvency. All this however assumes the assets were all in the company that owns the football club. Assets could have been moved around ages ago and I think I have read that one of the previous owners owns either the stadium or land round it, probably via other companies. I'm afraid I don't know enough about the structure to comment. In addition any disgruntled creditor can apply to the court to set aside a transaction defrauding creditors but that is VERY hard to prove.

75% of creditors (Based on value owed) need to approve so as they owe so much elsewhere, they could get away with it.

I still find it hard to see that they can do this, especially on a day when wages are due and they have no money to pay them. Their income streams are limited to non-season ticket sales, previous player sales and FA Cup money, say £4-5m. Can an administrator tear up the first team contracts to reduce the wage bill straight away, almost treating administartion as a liquidation process from the start?

So we know nothing of the third party. It would be rather amusing if it was a journalist in an attempt to get to the bottom of all that is going on at FP for an inside scoop.

Another consideration due the folks in charge - They would try and obtain anything out of the company before it goes boom regardless of the promises made. If they could get £11m (or what ever it was) out before the WUO, they're done a great job.

I believe it to be one less relegation place, i.e. two down from the PL but keeping three up which would cascade down the league.

We are a league one side with plenty of endeavour and I think if we had scored first then the scoreline would have been much closer, even in our favour. Grant played a great tactical game to soak up the pressure and counter attack. At half-time with the scores level I thought we'd lose considering the effort the players had put in we'd tire especially the midfield. I doubt Birmingham will be so naive and perhaps O'Hara will be contained better but you never know in the cup. As for the league, you need wins. Only scoring 20 in 25 games ain't going to help that cause especially when teams can sit back and counter as you did to us even if if it's for a draw and a point. It's tough being a fan with undivided loyalty, but surely there is a line that has been crossed that should have tested that loyalty a bit harder than being a bit unhappy. It can happen, just think AFC dons and FC united, also plenty of loyal Citeh fans were not renewing ST while human rights breaker Thaksin was owner.

Is the club really bluffing with such a weak hand or is there something more devious afoot? To go down the liquation route seems high risk if they really want to save the club. If the club is liquidated, I don't think the £27m will be forthcoming from the FA, hence the latest effort to get a least some of it before the club goes puff.

I can hear it now... "there's only one Storrie Teller, one Stor-rie Tell-er, etc"

They can lose a footy match to us ;-) The court hasn't imposed anything nor the PL (apart from signing only frees) so I would assume it's business as normal down the road, so that could mean anything from other creditors wanting to join the party to them signing players!

Just catching up on the posts and this caught the eye. It certainly sounds a good plan but do you think it's doable to arrange all this in seven days with all the creditors involved? Doesn't HMRC want payment in full now? They have to produce a statement of affairs in that time and I would LOVE to know how different it is to the one they gave the PL a month ago.

I wish they used a different sound for the official updates so I can do something else rather than keep flicking back to see the drivel from the skates, I've wasted hours!

I've sent in two but no replies yet. Interesting he says the Prince buyout link is genuine.... !!!

I think foreign loans are counted differently to domestic ones. If they were all of the latter, they would be in trouble.

Mine were almost poles apart, a conscientious objector who worked on a farm and the other in army intelligence.

try this website for all leagues: http://www.michaelwray.co.nz/sheets.html

From the beeb: Fabio Capello, you might want to look away now. Nani cuts in from the left and after 27 lollipops he fires it across the six-yard box, it deflects off Anthony vanden Borre and David James falls over in instalments, the wrong way, and can only watch aghast as the ball rolls slowly into the net. It's a horrible goal to watch and can only happen when you're bottom of the league.