Gingeletiss

He said yesterday, between 1500 hrs and 1700 hrs.

Are you saying he doesnt have both QC's in for tea, before delivering his verdict, guess they had it wrong on John Deed:rolleyes:

I have a birdie account, just don't know how to use it:(

Never see Judge John Deed nick;)

Judge did say he would let them know, before delivering his decision in court, or did I hear that wrong yesterday?

It does when AA admitted it as part of the CVA, when the proposal was made, then omitted it, when the vote was taken.

Pre pack administration........... Following on from this pre pack insolvency procedure the administrator is obliged by law to file a report to the Secretary of State for Business Innovation and Skills (BIS) on the conduct of company directors and disclose any misconduct on their part. The reason for the company's failure must also be reported by the administrator. I trust AA has not in fact, been complicit in a prepack deal, without approval of the court.

Pre pack...... "Your Company Ltd" takes expert advice from insolvency practitioners or turnaround practitioners on its very poor financial position. It is likely the company has threats from landlords, HMRC for PAYE and VAT, the bank and many trade creditors. The directors are worried about wrongful trading and their personal risk. The business may have onerous contracts or too much property, too many employees and or lost market share/customers. This advice should be thorough and a report prepared in writing for the board and possibly for the bank. All options such as company voluntary arrangement, trade sale, refinancing, administration, creditors voluntary liquidation and pre-pack administration must be considered as part of the SIP 16 rules (see below). If there are good reasons for pre-pack this option should be very carefully considered by the board of directors. If a decision is taken to go down this path a board meeting should be held and a resolution passed stating the company's board will consider the option in greater detail. It’s likely the resolution will include the appointment of advisors either insolvency practitioners (IP), turnaround practitioners or accountants to act as advisors to the board.

Pre pack administration... Pre-Pack Administration/Liquidation A commonly used product within insolvency services is pre-packaged administration. The deal is agreed pre-appointment with an Insolvency Practitioner. This allows a new company to purchase the assets back on appointment at the discretion of the debenture holders. Benefits of a phoenix company A phoenix company arises from the ashes of another. This accomplishes the recovery of a business that has a viable core but is unable to repay outstanding debts. It is a pragmatic arrangement that protects the interests of employees and private enterprise: * Preserves jobs for Directors & employees; * Achieves a write-off of debt (not subject to debentures or Personal Guarantees); * Releases the business from leases or contracts that may no longer be required (as they remain with the old company to be dealt with by the Insolvency Practitioner subject to Personal Guarantees); * Avoids disruption to customers & other stakeholders; * Often achieves a higher return for creditors. Advantages of a pre-pack Pre-pack administration provides a planned & swift transition to a new phoenix company: * The sale of the business assets & undertaking is agreed in advance; * The business may apply to trade under a variation of the original name; * Minimum disruption occurs and it is possible that some customers may be unaware of the change.

Saved me rectifiying that point. Ashtead Saint, do you feel as I do, that this has been a pre pack administration, in all but name, and do you think that this was legal? As my limited knowledge tells me that it wasn't.

Are these idiots for real? PompeyLor Posted on 05/08/2010 09:17 No point blaming the Revenue Email Message To A Friend | Reply To Message So there's no point asking them why they allowed the payment to be missed every year? Would you run a business like that? I'm sure they let us individuals do that. Only a dodgy takeover made the HMRC wake up and realise they'd not been keeping their eye on the ball. Without the arabs messing everything up, we'd still be blissfully unaware that we're not paying tax..

A quote from this article:- However, Sheldon painted a much bleaker scenario should Mr Justice Mann find in favour of HMRC when he delivers his judgment, probably on Thursday afternoon. If this happened, former owner Balram Chainrai would be prevented from re-purchasing the club. “There is no other purchaser,” Sheldon told the court. Is he saying in a court of law, that Chainrai was the owner previously, and that this is in fact, a pre-pack administration. If he is, then methinks they could be in big trouble, and if HMRC had to appeal, then they could on this basis IMO. Also they could point out to Mr Mann, the previous SofA, when her Ladyship declaired that she thought that Poopey were trading whilst insolvent, or words to that effect.

Hey Ho, they're starting to kill themselves!! my_pfc_dream Posted on 04/08/2010 20:42 Email Sent to CEO of HMRC - Short and Sweet Report Message | Email Message To A Friend | Reply To Message Portsmouth FC is the only thing I have left in my life! Take it away from me and my life will be gone forever! It's in your hands...

I suspect the papers will have a field day with this tomorrow!

Those of you, who are letting sentiment cloud their judgment, please remember 12 years ago, when the cheats had their rehearsal, laughing and giving two fingers to everyone, whilst they reformed as PCFC.

So, we all meet back here tomorrow afternoon for the verdict. Who's bringing the Champers?

So their main defence is boo hoo! back us or lose us sob sob Mr Sheldon painted a Domesday scenario for the judge if he fails to back the club in his verdict. He said if the Revenue won the club 'in all likelihood would go into liquidation'. He said it would prevent Mr Chainrai becoming the new owner. 'There is no other purchaser. The only other way in which this club can move forward is through this proposed sale. 'Of course, there may be problems ahead, I do not doubt that.' Mr Sheldon said HMRC wanted Pompey to be placed in liquidation and that the taxman claimed if this happened 'the demise of the club was not inevitable'. But Mr Sheldon told the judge this was exactly what would happen. He added: 'If the club is not sold or very nearly sold by the start of the season it will clearly be relegated out of the football league. 'This will happen because the administrators cannot give the assurances needed that the season's fixtures can be completed. 'It will then go out of the Football League and into some distant league, but the reality is that it will probably go into liquidation because the administrators will not be able to fund the continued business.' He continued: 'The evidence for this is quite clear. Mr Andronikou is quite clear about what the consequences would be if the CVA fails.'

I'dsay so, as they were clearly supporting a team financialy, who were insolvent!

So Hull's future is the next 48 hours, we saw this coming! http://www.dailymail.co.uk/sport/football/article-1300094/Hull-chief-Russell-Bartlett-denies-Tigers-verge-administration.html

And you felt the need to share this because?

Sue is this? 14:58 [Comment From GarglingBoyle GarglingBoyle : ] I don't understand why the players wouldn't get to vote. Without them we might not have got the CVA passed. Am I missing something? PUP

Deluded fool.... 11:43 [Comment From Sparky Sparky : ] at Jimmy84, Its ok then for Chelsea and Man UTD to buy titles, and Saints to buy the JPT?

Yes we know, you all tried tell us that you were in the know from day one, alas your fan base, it appears, are still deluded.

Loving it... 11:32 [Comment From TCWTB TCWTB : ] We should have spent the money on a new 44,000 stadium for our super fans. We would have sold out every week and not be having these problems now! Pay up Pompey.

At last, the real reason of the appeal.