Gingeletiss

I have amended it for you;)

Not just him CL, their fans have laughed at Leeds, Leicester, Luton, us, and more recently Crystal Palace. They are mongs of the highest order, and now they are laughing 'because they're saved'. Some are even saying that they will win the FA cup (played in whilst insolvent), and will be in Europe next season, whilst taking the Championship by storm. That Corp Ho, is your fans, a ferk1ng disgrace, very few of you see any wrongdoing in what has transpired on you pitifull island, and that is why we wish the worse for you. Rant over:mad::mad:

Given you've asked the question, it means that either you have knowledge, or you'll have us believe you have knowledge. Steve summed it up, and others have said the same, we all wonder who would be stupid enough to want to buy your club, the same club without any training facilitys, no ground, relegated, to be investigated (oh yes my friend), possible large points deduction next season etc etc etc. So yes, we question this, why arn't you??????

I wouldn't gloat yet...for one, you're not in admin yet, crow about that when you are. Cheats always prosper, your second time at this, and still you think it's OK. Don't you worry about all your debts, you just keep racking them up, then go the admin route!!!!!.

Yep!!!!!...just a few responses on the takeover thread. Rules for fa cup; rule15(h) and (i) ALL players must be registered They kicked AFC Wombledon out of I think the Trophy (might be the Cup proper) two seasons ago for fielding an ineligible player. 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. When I said I don't think it matters, I was referring to the FA rule book. I remember WHU getting into trouble in one of the Cups a few years ago for fielding an ineligible player - he came on with a couple of minutes to go. I'm pretty certain they wouldn't have been in trouble had he not come on.

IMO it does....as clearly the intention to play him was there. I think this will rumble on a little.

Just posted about this in the lounge. By all accounts, it seems they played an inelegible player against us, as all registrations are dealt with by the FA. Now even at grass roots level, if this happend, the team trangressing, would be booted out of the cup, and the win given to the team they played against.

Um!!, I saw Pontys reply, my take is that all registrations are dealt with by the FA. So he was in fact, inelegable to play in the FA cup against us, now that is serious if true!!!. Even at grass roots level, you will get expelled, and the team you played gets the win. Surprised this has been jumped on, mind you, I haven't been on the main board yet, as I've only just got to work;)

Chainrai gave notice this week that he intended to take Portsmouth into administration on Friday, and officials from accountants UHY Hacker Young have already taken control of the club:smt103:smt103, working out of Fratton Park and liaising directly with the Premier League:smt103. Officially Portsmouth remain in talks with a number of potential investors but there is no llikelihood of a deal, and Chainrai is expected to fly back to Hong Kong on Thursday night, leaving the administrators to formally begin addressing Portsmouth's creditors on Friday. They are expected to find that despite being the man in charge when the money ran out, Chainrai has structured his ownership;) in order to avoid taking a significant financial hit. Chainrai is in a position of strength because he is a "secured creditor", after lending money to the club charged against their assets, including Fratton Park and future revenues. So, the administrators are in charge. Chairai is (according to the Telegraph), both the owner and a secured creditor. I am going to be a bloody expert when the mud clears, and I can see the truth in all of this.:smt036

Just a quick snippit from the bluephew trust..... The Pompey Supporters’ Trust would like to clear up some confusion surrounding the reports of Suleiman Al Fahim transferring his 10% share in Portsmouth City Football Club to the Trust. Legal experts spoke to Mr Fahim yesterday and it became apparent that these shares wouldn’t be offered directly to the Trust. Al Fahim was proposing that the shares be given to an organisation called “INTRUST” with supporters buying the shares from him at an agreed price over a period of time. This would only be the case if Mr Fahim was to buy the Club and he had asked the club for three weeks’ Due Diligence from the present owners which we believe to have been rejected. We have no doubt the offer was made in good faith but as a formal offer hasn’t been made directly to the Trust, this isn’t a proposal we can put to a members vote. We would like to thank Mr Fahim who we believe had the best interests of the fans at heart and it shouldn’t be forgotten that he put five million pounds into the Football Club. What's pertinent here IMO, is that he acquired this 10% for 10p, that is to say, he got the shares for £1 of Gaydemark junior.

See this is how it was explained to me. That once the WO was dealt with by the court (2 weeks ago), then only the court could allow them into administration, and any secured creditor, would have to apply to the courts. All these the media experts (and benjii) have made me doubt the validity of this however.......... Protection of assets between petition and order Once the winding up petition has been presented, a date is set for a court hearing at which the petition will be heard and a winding up order made against your company. A considerable time may elapse between the presentation of the winding up petition and the hearing for the making of the order. You should make use of this time to seek professional advice on the options open to you and your company, you can call the business helpline on 0800 24 0800 for free and confidential advice before it’s to late. In general, your company should be allowed to continue to trade in that period but the creditors need to be protected against possible disposal of its assets. Your actions as a director are therefore under great scrutiny in this period of time and the ability to trade effectively can be impaired due to the impending hearing being at the forefront of your mind. Invalidation of disposal of assets Unless the court orders otherwise, any disposal of your company’s property, alteration in the status of its members or transfer of shares after the commencement of the winding up petition is void. The purpose of this provision is to preserve the value of the assets of a company for the benefit of persons interested in those assets. It seems that the taking of the stadium by Mr Chainrai, may not be all that it seems..!!

Hope 'arry doesn't read this............ Lie detection expert Darren Stanton quotes in todays Sun P8 signs for spotting a liar: eye contact,where they look, what they say,how they stand.watch their hands,watch their lips, and twitches. I nearly choked on my breakfast on the last one "Liars often twitch which can be one of the easiest signs to spot. Often its the liars eyelids which twitch or it could be a tiny muscle in the cheek or neck. Males have an area at the bottom of the nose which actually twitches when we know we haven't told the truth".

Just a simple question, to which I haven't got an answer. Can the court refuse an application for administration?????

Pre-Pack Administration The most commonly used product within insolvency services is pre-packaged administration. The deal is reached pre-appointment with an insolvency practitioner of our recommendation. This allows a phoenix company to purchase the assets back pre-appointment in preference to other creditors (with the exception of 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 employment and private enterprise: Preserves jobs for Directors & employees; Achieves a write-off of debt arrears (not subject to debentures or personal guarantees); Releases the business from leases or contracts that may no longer be required; Avoids disruption to customers & other stakeholders. Advantages of a pre-pack Pre-pack administration provides a planned, swift & secure transition to a new phoenix company: The sale of the business assets & undertaking is agreed in advance; The Director’s personal credit history is protected; The business may apply to trade under a variation of the original name; Minimum disruption occurs and it is possible that some staff and customers may be unaware of the change; There is no creditor meeting for the liquidation of the old company, requirement for local advertising or filing in the local courts. As of November 2009 we are conducting an increasing number of “pre-pack liquidations”. These increase viability of recovery for companies requiring work-force restructuring solutions but do require a creditors meeting. So, in effect. I could buy a shell company, list my house as an asset, run up huge debts against it. Then go into administration, pay of the debts at 10p in the pound, and start again. Pays to be a big player then, as if I default on my debts, I loose my house, what a crap deal:mad::mad::mad:

Oh dear oh dear oh dear, that was something new to me:shock: What is Company Administration? Administration is a temporary legal status that protects an insolvent limited liability company from the actions of its creditors whilst its position is reviewed. An insolvency practitioner is appointed to run the company and decide how the situation will be resolved. When is administration used? If a company is unable to pay debt as it is due & creditor legal action may be imminent. Why is it used? Administration is used when winding-up is not appropriate. This may be because the company has a viable core that could be recovered or where more value may be realised for creditors if it continues to trade temporarily (e.g. completing Work In Progress). Who places a company into administration? Directors, lenders with the security of a floating charge (usually banks or factoring companies) or a creditor may petition for administration. If the Directors appoint an administrator then any floating charge holder must be given 5 days notice in which they may choose to make their own appointment. Where is a petition for administration filed? At a local County Court. (A part of our service is to petition for administration “off-patch” reducing negative publicity.) What is pre-packaged administration? This is where a deal is negotiated to purchase the assets & undertaking of the company as it is placed into administration. The buyer is often a “phoenix company” that may include Directors from the previous one. This achieves an effective write-off of unsecured debt arrears (including VAT, PAYE & Corporation Tax) left with the old company which may eventually be dissolved. The main benefit of pre-packaged administration is that the business may be rapidly recovered from insolvency without the disruption & uncertainty of conventional administration. This protects the value of the business as a going concern. Who are pre-packs suitable for? The pre-pack recovery route may work for any Ltd company including SMEs. It is effective when the level of unsecured debt exceeds the value of the assets and undertaking of the company & is greater than £30K.

PL now confirming that they met with Chainrai.......worst kept secret and all that!!!

yet another figure for the HMRC debt.... quote....Portsmouth are believed to owe over £22 million alone to Her Majesty's Revenue & Customs, while a further £10m is owed to other clubs in unpaid transfer fees.

There are still many questions still to be answered. Like, do the FA condemn a club playing in their prestigious cup, whilst being insolvent. Like are the PL happy, that a team in their global brand, has been fielding a team, that they have been unable to pay, giving them an unfair advantage over other teams in the league. Like if as we suspect, that the PL have struck a deal with the Horesea cheats, will they now be prepared to bail out every team with financial troubles??.....the list is endless, I hope the media will be asking these questions.

Of course, these are rules not laws.

I think, that if you read it, there are several points. My main point however, is that there is in fact, rules in place that govern Insolvency.

I was asked about a million pages back, by someone who knows it all, to back up a statement about the PL and insolvency. He claimed there was nothing in the PL's rules to govern it............I think this says it all thank you. Events of Insolvency 50. Subject to Rule C.58, the Board shall have power to suspend a Club by giving to it notice in writing to that effect if it or its Parent Undertaking suffers an Event of Insolvency, that is to say: 50.1 it enters into a Company Voluntary Arrangement pursuant to Part 1 of the Insolvency Act 1986 (“the 1986 Act” which expression shall include any statutory modification or re-enactment thereof for the time being in force) or a Scheme of Arrangement with its creditors under section 425 of the Companies Act 1985 or enters into any compromise agreement with its creditors as a whole; or 50.2 it or its shareholders or directors lodge a Notice of Intention to Appoint an Administrator or Notice of Appointment of an Administrator at the Court in accordance with paragraph 26 or paragraph 29 of Schedule B1 to the 1986 Act or where it or its shareholders or directors make an application to the Court for an Administration Order under paragraph 12 of Schedule B1 to the 1986 Act or where an Administrator is appointed or an Administration Order is made in respect of it (“Administrator” and “Administration Order” having the meanings attributed to them respectively by paragraphs 1 and 10 of Schedule B1 to the 1986 Act); or 50.3 an Administrative Receiver (as defined by section 251 of the 1986 Act), a Law of Property Act Receiver (appointed under section 109 of the Law of Property Act 1925) or any Receiver appointed by the Court under the Supreme Court Act 1981 or any other Receiver is appointed over any of its assets which, in the opinion of the Board, are material to the Club’s ability to fulfil its obligations as a member of the League; or 50.4 its shareholders pass a resolution pursuant to section 84(1) of the 1986 Act to voluntarily wind it up; or 50.5 ameetingofitscreditorsisconvenedpursuanttosection95orsection98ofthe1986 Act; or 50.6 a winding up order is made against it by the Court under section 122 of the 1986 Act or a provisional liquidator is appointed over it under section 135 of the 1986 Act; or 50.7 it ceases or forms an intention to cease wholly or substantially to carry on its business save for the purpose of reconstruction or amalgamation or otherwise in accordance with a scheme of proposals which have previously been submitted to and approved in writing by the Board; or 50.8 it enters into or is placed into any insolvency regime in any other member state of the European Union which is analogous with the insolvency regimes detailed in Rules C.50.2 to C.50.7 hereof. 51. A Club shall forthwith give written notice to the Board upon the happening of any of the events referred to in Rule C.50. 52. At the discretion of the Board exercised in accordance with Rule C.58, a suspension may take effect from the giving of the notice or it may be postponed subject to: 52.1 a condition that while the suspension is postponed the Club may not apply to register or have transferred to it the registration of any Player; and 52.2 suchotherconditionsastheBoardmayfromtimetotimeduringthepostponementof the suspension think fit to impose. 53. Unless a suspension is postponed, a suspended Club shall not play in: 53.1 anyLeagueMatch;or RULES: SECTION C 53.2 anyPremierAcademyLeagueMatch;or 53.3 anyPremierReserveLeagueMatch;or 53.4 any of the competitions set out in Rules E.10 and E.11; or 53.5 any other match. 54. For the purposes of the League competition, the Board shall have power to determine how the cancellation of a League Match caused by the suspension of one of the Clubs which should have participated in it shall be treated. 55. While pursuant to this Section of these Rules a Club is suspended or its suspension is postponed, the Board shall have power, subject to Rule C.58, to make such payments as it may think fit to the Club’s Football Creditors out of: 55.1 any UK Broadcasting Money payable to the suspended Club under the provisions of Rule C.35; and 55.2 any Overseas Broadcasting Money payable to the suspended Club under the provisions of Rule C.37; and 55.3 any Title Sponsorship Money payable to the suspended Club under the provisions of Rule C.39; and 55.4 anyCommercialContractMoneypayabletothesuspendedClubundertheprovisionsof Rule C.41; and 55.5 any Radio Contract Money payable to the suspended Club under the provisions of Rule C.44. 56. For the purposes of this Section of these Rules, Football Creditors shall comprise: 56.1 theFootballAssociationandclubsinfullorassociatemembershipthereof;and 56.2 Affiliated Associations (as defined by the articles of association of the Football Association); and 56.3 theCompanyandanysubsidiaryofit;and 56.4 the Football League, the Football Conference, the Northern Premier League, the Southern Premier League and the Isthmian Football League; and 56.5 theProfessionalFootballers’Association;and 56.6 theFootballFoundation;and 56.7 any employee or former employee of the suspended Club to whom arrears of wages or salary are due, to the extent of such arrears; and 56.8 any pension provider to which a pension contribution payable by the suspended Club in respect of its employees or former employees is due, to the extent of such contribution. RULES: SECTION C 57. Upon being reasonably satisfied that a suspended Club’s liabilities to its Football Creditors have been settled, the Board shall have power, subject to Rule C.58, to withdraw the suspension of that Club by giving to it notice in writing to that effect. 58. In exercising its powers under Rules C.50, C.55 and C.57 and its discretion under Rule C.52, the Board shall have regard to all the circumstances of the case and to: 58.1 such of the provisions of the Insolvency Act 1986, the Competition Act 1998 and the Enterprise Act 2002 as are relevant and then in force; 58.2 theconsideration(ifany)givenbytheinsolventClubundertheprovisionsofRulesC.35, C.37, C.39, C.41 and C.44; 58.3 the interests of the insolvent Club’s Officials, Players, supporters, shareholders and sponsors; 58.4 theinterestsoftheinsolventClub’sotherFootballCreditors; 58.5 the need to protect the integrity and continuity of the League competition; and 58.6 the reputation of the Company and the League and the need to promote the game of association football generally. 59. Any distribution to a Relegated Club under the provisions of Rules C.35, C.37 or C.39 may be deferred if, on or before the date of the distribution, the Relegated Club has been given notice under article 4.5 of the articles of association of the Football League which has been suspended. Upon such notice being withdrawn the deferred distribution shall be paid but if in consequence of the notice the club to which it was due ceases to be a member of the Football League its amount shall be added to the next distribution made in accordance with these Rules. Sporting Sanction 60. Upon a Club suffering an Event of Insolvency: 60.1 theinsolventClubshallthereuponsufferadeductionof9pointsscoredortobescored in the League competition; and 60.2 the Board shall forthwith give written notice to the insolvent Club to that effect. 61. Subject to Rule C.62, the insolvent Club may appeal against the deduction of points by sending or delivering to the Secretary Form 2 so that he receives the same together with a deposit of £1,000 within 7 days of the date of the notice given under the provisions of Rule C.60.2 (time of the essence). RULES: SECTION C 62. The only ground upon which an insolvent Club may appeal as aforesaid is that 62.1 the Event of Insolvency was caused by and resulted directly from circumstances, other than normal business risks, over which it could not reasonably be expected to have had control; and 62.2 its Officials had used all due diligence to avoid the happening of that event. 63. An appeal under the provisions of Rule C.61 shall lie to an appeal tribunal which shall hear the appeal as soon as reasonably practicable. The appeal tribunal shall be appointed by the Board and shall comprise 3 members of the Panel including: 63.1 an authorised insolvency practitioner and 63.2 a legally qualified member who shall sit as chairman of the tribunal. 64. The chairman of the appeal tribunal shall have regard to the procedures governing the proceedings of Commissions and Appeal Boards set out in Section R of these Rules but, subject as aforesaid, shall have an overriding discretion as to the manner in which the appeal is conducted. 65. The Club shall have the onus of proof of the matters set out in the appeal on the balance of probabilities. 66. If the members of the appeal tribunal are not unanimous the decision of the majority of them shall prevail. 67. The appeal tribunal shall give written reasons for its decision. 68. Members of the appeal tribunal shall be entitled to receive from the Company a reasonable sum by way of fees and expenses. 69. The appeal tribunal shall have the following powers: 69.1 to allow or dismiss the appeal; 69.2 to order the deposit to be forfeited to the Company or repaid to the appellant Club; 69.3 toordertheappellantClubtopayorcontributetothecostsoftheappealincludingthe fees and expenses of members of the appeal tribunal paid or payable under Rule C.68. 70.

Again, I repeat. The Registrar has asked for the Sof A, and I'm still sure (not 100% benji), that she can act on it. Also, HMRC have had that same document, I suspect they will have their top people working on this problem.

What if (someone has already touched on this)...and this is really reaching now, what if the secret meetings held in a London hotel, have in fact been with representatives of the PL. Bearing in mind the link between them/Storrie and the now, very long list of owners....What if!!!!!!!!!!!!

This has always been my take on this, but for the benefit of 'benji'...I am not 100% sure.

Lol:D:D:D:D posted 3 Hours Ago Keith Mc What I want to know is, what is that clown John Anthony Portsmouth Football Club W******d gonna do? -------------------------------- He will have to change it to: John Anthony Tesco Formerly Portsmouth Football Club W******d when Fratton gets flattened and they build a Tesco on the site.