Picard
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Posts posted by Picard
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Thanks for the link - finally got it working abroad!
Do tell me how!
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Do Baker Tilly have a legal obligation to pay the CVA(oldco) monies whether or not they receive what they are due from PFC(2010) ?
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Barnsley manager Keith Hill has 'no sympathy whatsoever' for the financial crisis that is engulfing Portsmouth after they were forced into administration for the second time in as many years.
Barnsley claimed a 2-0 victory over Portsmouth, and Hill admitted: 'I've got no sympathy whatsoever for Portsmouth, absolutely none, because they've spent money they can't afford. They've recruited players at the beginning of the season knowing full well they were still in debt from the previous administration.
'They've recruited players that I can't afford to recruit and they are paying the type of wages that I could only dream about paying, so how can I have sympathy for any football club who are competitive against me in a league when I haven't got the same advantages as Portsmouth?'
Another one who's got it.
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Meanwhile in Scotland....
The Scottish Football Association have confirmed they will conduct a full independent inquiry into the activities of Rangers.Last night, it emerged that Rangers and Mr Whyte could face a criminal inquiry after Strathclyde Police confirmed it was looking into what had gone on behind the gates of Ibrox – and former club chairman Alastair Johnston called for a Crown Office investigation.The authorities seem more interested to find out what was really going on up there.
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The Football League has accused Portsmouth's former owner Vladimir Antonov of misleading the football authorities at the time of his Fratton Park takeover last summer. The surprisingly candid remarks came in an email exchange, seen by the BBC, between Pompey fan Paul Chalmers-Stevens and the Football League's customer services department. Responding to the fan's questions about what checks the Football League did on Antonov when he bought the club in June 2011, the Football League claimed it was not its fault as it had been misled. "The steps taken by the Football League were based upon evidence of proof of funding, together with related business plans," it said. "It appears that the evidence was at best misleading and possibly fraudulent with the league not being alone in accepting this evidence." The BBC attempted to contact Antonov about these claims but was unable to reach him.
If proved shouldn't this mean a further heavy points reduction?
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While their CEO was being interviewed today I jotted down some figures as he reeled them off.
Now my hearing ain't as good as it used to be so apologies if I am wrong on any of these. Anyway, he disclosed debts as:
Old C.V.A. (Payable to Baker Tilly) £16m
CSI (Their previous owners, themselves in Admin) £10.8m
Portpin (loan from Balram Chanrai) £17m
HMRC (incl Taxes due from previous owners* ) £7m * Not quite sure what he meant by that?
Total approximately £51m although there may be some red letters as yet undisclosed.
So AA is between a rock and a hard place. I'm sure he wants to marginalise HMRC so, like last time, they can't veto the CVA.
However, if he inflates the debts too high then they become, as you described so well, Balance Sheet Insolvent.
If my figures are close to correct and your figure of value is correct then they are reaslly skating on thin ice.
Oh dear!
Could the £7m taxes due from previous owners be related to EBTs (made famous by Rangers)?
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'Get your tax paid on time' from the snooze!!
http://www.portsmouth.co.uk/news/politics/get_your_tax_paid_in_time_1_3397731
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http://www.guardian.co.uk/sport/2012/jan/21/portsmouth-tax-michael-appleton?newsfeed=true
and
"Oh yes you have!" and I thought Panto season was over. How can you with one breath say you owe HMRC 1.6 million and then in the next claim you don't have millions in liabilities?
This page in the Gaurdian gives links to the previous WUP episode.
Do you remember Mrs Registrar Derrett,
"I am very concerned about the financial status of this company. It seems to me there's a very real risk that this company is undoubtedly trading while it is insolvent."I'm obviously conscious that, by making a winding-up order, it would have very severe consequences not only for the company as a business but for the supporters themselves, but that's not a consideration that I strictly take into account."
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The WUP is only listed against the Company on Credit Check sites, after it has been advertised in the London Gazette. This is where credit agencies pick it up. I imagine this will be in tomorrow's edition.
Last time the WUP was applied for on 23 December 2009
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Quote from the administration completion report.
http://www.uhy-uk.com/assets/media/download/portsmouth%20reports/Completion%20report.pdf
Other requirements of the CVA which were/ are to be met:......
(2) Portpin Limited was to pay all unsecured creditors with claims of up to £2,500 in full and
pay any amounts owed to Charitable Organisations in full. I advise that Portpin Limited
has paid all Charitable Organisations in full and has passed all creditors’ claims of £2,500
for review and payment.
I being AA.
And
Subject to the approval of the CVA, Portpin Limited has undertaken to pay allunsecured creditors with claims of up to £2,500 in full and to pay any amounts owed
to Charitable Organisations in full.Upon repayment,the claims of these creditors
will be subrogated to Portpin Limited.
So if Portpin had paid the small creditors he could have claimed it back from PFC.
Being part of the CVA if the small creditors are not paid the CVA would not be completed correctly and I imagine that would mean a points deduction.
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Can NOS sue FIA for breach of contract?
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Probably won't beat the £10m de Man U
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David Hudson has particularly strong ties with the football world as he was a professional for Wimbledon Football Club in 1990 as a goalkeeper. He continued to play football in a semi-professional role alongside developing a career as an insolvency practitioner
An interesting combination !
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Proably Lukas, although we could do a lot worse than George Boyd. Love us to get Sharp and/or Jordan Rhodes though.
Yes it was Lukas Jutkiewicz she spoke of.
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In case anyone was wondering how the forensic investigation is going...
We will be assisting Geoff Carton-Kelly and David Hudson with their investigations into the financial collapse of the club. The liquidators have identified significant issues that require detailed investigationAccountancy Age - Finance, business and accountancy news, features and resources. Claim your free subscription today.
This is a bit old - from May- but i don't think it was mentioned.
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I believe it is not PFC's responsibility to pay small creditors100%. That promise was from BC.
It would be illegal to pay the creditors out of sequence from the funds of PFC old co.
Employees
Secured creditors
Unsecured creditors
It would be illegal to pay some creditors a higher percentage than others in the same group. ( from PFC old co)
I thing all the funds to pay creditors was comming from the sales of players and the parachute payments. I don't think PFC 2010 are liable for these debts
Your thoughts gents?
The figures were revealed in a letter sent by liquidation firm Baker Tilly to update small and unsecured creditors who are still waiting for payment following the club’s administration. The firm was appointed liquidator of the club in February.Only creditors who are owed more than £2,500 are usually paid under the terms of a CVA. But in Pompey’s case, former owner Balram Chainrai pledged to pay creditors owed less than that amount in full through his company Portpin.
The letter from Baker Tilly says that this obligation now rests with Portsmouth Football Club.
But Mr Lampitt disputes it is the club’s sole liability to pay small creditors in full.
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The local paper's views on Birmingham's situation from a couple of weeks ago.
Yeung has also new finanancial problems, being sued over a home loan.
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Are the goals on youtube yet?
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Looks like Huddersfield's not losing sequence is coming to an end.
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Latvia to seek Sweden's help in regaining Krajbanka assets
The Finance and Capital Market Commission will request the Prosecutor General turn to the Swedish Economic Crime Prevention Office to help regain Latvijas Krajbanka’s missing assets.
The Commission wants the money that Snoras Bank's owner, Vladimir Antonov, has invested in his projects, including acquisition of the SAAB concern, writes LETA.
The Swedish agency has already confirmed its readiness to assist Latvia in this matter.
The LVL 100 million transferred out of the bank were for two purposes – to increase share capital, and to cover Antonov's personal projects.
Didn't Corp Ho assure us Antonov had nothing to do with Saab?
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According to the match statistics Brighton only committed 9 fouls: nearly a yellow card for each foul!
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An old photo from carsuk.net. (When Vlad wanted to rescue Saab)
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Oh looks like its getting worse if thats possible, for Atanov & partner looks like Snoras is insolvent & to be liquidated with $1.3-billion missing.
"There is no point putting money into a plane thats not going to fly" kind of reminds you of our poopey
I see the reporter gives her email in case anyone wants to contact: mseputyte@bloomberg.net.
Pompey Takeover Saga
in Golden Posts
Posted
TB
I think it has already been mentioned fleetingly.