Goalie66

My reading for what it is worth is that Chandrai thought he would get repaid the loan but that was scuppered by the EPL keeping that money. He probably also discovered that lien he had re all the assets would be worthless as it initiated was after the winding up order. Angered and ****ed off he now says he owns PCFC.

This is why the game will not happen. http://www.guardian.co.uk/sport/david-conn-inside-sport-blog/2010/feb/03/portsmouth-mark-jacob-premier-league

I saw the games at Fratton Park on 1963 when we won 3-0. There was fighting as there was no segregation but in reality handbags. Saw the game next year when we won 5-2 and you could walk from one end to the other.No trouble I recall.In those days it was rivalry but not the bitterness that exists today.

It is not going to happen. Why would you spend £60 or million when in short order you could buy it for nothing as Pompey have no assets that are now saleable.

Very good.. Love Plaice Odyssey

The not so good the very bad and the repulsively ugly

One flew over the Cuckoos nest -Part II

Pompey's Choices 1. Go into administration before 10th 2. Be wound up liquidated on the 10th As they still have not paid their players and did not have a fire sale would indicate that any cash will be used to pay players and to the pockets of the owners. However, as illustarted below, ADMINISTRATION is only realistic option if the business is viable and PCFC is NOT now , has not been for months, nor will be again What is a Winding Up Petition? This is the most serious action that can be taken against the company. Usually the company has breached any trust the creditor had, payment deals have failed, cheques bounced and generally the directors have not kept their word. So the creditor reacts with the “nuclear” option. If a creditor elects to wind the company up, it is serious in its intent to recover the money it is owed and / or to put the company out business. Remember, typically a winding up petition (WUP) costs say £1,000 to £1,800 to issue. This is because the petitioner has to put money on deposit with the court as well as paying legal fees. If the business IS VIABLE and has a good future then administration is a very powerful means to defined the company against the petition. Administration will “stay” (or postpone) the winding up petition and prevent a winding up order being made and any other legal action (except with leave of court). The administrator may propose a Company Voluntary Arrangement to protect the business for up to 5 years. Or it may be sold to a new company or buyers If you decided to pay the debt, remember it will have increased because of the costs of the plaintiff (creditor).

But the key point that a lot of people are missing is that HMRC are not the only one who have issued a winding up order against Pimply.

pompeitis

The FA Cup rules are quite ambiguous with respect to what would happen if Pompey folded. Seems the Professional Game board have the power to make that decison..whoever they are!!! If any Club when applying to enter the Competition, or at any time during the course of the Competition becomes subject to any of the following insolvency events: (i) a manager, receiver or administrative receiver appointed in respect of that Club or any part of its undertaking or assets; (ii) an administration order made in respect of that Club; (iii) a winding up order made in respect of that Club; or (iv) entering into any arrangement with its creditors or some part of them in respect of the payment of its debts or part of them as a company voluntary arrangement under the Insolvency Act 1986 or Scheme of Arrangement under the Companies Act 1985. that Club must notify the Professional Game Board immediately in writing. The Professional Game Board will (at its absolute discretion) then decide whether to accept the application and/or allow that Club to continue to compete in the Competition. (g) A Club that through the Competition qualifies for a UEFA Competition for the following season must adhere to the rules and licensing requirements of UEFA applicable to that season. (h) Clubs must provide, to The Association, when requested by The Association, a declaration from the local safety authority or Police that ties are able to be staged at the capacity stated on the entry form. 6. ENTRY

The FA Cup rules are quite ambiguous with respect to what would happen if Pompey folded. Seems the Professional Game board have the power to make that decison..whoever they are!!! If any Club when applying to enter the Competition, or at any time during the course of the Competition becomes subject to any of the following insolvency events: (i) a manager, receiver or administrative receiver appointed in respect of that Club or any part of its undertaking or assets; (ii) an administration order made in respect of that Club; (iii) a winding up order made in respect of that Club; or (iv) entering into any arrangement with its creditors or some part of them in respect of the payment of its debts or part of them as a company voluntary arrangement under the Insolvency Act 1986 or Scheme of Arrangement under the Companies Act 1985. that Club must notify the Professional Game Board immediately in writing. The Professional Game Board will (at its absolute discretion) then decide whether to accept the application and/or allow that Club to continue to compete in the Competition. (g) A Club that through the Competition qualifies for a UEFA Competition for the following season must adhere to the rules and licensing requirements of UEFA applicable to that season. (h) Clubs must provide, to The Association, when requested by The Association, a declaration from the local safety authority or Police that ties are able to be staged at the capacity stated on the entry form. 6. ENTRY

Individuals become bankrupt.Companies go into receivership or are liquidated

But that would mean a passport into semi final at Wembley. I think the FA would prefer a game to take place.However, I cannot see how Pompey Can survive. They have been insolvent for months.

Ironically been speaking to a guy at HMRC today to the National Debt pursuit unit.They had issued two statements that were incorrect on backpayments of Nat Ins.. so they do make errors.However, in chatting to him he thinks PayupP will go admin route.If that is the case then they might hang around long enough to play us so we could face the prospect of losing to them but still going through as they will have been liquidated by the end of the month.

Ironically been speaking to a guy at HMRC today to the National Debt pursuit unit.They had issued two statements that were incorrect on backpayments of Nat Ins.. so they do make errors.However, in chatting to him he thinks PayupP will go admin route.If that is the case then they might hang around long enough to play us so we could face the prospect of losing to them but still going through as they will have been liquidated by the end of the month.

maybe but you are absolutely right

You stole that from the new Pompey transport to Man City , didn't you .You thief!!

Pompey are f.....d

Further thought that may be the strategy of Storrie and Jacob. Say they can no longer run the company. A Fraudster is now in charge and to save major embarrassment PL kicks PFC out NOW. Storrie and Jacob come out of this smelling ...like tainted roses knowing that they are going to wall anyrate.. Your thoughts?

Good point. For the Premier League to do anything would be outside their remit and that fact that Azoughy is a convicted fraudster would ,ironically, only be relevant if he was a Director under UK law. I think we all know that the fit and proper for PFC is more akin to unfit and improper

Not wot they really meant was that He PUTS a TIGER in his TANK cus he used to own ESSO !!!!

Storries comments that he feels that his position is untenable . He is a Director of a limited company as is Jacob. Azoughy is not. Both Storrie's and Jacob's positions as Directors ARE untenable if they cannot make executive decisions on behalf of the Shareholders. Now clearly Azoughy is now running the fire sale that is now PFC Ltd and making all executive decisions on behalf of (whoever owns PFC). As Directors they will held ,PERSONALLY to account for not recognising that the company is insolvent which is illegal.