badgerx16

( Portsmouth's ) season

Blackberry

(tax) evading

Statement from the EPL http://www.premierleague.com/page/Headlines/0,,12306~1978356,00.html " "The Premier League can confirm it has received notice from Portsmouth FC that it has suffered an Event of Insolvency and entered administration. "The Board will now convene to invoke its rules and policy in relation to this matter. "The Board will also meet the Administrator at the earliest opportunity to receive their views on the financial status of Portsmouth FC and set out the conditions for the club to fulfil its commitments for the remainder of the season. "We understand the need to act as swiftly and transparently as possible; however there is a process which means we can only provide comment at the appropriate junctures." Take into account this statement made at the start of the season re financial control http://www.premierleague.com/page/Headlines/0,,12306~1797644,00.html With regard to the 9 points, ( this was posted earlier on this thread ); The section on Sporting Sanction in the rule book covers rules 60-70 http://www.premierleague.com/staticFiles/c5/47/0,,12306~149445,00.pdf Sporting Sanction 60. Upon a Club or its Parent Undertaking suffering an Event of Insolvency the Board shall have the power to impose upon the Club a deduction of 9 points scored or to be scored in the League competition. If the Board exercises this power it shall forthwith give written notice to the Club to that effect. 61. Subject to Rule C.62, the 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). 62. The only ground upon which a 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 to order the appellant Club to pay or contribute to the costs of the appeal including the fees and expenses of members of the appeal tribunal paid or payable under Rule C.68. 70. The decision of the appeal tribunal shall be final and binding on the appellant Club.

They can sell at any time, the issue is that the buyers can't register new players until the window opens. Considering what was said earlier this month, wasn't it going to be 'open' only for EPL teams to buy ? Can't see any other UEFA leagues bending the rules.

So if HMRC are owed more than £15M they get a vote on the CVA ? :smt070:smt070

Normally 12 months, but some extensions to 18 may be permitted ( I think that's right )

GOOGLE is the greatest tool in the world ( After Peter Storrie )

From http://www.mbiequity.co.uk/glossary/ glossary Administration A formal procedure where an Administrator can be appointed by either the directors, shareholders, floating charge holder, or the court for the purpose of rescuing the company as a going concern or achieving a better result for the creditors than would be achieved otherwise or simply to realise assets in order to pay secured or preferential creditors. In this procedure, the assets of the company are quite often sold to new owners [sometimes the former directors] so that a turnaround can be implemented. In the ideal scenario jobs are saved and returns to creditors are enhanced. Administrations must be concluded within 12 months.

As if we got any from them ! Let them crash & burn.

They might soon be free agents anyhow:D

Said on the BBC this morning that once in admin, they can. :confused:

What time are they in court ?

Possibly true, but then what ? This is based on the presumption that PCFC come out of the other end of admin with a pulse, let alone a CVA. This will only ever be a stay of execution, not a reprieve.

Am I correct in thinking that HMRC precipitated the whole WUO process ? If so, why would they ? Based on musings / factoids on here, (a) they would know that administration would seem to be a neat way of sidestepping the WUO, (b) with admin they know they are not preferred creditors and the 'football creditors' rule takes precedence, © given some assessments of PCFC's debts they might not even have the 26% needed to get a vote on a CVA, meaning they could end up with the square root of bu66er all. There has to be something up their sleeve

I would think that HMRC are already fully geared up and ready to rock& roll :smt070

ice

deodorant

hatchet

...

I think this relates to the idea the 'the club' can be sold as an asset to raise cash for the creditors, and then start up as AFC Poopey, or whatever, whilst the carcass of PCFC is buried and the grave danced upon. It is this new entity that gets the -15.

This is my, entirely unqualified, view as well. I think they are just p!55ing in the wind.

Not sure if this link has gone on here yet : http://www.bbc.co.uk/blogs/mattslater/2010/02/portsmouth_fc_in_crisis_qa.html Includes the following " Q: Who will be the administrator? A: This is still unclear, but we know it will not be Nick O'Reilly, the man who prepared the club's recent "statement of affairs". This document was the financial reckoning Portsmouth had to submit to court last week and it would have contained all the gory details (debts of £70m, a tax bill of £12m and rising, and a see-the-season-out estimate of £20m), as well as his opinion on the outcomes, in terms of money returned to creditors, of administration and liquidation. Chainrai either disliked O'Reilly's candour or he balked at his quote, which is believed to have been £1m. This may seem like another professional's attempt to wring money from the club, but it should be remembered an administrator becomes liable for the company's debts and businesses in administration have proved they are not that great at paying those. To not use the expert who did your statement of affairs as your administrator is unusual and should ring alarm chimes. But then this is the club that pleaded poverty to the other 19 Premier League clubs in January shortly before signing Quincy Owusu-Abeyie and Dusko Tosic." And this " Q: Why has this happened now? A: Because Pompey, and all its owners and ex-owners, have run out of more attractive options. The "next idiot" production line is on the blink. It takes weeks to buy something as complicated as a football club (and that is just the solvent ones) as any prospective new owner would want to know exactly what he or she is buying. In Pompey's case, it is an indebted Championship team in a shabby stadium with almost no corporate seating, a battered credit rating and a murky recent ownership structure. Do not be fooled by talk of talks."

mouthwash

( That took some time !!! ) Alkali