pedg Posted 31 January, 2012 Share Posted 31 January, 2012 Now where on earth are they going to deposit the money from any transfers. Oh, yes, into their frozen bank accounts.. "Yes, if could just make the cheque for the transfer fee out to CASH..." Link to comment Share on other sites More sharing options...
Wes Tender Posted 31 January, 2012 Share Posted 31 January, 2012 I'm not entirely sure that they can use any funds raised from transfers to pay the tax bill. Under insolvency law you cannot pay one creditor at the expense of another, especially paying a subordinated creditor at the expense of a more senior one. At present HMRC are an unsecured creditor, towards the bottom of the pile and I wonder where Chinny, CSI and Baker Tilly administrators of the CVA rank. A judge could redirect any money paid to HMRC to other creditors. I think that we've been looking at the wrong creditor. I think the real problem is Baker Tilly. Chinny might be prepared to overlook a preference being established for HMRC, but Baker Tilly certainly wouldn't. They are much more likely to kick up a fuss if things aren't done by the book. In all of his dealings there have been accusations about the Android's failure to adhere to the letter of the law and bending the odd rule (secured creditors voting on the CVA, disputed debt figures etc, etc) but in this case, that doesn't look like an option. If the Skates were in administration, then what you say would be true. But they aren't - yet. Although it is arguable that they might conceivably be insolvent at the moment. Link to comment Share on other sites More sharing options...
dvaughanwilliams Posted 31 January, 2012 Share Posted 31 January, 2012 (edited) If the Skates were in administration, then what you say would be true. But they aren't - yet. Although it is arguable that they might conceivably be insolvent at the moment. It wouldn't surprise me if there was a conversation between UHY and Baker Tilly on this point and it could end up being decided by a judge. Edited 31 January, 2012 by dvaughanwilliams Link to comment Share on other sites More sharing options...
Saint in Paradise Posted 31 January, 2012 Share Posted 31 January, 2012 My wife had virtually the same reply from the FL with the addition of:- "Any deduction of points is not automatic and is at the Board discretion. The Football League is currently still investigating the situation at Portsmouth and it would be inappropriate for us to comment any further. I did the bold bit not the FL lady. Link to comment Share on other sites More sharing options...
BigShadow Posted 31 January, 2012 Share Posted 31 January, 2012 From Ipswich fan site TWTD understands that Portsmouth duo Joel Ward and Stephen Henderson have turned down the chance to join the Blues, the clubs having agreed fees earlier this evening Misplaced loyalty??? Or Ipswich wouldn't match their wages at Poopey? Link to comment Share on other sites More sharing options...
yoda Posted 31 January, 2012 Share Posted 31 January, 2012 Misplaced loyalty??? Or Ipswich wouldn't match their wages at Poopey?[/quote Hedging bets more like - Henderson can't lose - if the skates continue to fail to pay his wages when they go pop he can go for an increased salary on a free. As a football creditor he knows he'll get his money somehow. In the meantime his statements are lapped up by the fans. If all else fails in the summer he's closer to contract expiry and got the whole summer for his agent to broker a deal. Watch him kiss the badge at their next match - don't you love footballers... Link to comment Share on other sites More sharing options...
stev2001 Posted 31 January, 2012 Share Posted 31 January, 2012 Misplaced loyalty??? Or Ipswich wouldn't match their wages at Poopey?[/quote Hedging bets more like - Henderson can't lose - if the skates continue to fail to pay his wages when they go pop he can go for an increased salary on a free. As a football creditor he knows he'll get his money somehow. In the meantime his statements are lapped up by the fans. If all else fails in the summer he's closer to contract expiry and got the whole summer for his agent to broker a deal. Watch him kiss the badge at their next match - don't you love footballers... Won't he be an asset then and be sold anyway? No free transfer and inflated wages? Link to comment Share on other sites More sharing options...
pedg Posted 31 January, 2012 Share Posted 31 January, 2012 Won't he be an asset then and be sold anyway? No free transfer and inflated wages? As I understand it if the club went into liquidation all the contracts end so all the players would become free agents. Link to comment Share on other sites More sharing options...
stev2001 Posted 31 January, 2012 Share Posted 31 January, 2012 As I understand it if the club went into liquidation all the contracts end so all the players would become free agents. In that case, if anyone at the club thought there was any chance of being liquidated in the next couple of months, there would have been a fire sale this month? They must believe someone will buy them?????? Link to comment Share on other sites More sharing options...
gaz Posted 31 January, 2012 Share Posted 31 January, 2012 They must believe someone will buy them?????? It'll be the hope that kills them. The next 3-4 hours will be the most crucial in PFC history. Link to comment Share on other sites More sharing options...
pedg Posted 31 January, 2012 Share Posted 31 January, 2012 In that case, if anyone at the club thought there was any chance of being liquidated in the next couple of months, there would have been a fire sale this month? They must believe someone will buy them?????? Problem is that to sell a player the buying club must agree to pay and the player must agree to move. If the player is happy to stay knowing they will get an extra pay day if the club goes pop there is nothing the club can do about it. Link to comment Share on other sites More sharing options...
Jonnyboy Posted 31 January, 2012 Share Posted 31 January, 2012 So who have they actually lost today? Link to comment Share on other sites More sharing options...
JackFrost Posted 31 January, 2012 Share Posted 31 January, 2012 They got no chance of getting Mattock back on loan for free, he's gone to Brighton for the rest of the season Link to comment Share on other sites More sharing options...
andysstuff Posted 31 January, 2012 Share Posted 31 January, 2012 So who have they actually lost today? Ryan Williams to Fulham for £500K - not enough to pay HMRC let alone this months wages. Link to comment Share on other sites More sharing options...
St Jim Posted 31 January, 2012 Share Posted 31 January, 2012 Williams pricee is donw to 400,000 Link to comment Share on other sites More sharing options...
St Chalet Posted 31 January, 2012 Share Posted 31 January, 2012 If you were an agent what would you advise your player to do? My guess is: Sit tight, if they want to sell you without you requesting they have to pay up contract. Sit tight, your wages will likely be higher at Cheats FC Sit tight, the PL will make sure your wages are paid before the taxman and cancer charities. Sit tight, if they get liquidated you are a free agent, signing on fee etc Link to comment Share on other sites More sharing options...
Saint in Paradise Posted 31 January, 2012 Share Posted 31 January, 2012 Williams pricee is donw to 400,000 How much tax would a normal club have to pay if they sold a player for 400,000? Link to comment Share on other sites More sharing options...
St Jim Posted 31 January, 2012 Share Posted 31 January, 2012 for some reason they won't allow my alter ego, Del Onghi, to post......strange that Link to comment Share on other sites More sharing options...
tony13579 Posted 31 January, 2012 Share Posted 31 January, 2012 How much tax would a normal club have to pay if they sold a player for 400,000? It would depend how much they paid for the asset. I suspect they are selling at a loss, so they may be due a vat refund Link to comment Share on other sites More sharing options...
Pamplemousse Posted 31 January, 2012 Share Posted 31 January, 2012 I couldn't post earlier but I will own up from earlier to being PFC Tom and also using trousers good name a couple of times as well! Sorry Link to comment Share on other sites More sharing options...
pedg Posted 31 January, 2012 Share Posted 31 January, 2012 off the guardian transfer deadline page from about 8:30 Rangers and Celtic battling it out for Portsmouth's Marko Futacs "Sky Sports understands". Thought Rangers were pennyless like pompey? Link to comment Share on other sites More sharing options...
Colinjb Posted 31 January, 2012 Share Posted 31 January, 2012 off the guardian transfer deadline page from about 8:30 Thought Rangers were pennyless like pompey? The Jelavic money I would guess. Link to comment Share on other sites More sharing options...
Brizzie Saints Posted 31 January, 2012 Share Posted 31 January, 2012 14:56: DONE DEAL Portsmouth have signed Burnley striker Alex MacDonald and Preston forward Juvhel Tsoumou on loan Link to comment Share on other sites More sharing options...
Hockey_saint Posted 31 January, 2012 Share Posted 31 January, 2012 "Must be loads of nippers we can sign next week on loan once the bank account is unfrozen. QPR just released a couple of players" -SpencerC, The news website. OH FFS!!! TRJDGI!!!!!!!!! Link to comment Share on other sites More sharing options...
dvaughanwilliams Posted 31 January, 2012 Share Posted 31 January, 2012 With 40 minutes to go, it looks like they're not going to sell anyone else. I have heard a rumour that they are planning to raise all of the money they need through a car boot sale selling unicorn farts. Seriously, have they announced a more believable plan to get out of this? Link to comment Share on other sites More sharing options...
Colinjb Posted 31 January, 2012 Share Posted 31 January, 2012 14:56: DONE DEAL Portsmouth have signed Burnley striker Alex MacDonald and Preston forward Juvhel Tsoumou on loan No, that's meant to say Plymouth Argyle. Trust me. Link to comment Share on other sites More sharing options...
trousers Posted 31 January, 2012 Share Posted 31 January, 2012 I couldn't post earlier but I will own up from earlier to being PFC Tom and also using trousers good name a couple of times as well! Sorry Link to comment Share on other sites More sharing options...
BigShadow Posted 31 January, 2012 Share Posted 31 January, 2012 It would depend how much they paid for the asset. I suspect they are selling at a loss, so they may be due a vat refund You don't get a VAT refund for selling at a loss. They may have to pay 20% VAT on the sale though - not sure what the VAT rules are on players. Link to comment Share on other sites More sharing options...
pedg Posted 31 January, 2012 Share Posted 31 January, 2012 Looks like just the 0.5M for pompey then. Howard: Right, the bongs are about to go. And I'm hearing that it's just Ryan Williams that Pompey are working on. Link to comment Share on other sites More sharing options...
Hockey_saint Posted 31 January, 2012 Share Posted 31 January, 2012 I like how they assume because they've been unable to shift their shovel of sheet that this must simply mean they have a buyer on the way. Link to comment Share on other sites More sharing options...
Colinjb Posted 31 January, 2012 Share Posted 31 January, 2012 I like how they assume because they've been unable to shift their shovel of sheet that this must simply mean they have a buyer on the way. Or their bidding clubs couldn't match the wages. Link to comment Share on other sites More sharing options...
Kingsland Red Posted 31 January, 2012 Share Posted 31 January, 2012 What a bizarre day for those following the saga. Just back from St Marys and expecting most of the Skates squad would have been sold this evening to raise funds for the HMRC,wages and CVA payment in April and , er, they seem to have sold nobody. Does anyone the other end of the M27 understand their problems? Link to comment Share on other sites More sharing options...
saintbletch Posted 31 January, 2012 Share Posted 31 January, 2012 If you were an agent what would you advise your player to do? My guess is: Sit tight, if they want to sell you without you requesting they have to pay up contract. Sit tight, your wages will likely be higher at Cheats FC Sit tight, the PL will make sure your wages are paid before the taxman and cancer charities. Sit tight, if they get liquidated you are a free agent, signing on fee etc Spot on. The only reason a PFC player would move on at the moment would be for footballing reasons (play in a higher division, get a regular game, etc.). Link to comment Share on other sites More sharing options...
Jimmy_D Posted 31 January, 2012 Share Posted 31 January, 2012 There's very little incentive for a Pompey player to leave. Either they stick around, and their high wages keep getting paid if Pompey somehow survive, or Pompey go under, and they can join a club on higher wages than they would have due to no transfer fee. Link to comment Share on other sites More sharing options...
Under Weststand Posted 31 January, 2012 Share Posted 31 January, 2012 So what have the few done to help themselves out of the hole their in? Just how many millions did they manage to get together to pay off HMRC & unfreeze their bank accounts. How many of the youth team will be playing next game?? Oh there's a surprise 0.5-million, not quite enough to solve all their problems then. So yet again they fail to do anything to actually try to live within their means, and make no effort to even try to resolve the problems there in. No surprise there then. DFSCB Link to comment Share on other sites More sharing options...
trousers Posted 31 January, 2012 Share Posted 31 January, 2012 @pn_neil_allen: That's it. Ryan Williams the ONLY #Pompey player to leave on transfer deadline day. Excellent news for supporters. Link to comment Share on other sites More sharing options...
S-Clarke Posted 31 January, 2012 Share Posted 31 January, 2012 @pn_neil_allen: That's it. Ryan Williams the ONLY #Pompey player to leave on transfer deadline day. Excellent news for supporters. They're forgetting the loan window which opens on Thursday..... Link to comment Share on other sites More sharing options...
ooh it's a corner Posted 31 January, 2012 Share Posted 31 January, 2012 @pn_neil_allen: That's it. Ryan Williams the ONLY #Pompey player to leave on transfer deadline day. Excellent news for supporters..... ....of HMRC's Winding up petition...... You do not have any money, selling something valuable looked like your last chance saloon, but you blew it...... excellently..... Link to comment Share on other sites More sharing options...
Monk Posted 31 January, 2012 Share Posted 31 January, 2012 I just dont understand this, surely they are now well and truely fooked??? http://www.mirrorfootball.co.uk/transfer-news/Portsmouth-Joel-Ward-and-Stephen-Henderson-refuse-1-5m-move-to-Ipswich-article859745.html Link to comment Share on other sites More sharing options...
Under Weststand Posted 31 January, 2012 Share Posted 31 January, 2012 @pn_neil_allen: That's it. Ryan Williams the ONLY #Pompey player to leave on transfer deadline day. Excellent news for supporters. The whole f**king Island is completely deluded. How the hell can it possibly be good news for the supporters. I know shut your eyes stick your fingers in your ears & shout LA! LA! LA! very loudly. Then you wont hear the that bell which is tolling for you! Link to comment Share on other sites More sharing options...
Colinjb Posted 1 February, 2012 Share Posted 1 February, 2012 SaintsWeb in: #The Skates are F**King thick and easily influenced shocker.# Is this really a surprise over the past few years? Link to comment Share on other sites More sharing options...
rallyboy Posted 1 February, 2012 Share Posted 1 February, 2012 by my reckoning, as of five minutes ago they officially started trading insolvently. They have admitted there is no money for the February wages yet they continue to employ staff and go about their daily business. The failure to raise money yesterday was a big mistake, and the two players who refused to leave have banged two nails in the club coffin. Now it's a new owner with massive funding or bust. I'd suggest the latter is more likely. What an odd way to run a business. Link to comment Share on other sites More sharing options...
Under Weststand Posted 1 February, 2012 Share Posted 1 February, 2012 http://www.fansonline.net/portsmouth/mb/view.php?id=405006 I just Love LordSummerisle quote "They asked for stupid wages to scupper the deal I've been told". No you deluded, inbred, thick web fingered moron. Your disgusting cesspit of a club are the ones which are paying STUPID WAGES that's why they've stayed & your in the S**t AGAIN! Ipswich wanted to pay REASONABLE, SENSIBLE, AFFORDABLE & LOGICAL wages .Maybe just maybe they could have saved your club if they'd chosen to take a sensible wage but no & you celebrate once again. Unbelievable truly unbelievable even now they still don't get it. Link to comment Share on other sites More sharing options...
ooh it's a corner Posted 1 February, 2012 Share Posted 1 February, 2012 by my reckoning, as of five minutes ago they officially started trading insolvently. They have admitted there is no money for the February wages yet they continue to employ staff and go about their daily business. The failure to raise money yesterday was a big mistake, and the two players who refused to leave have banged two nails in the club coffin. Now it's a new owner with massive funding or bust. I'd suggest the latter is more likely. What an odd way to run a business. I couldnt agree more. They could argue during January that they were endeavouring to sell assets to make up the shortfall in cashflow. Right now, there is not enough cash to cover current liabilities - two home fixtures in Feb won't cover the existing debt, let alone anything else. You cannot just hope optimistically for a buyer to be found. If they do not file for administration tomorrow morning Lampitt needs to find himself a bloomin good lawyer, or his missus needs to start planning to down-size... Link to comment Share on other sites More sharing options...
S-Clarke Posted 1 February, 2012 Share Posted 1 February, 2012 "Re 2353. Everton were owed £1.5m by Rangers from the Michael Ball transfer back in 2001 hence the lower transfer fee." Not PFC related but highlights the absurdity of football finance! ELEVEN YEARS?!!!!! cripes. How many years were those repayments based on...? Link to comment Share on other sites More sharing options...
Dark Munster Posted 1 February, 2012 Share Posted 1 February, 2012 http://www.thesun.co.uk/sol/homepage/sport/football/4097788/Pompey-hope-for-para-lifeline.html the cheats are still trying it on .the only people i feel sorry for the staff at the club who rely on their money rather than overpayed players they could not afford. But an application to bring forward £2.5m in parachute payment instalments cannot be ruled out — and it would be in the interests of football chiefs to keep Pompey alive until at least the end of the season. The last thing the PL would want is for the DFCSBs to scrape into the playoffs, and somehow get promoted to foul their league once again. Forwarding £2.5 million to the Cheats, to keep them going until the end of the season, would make that a possibility (remote, but not impossible). On the other hand, if they refuse, it would make going up for that cesspit of a club virtually impossible (teams going into liquidation half way through a season tend to have a hard time getting promoted ). Hmmm let's see, forward Cheats FC £2.5 and risk them coming back to haunt you, or tell them to f**k off? Tough choice that .... Link to comment Share on other sites More sharing options...
BigShadow Posted 1 February, 2012 Share Posted 1 February, 2012 So Paul Jewell basically confirms that Ipswich couldn't match the wages Ward and Henderson were getting at Pompey. http://www.twtd.co.uk/news.php?storyid=20103 Town boss Paul Jewell confirmed that the Blues’ attempt to sign two Portsmouth players – Joel Ward and Stephen Henderson – broke down after the duo failed to agree personal terms “That doesn’t mean we’re paying people peanuts but at times we’ve all been guilty of paying over the odds for too many players, and I think football is counting the cost of that.” What he really meant to say was...I can't believe the fecking stupid wages they are paying players down there.....no wonder the DFCSB's are in the deep doggie doo. Link to comment Share on other sites More sharing options...
*Halo* Posted 1 February, 2012 Share Posted 1 February, 2012 I would have some sympathy if - a. they hadn't ignored the previous administration. b. they hadn't ignored the previous transfer embargo. c. they hadn't presented false documents to a court to sign players for our cup game. d. the few didn't keep peddling ridiculous myths. e. they had learned a single lesson from previous overspending. f. they weren't still cheating. g. they had been punished. h. there were less inbreds following them. i. someone with integrity had formed a new club to chase away the crooks that have raped the sport while wearing a blue shirt. j. they hadn't been serial tax evaders. k. they hadn't been owned and funded by child-maimers. l. they hadn't been owned and funded by organised crime. m. they hadn't taken the p1ss out of children's charities. n. dirty Avram hadn't made his funny little speech. o. they admitted they are neither plucky nor the bestest. and finally, I might have some sympathy if they just stop blaming the league and the taxman for their own blatantly insolvent and criminal business practices. They have been run by crooks and idiots and the fans have loved it - Wemberly, Wemberly etc - well now it's judgement day - is that 1-0 win over a bankrupt mid-table championship side still worth it?.... Spot on. Top post sir. It's effing ridiculous, put the poor beast down, it's terminally sick and horribly diseased, show some mercy. It is also haemorrhaging badly, and making a disgusting, bloody mess all over the place. Time for the appropriate authorities to help prevent another massive clean-up operation: Zip the slippery festering rotting carcass up tight in a body bag, and file it away as a deep frozen statistic. Link to comment Share on other sites More sharing options...
Hockey_saint Posted 1 February, 2012 Share Posted 1 February, 2012 I just had a quick look on that web archive posted on the other non-football board and, heaven-forbid, typed in the pompey website, had a quick look back to 1999 and what do you know!!! they're in administration then too!!! jeesus H. Christ. Link to comment Share on other sites More sharing options...
hutch Posted 1 February, 2012 Share Posted 1 February, 2012 Well, at least they don't owe HMRC any PAYE or NI for January. Every cloud and all that. Link to comment Share on other sites More sharing options...
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