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A very important day

When I turned on my phone this morning those were the words, 'a very important day', awaiting me in a text message - and I would not disagree!

So, we know that we have to get our statement of affairs into the courts by this afternoon, quite what can happen as a result, either way, seems to be quite a matter of debate.

Some seem to think that, so long as we at least get some documentation in, then we are safe until the March 1st court date regardless.

Although I would think, not that I am sure by any means, that should the judge/HMRC be 'unhappy' with this then a court date can either be fast tracked or they, the judge, would have the power to act themselves?

'If' that were the case then they 'might' be able to send us into administration - something that The Guardian 'claims' we have applied for anyway - at best, at worst would she have the power to wind us up before a court meeting was needed again? Then again The Express says we will apply for this 'should' we not beat Stoke and Burnley.

On the plus side, should this statement of affairs please everyone, and some proof on an investor also be seen with clear evidence of their investment plan that would clear the HMRC debt, among others - something, the HMRC debt, we MUST do! Argue the amounts after, but payment by the set date is a must - then the next appointed court date would become a mere formality, right?

Again, as said, I do not really know what is what, I would be lying if I said otherwise - although in all honesty I would find it odd that 'if' this paperwork did not satisfy people, or if it did for that matter, that they would be unable to, in the coming days, take actions and we would have to wait regardless for the March 1st date.

'Should' The Guardians admin claims prove true then of course this means any outside hopes of premier league survival are gone - this is the least of our worries though lets face it, yet a large chunk of debt owed to people would be written off, meaning a 'potential saviour' would take on less debt - something no creditors would be happy with of course, yet some of the larger amounts 'should' fall significantly, some people will be burnt for sure...

PLAY UP POMPEY!


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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Wednesday February 17 2010

Time: 8:17AM

Your Comments

Everything is crossed - not much work being done today
UKTony
Got to admit; i'm for the Admin route. Get rid of the fear of obliteration, know our fate for next season, get a new owner in. Get on playing some football. Living with the fear we face the executioner tomorrow or the next day or the next day, has virtually killed football for me. Football wise i've been depressed for months! I just want to take stock, know where we're heading and start the next chapter...
pentonpompey
I can't claim to know any more than the next man, but as far as I am concerned today is only a day to see if we are required to go to court on the 1st of March or not. Nothing else will happen today, I am almost certain of it. Of course the decision will be that we go to court.
sneakay
Ps. All I care about is our future as a Club...Stuff what it makes the Global PL brand look like!
pentonpompey
Yep with you all the way Penton. It's the having hope & seeing it rammed down your throat that hurts. Quite resigned to relegation but a better future because of it, providing there is a new positive owner.
storagematt
Chin up boys. It must be awful facing potential extinction but like you say maybe the best route is to get the admins in, restructure the club, sell off the players/management on ridiculous wages and bounce back next year. Your club has been managed by a bunch of ****s and it's about time your fans got a management team who treat the club with the respect it deserves. Play up Pompey!
Gunnerman
Today is important, make no mistake if Vantis say we are trading insolvently; an offence by the way, things could be accelerated. I thinkweare relegated anyway( as much down to tactical error as anything else) if course if we take 7 from the next 9 things could be different but in the mean timeit's hard to believe some one will buy ( noting papers are not picking up street rumours yet) even with 20 something mill of parachute payments over the next two seasons. Admin and being infamous seems preferable
russellm
Not much will happen today. Just confirm court date. Like a site has said it may depend on whether we win the next two games. Although it will be very tough to beat both stoke and burnley. Stoke have been doing really well all season and our defence will leak like a sieve. So i predict that we will eventually go into administration before March 3rd, get a new owner and get relegated. Perhaps this is the best route, for we really can only afford to play in the championship with the present facilities at the club. We need someone to come in and build a new stadium before we go up again, otherwise it will always be a struggle. It just amazes me that previous owners and the council didnt put there heads together and build a new stadium. Anyway lets hope we beat stoke on saturday, going to be really difficult, has got draw written all over it. Avram needs to play attacking style with belhadj on the left, abeyie on the right and utaka up front with either dindane or Piquonne. I think those players will cause alot of problems for defenses and it will be a case of scoring more goals than the opposition if that sounds right?? Because our defense is woeful at the moment.
evildwarf
That's the important point Russell - we have to prove we're not trading insolvently. As so far no-one has rushed in with cash I should think we're in that position. Perhaps Chainrai is guaranteeing our debts behind the scenes or, hopefully, that new owner is about to sign up. Winding-up would be the end of the line for me but administration could mean a bargain buy for someone.
PFCblue
As a matter of interest does anybody know what happens to the parachute payments? Will Pompey get them or will they go to creditors? I assume that as they will be made after admin they'll go to Pompey?
PFCblue
depends if we're still in admin come the end of the season surely? but my only real problem with admin is that all the small businesses in portsmouth that are owed money would get hit and get hit hard and could potentially go bust and we can't let that happen its just not right
pompeym@
I've been on the end of people going bankrupt - three times - and its not nice. How would you feel if PFC owed you 50,000 and you were really struggling because of it, but every time you buy your local paper, there on the back page is PFC, flourishing under the auspices of a new owner, having left all the debts behind. I think it is made worse because Football is like a local community thing (well, to us in Portsmouth anyway). If we did go into administration, I think the club should organise collections to be made or run raffles every week until all local debtors are paid off. We won't have any luck if we don't.
Gandor1
Hope u lot stay up (and in existance)! Youre a proper english club (run by idiots) who should be in the Prem. Proper fans and a rich history. Good Luck!
superspuds
Admin won't happen.. it's ***** or bust .. but not today .. it's just submission and acceptance of the statement.. The Court then have two allocated days to go through it before calling Pompey back into court on March 1st ..
Chix
what i really am struggling to understand tho is, 'if' following the submission of this statement in the next couple of days it is proven to be 'unacceptable' surely a decision could be made by a judge prior to the march 1st court date? to be proven insolvent would mean we could not carry on trading, even between now and that court date?
as i keep saying tho i AM NOT a financial or legal mind so i goes mostly over my head...
pompeyrug
I think you're right Rug. Today we're proving to the court that we're not insolvent. If the court's happy we then proceed with the HMRC winding up petition. Anyway, that's how I see it.
PFCblue
I thought it was quite clear from the last court case that they are trading whilst insolvent. I take m@'s point about the debts to small businesses, and this is something that troubles me about admin, but the same will happen if the club is liquidated. Their only hope is one of these "interested parties" that its all gone very quiet about. Otherwise its admin or bust (literally) and despite the points deduction/inevitable relegation (instead of likely relegation), I really think admin is the lesser evil. It just troubles me that Chainrai won't do it. As for the Guardian saying we've 'applied for' admin, I didn't think it worked like that?
tracyc
Who knows what happen, I suspect a buyer will be found after Administration and not before,As others have already said who is going to buy a house from a neer bankrupt when you can wait for it to be re possessed and get it alot cheaper, especially when it needs completely refurbishing and the current gas and electric bills need re paying
plymouth graham
 

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