Vital Football

Out of Admin - 28 Days and Counting

Out of Admin - 28 Days and Counting

I can't put a lot of comment up but just so we have something and somewhere to discuss the issue of the day

Pompey are heading out of adminstration.

Chix

CVA Approved

News is just reaching us at Vital Towers that Pompey`s creditors this morning voted to accept the Company Voluntary Agreement (CVA). This means those owed money by the club will receive a minimum of 20p in the pound and opens the door for the club to exit Administration.

The News report that 81.3 per cent voted in favour of the deal, with 18.63 per cent against and 0.07 per cent abstaining. Most Creditors voted by proxy with only a small number present at the meeting.

The decision now has to be ratified by the courts after a twenty eight day cooling off period when objections can be raised. Certainly it seems the HMRC will be one creditor who will object to the decision.

HMRC who had initially started the winding up process some six months ago claimed then they were raised in the region of £17m but had recently raised that figure to £37m, an amount that had been questioned by Joint Administrator Andrew Andronikou. That claim has now been reduced to £24m according to Andronikou.

Pompey Chief Executive David Lampitt told the Clubs official site "This is a hugely significant day for the club - I`m very pleased the vote has gone through.

"The deal reached between the administrators and the creditors provides us with the first step towards the rebuilding of the club.

"One of my tasks is to bring stability to the club so that it has a long-term future. This should make it a more attractive proposition for new investment. I believe this has to the best way to bring long-term success."

Manager Appointment

With the CVA agreed expect an announcement shortly on the appointment of Steve Cotterill as our new manager. Hopefully too we will see the transfer embargo lifted and the possibility of any further points deduction disappear over the horizon.

We welcome the news of the CVA approval but there may still be rough waters ahead!

eastneydave

PUP



Click here to join in the debate on the club forum.

Writer:Chix
Date:Thursday June 17 2010
Time: 12:26PM

Comments

0
Just read the blurb on the official site, Lampitt has said it, so I actually beleive it, this is awesome news.......At last
NZ_Portsmuff
17/06/2010 12:30:00
0
LAMPITTS QUOTE: Chief executive David Lampitt said an agreement with creditors to take Pompey out of administration is the first vital step towards creating the clear landscape on which the club can be rebuilt. At a meeting at Fratton Park today creditors voted to accept a Company Voluntary Agreement (CVA), paving the way for the club to exit administration. Lampitt said: “This is a hugely significant day for the club – I’m very pleased the vote has gone through. “The deal reached between the administrators and the creditors provides us with the first step towards the rebuilding of the club. “One of my tasks is to bring stability to the club so that it has a long-term future. This should make it a more attractive proposition for new investment. I believe this has to the best way to bring long-term success.”
NZ_Portsmuff
17/06/2010 12:32:00
0
Daily Echo are reporting that HMRC can still file an appeal against this.......F***ers....
NZ_Portsmuff
17/06/2010 12:34:00
0
Brilliant News!
pompeyfcmad
17/06/2010 12:37:00
0
the scum echo would tho wouldnt they...
those that have voted for CANNOT change their vote against as far as i understand, HMRC will 'probably' fight this but we FINALLY have some good news!
'word on the street' that i hear is that a press conference, even before the CVA approval announcement being made came, is a press conference was being scheuled for monday re: the managers position, almost certainly cotterill...
pompeyrug
17/06/2010 12:51:00
0
Rug, info update, legally now in the 28 day cooling off period a creditor can change their mind but unless some extra money arrives from somewhere they never do. you would have to think if a buyer was around or Chan wants to do the job properly they would buy the day after the 28 days expires. HMRC have to prove a legal precedent to object as it seems by their own rules they cant get to 30+ million to block the process.
russellm
17/06/2010 13:18:00
0
I hope the next 28 days passes with not too much incident!!!!!
NZ_Portsmuff
17/06/2010 13:31:00
0
NZ- apart from the incidents of managerial appointments, loan players being ready to come in and embargo's being lifted in July to allow that to happen.
russellm
17/06/2010 13:55:00
0
Some good news at last even if there is a very long road ahead. Here's hoping HRMC have done their worst & we can rebuild. I still would like an enquiry into where all the money went?
storagematt
17/06/2010 13:57:00
0
So do we have to wait 28 days before the embargo is lifted and we can sign or re-sign a player?
wellyit
17/06/2010 14:05:00
Page 1/3
  1. 1
  2. 2
  3. 3

Login to post a comment

Recent Portsmouth Articles

Will Irish eyes be smiling?

Pompey will hope Irish eyes can indeed be smiling for former Aston Villa left back Enda Stevens with a call up to the Republic of Ireland squad coming as a Blues player.

On this day in history...25th April

A look back at this day in history, and what was happening with Pompey courtesy of our sister site PompeyRama, 25th April.

More Reliable Than A League 2 Octopus? (24/4/17)

Time for the new special computer that crunches the numbers to determine the final League Two positions for 2016/17.

2016-17 Pompey Player of the Year?

I think we've seen some very good performances from Pompey players this season with the consistency of them, unlike the Blues' form at times, unwavering.

Archived Vital Pompey Articles

Vital Pompey articles from

Site Journalists

pompeyrug
Editor email
Profile
eastneydave
Editor email
Profile
paultsmouth
no email
Profile

Current Poll (see more polls)

Cambridge MotM
Suggested By:
Forde6%
Evans0%
Whatmough18%
Clarke1%
Stevens5%
Opoku Aborah62%
Doyle1%
Baker0%
Naismith2%
Bennett4%
Kabamba0%
Sub-Chaplin0%
Sub-Lowe0%
Sub-Roberts1%
ScoopDragon Publishing Entire League Network of Sites

League Table

# Team P W D L Pts. GD
P Doncaster 44 25 10 9 85 33
P Plymouth 44 25 8 11 83 24
P Portsmouth 44 24 9 11 81 33
4 Luton 44 18 17 9 71 22
5 Exeter 44 20 8 16 68 18
6 Blackpool 44 17 16 11 67 22
7 Stevenage 44 20 6 18 66 7
8 Mansfield 44 17 14 13 65 5
9 Wycombe 44 18 11 15 65 4
10 Carlisle 44 16 17 11 65 -1
11 Cambridge 44 18 9 17 63 7
12 Colchester 44 17 12 15 63 6
13 Accrington 44 16 14 14 62 3
14 Grimsby 44 17 10 17 61 -2
15 Barnet 44 13 15 16 54 -6
16 Notts County 44 15 8 21 53 -22
17 Crewe 44 13 13 18 52 -11
18 Morecambe 44 14 9 21 51 -18
19 Crawley 44 13 11 20 50 -16
20 Yeovil 44 11 16 17 49 -13
21 Cheltenham 44 11 14 19 47 -16
22 Newport 44 11 12 21 45 -22
23 Hartlepool 44 10 13 21 43 -21
R Leyton Orient 44 10 6 28 36 -36
The Vital Football Members League
Latest F1 News
Latest Vital Boxing News
Vital Football Comment

Recent Portsmouth Results (view all)

Portsmouth Fixtures (view all)

Apr 29 2017 3:00PM : Mansfield Town (a)
Sky Bet League Two
May 6 2017 5:30PM : Cheltenham Town (H)
Sky Bet League Two

Vital Members League Table

RankNamePoints
1.pompeyrug89
2.PompeyFrippy37
3.storagematt33
4.eastneydave30
5.Copnor4322
6.stubbsy00718
7.FrattonBlue17
8.uspompeyfan16
9.pompeyweller11
10.Jimsmithswig10
Write for Vital Football