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Taxman launches his appeal

Taxman launches his appeal

So, we now know that HMRC have blocked our attempts to come out of admin by launching their appeal against the CVA agreement that was agreed, in principle, by the majority of creditors.

A spokesman for HMRC said: 'HMRC can confirm that it has made an application to the High Court that the decision of creditors of Portsmouth City Football Club Ltd (In Administration taken at a meeting on 17 June 2010 approving a Company Voluntary Arrangement in a Proposal dated 28 May 2010 should be revoked or suspended under s. 6 (1) (a) and/or (b) of the Insolvency Act 1986 on the grounds that: (a) The interests of HMRC have been or will be unfairly prejudiced by the taking of that decision; and (b) There were material irregularities in the way in which the votes of creditors were counted at that meeting.

'HMRC can further confirm that it has also appealed to the court under Rule 1.17 of the Insolvency Rules against the Chairman's decision to refuse to allow HMRC to vote in accordance with claims totalling £13,293,651.72 submitted at the meeting.'

As I am sure we all know HMRC believes that they have a bigger claim than the amount that they would be getting, albeit 20p in the £ of it, so they want a larger amount taken into account: 'HMRC feel we have been or will be unfairly prejudiced by the decision to accept the CVA, because we believe there were material irregularities in the way in which the votes of creditors were counted at the creditor meeting and because, to our knowledge, the full amount of our claim should have been admitted for voting purposes.'

They also say that they are working for the fairness of the creditors that fail outside of the football industry - which whilst I understand this, it is unfair that football creditors get the whole lot and everyone else does not, but lets face it the vast majority agreed to the proposal: 'we are acting in the interests of all those creditors who are not in the football industry. We don't think it's right that they are offered 20p in the pound against full repayment all others. Also we cannot agree with the striking out of £13million of debt which seriously undermined our ability to challenge the CVA.'

It is now down to HMRC to prove that they are actually owed what they claim they are owed - this appeal 'might' not be heard until October or November, so this of course leaves us in limbo in the meantime as the transfer embargo on us will almost certainly be kept in place so recruitment plans are in tatters...

'Should' HMRC fail in this appeal then they could be faced with a MASSIVE compensation bill from Pompey if this appeal leads to the potential sale of the club falling through or being delayed.

Whilst none of us are happy with the taxman, and whilst they are the bad guys at the moment we do have to remember that circumstances, long before they came on the scene, were the issues that got us into the trouble that we were in in the first place so it is important that we do not lose sight of that.

Ah well, so we play more of the waiting game - which sucks!

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Writer:pompeyrug
Date:Thursday July 15 2010
Time: 10:59PM

Comments

0
F***..F***..F***..F***..F***.....its not like I wasnt expecting it, but I am F***ing gutted
NZ_Portsmuff
15/07/2010 23:16:00
0
Oh dear!
moley2
15/07/2010 23:29:00
0
well i came out of my "hole" once the CVA was "agreed" ... now im thinking of crawling back into it - i just really CBA with football right now. full of prima donnas and money grabbers and dodgy investments/agents. take a 17 point+ deduction, r*pe us of all the money we have left, take our team etc and leave us to rot... but be warned, when we rise from the bottom again... we will shaft you good and proper as a FOOTBALL club, not an investment! if only I won the euromillions ten times, then I could be the saviour!
pompey--pessimist
15/07/2010 23:41:00
0
PP that is exactly what I was praying for a year ago. Maybe one should find the perpetrator of this foul mess and explain nicely where he has gone wrong. If you get my drift.
SFC Forever
15/07/2010 23:54:00
0
We pick ourselves up .. we dust ourselves down.. and we go again .. WE ARE POMPEY.. down .. but NOT out.. PITD
Chix
16/07/2010 00:06:00
0
This is *********.. we need so many new players and cant sign nothing now.
nodster
16/07/2010 00:25:00
0
nodster - we are allowed 20 players in the team. if we fall below 20 players we are allowed to sign replacements (all be it freebies/loans i presume)
pompey--pessimist
16/07/2010 00:30:00
0
Still nothing on the official website - assuming we have paid the bill - Have we actually received notification from HMRC or are we just having a game of bury our head in the sand and pretend its not happening. To be fair, in recent months I haven't believed the rumours until they appear on the Club site, this is big news you would have thought there would be a statement. I know AA said he was expecting it but nothing to say it's happened on there.
PompeyDiva
16/07/2010 09:40:00
0
I agree that the football first rule is ridiculous, they should stand in line with everyone else. We are in this mess due to mismanagement and yet again it's the fans and the (hopefully soon) new owners who have to pay the price, while the perpertrators get off scot free. Now, whilst HRMC should be paid what they're owed, they also have a habit of inflating their claims so that people settle for a lower amount even if they don't owe anything.
Lemmi
16/07/2010 10:26:00
0
The point I note is the differing amounts being touted as to the amount owed to the taxman. Pompey admin say just below the price which gives HMRC the right to block the CVA. Taxman has a price way above. If HMRC are wrong Pompey must surely have the right to sue for the lost time etc.
SFC Forever
16/07/2010 11:25:00
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