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CSI insolvent! Admin calls again?!

CSI insolvent! Admin calls again?!

'Nothing to worry about?'

'Business as usual?'

Just a couple of the lines trotted out by CSI last week, in many ways I guess they are right as the fate that awaits us pretty much is 'business as usual' given our recent history...

Here we go again, another points penalty and 'probable' relegation - possibly as the minimum - awaits us with CSI insolvent and going into administration.

BBC Sport (here) reports the following...

'Portsmouth's parent company Convers Sports Initiatives (CSI) are the subject of insolvency proceedings.

'Controlled by Vladimir Antonov - recently arrested in an inquiry into asset stripping - CSI is now temporarily protected from creditors.

'It is unclear whether CSI has formally entered administration or it has sought the court's protection prior to the appointment of an administrator.

'Either way, CSI appears insolvent and Pompey could now be deducted points.

'The Football Association has previously indicated that those clubs whose parent company enter administration will be subject to a points deduction process.

"Almost all companies that file a notice of intention to appoint an administrator end up in administration or liquidation," insolvency lawyer Guy Thomas of Taylor Walton told BBC Sport.

'Last week Portsmouth's former owners Portpin Ltd re-emerged as an interested party in the club's future after filing a charge at Companies House over the parent company making it a secured creditor over CSI.
'

More will follow, this we can be assure of but at this early stage, from the looks of it, another points penalty and probable relegation - at least - awaits us...

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Writer:pompeyrug
Date:Tuesday November 29 2011
Time: 2:55PM

Comments

0
I thought we might be safe(ish) from a points deduction as CSI have a portfolio of different companies. Ho hum.
stooH
29/11/2011 15:08:00
0
i do not know how it works stooH, altho surely it would 'seem; unlikely we could stave off a pts penalty?
if we do not comply with the CVA agreement tho what happens - is that it, can you go into admin again and then just agree another CVA, can we not just be put down now!!!
pompeyrug
29/11/2011 15:11:00
0
Wot a clucking mess!!! Thoughts are that the sale hasn't fully gone thru with Chanari so CSI doesn't own the club. If CSI defaults then the club stays as before & we shouldn't get points deducted. Then again...
storagematt
29/11/2011 15:11:00
0
chainrai come back by default again then...
pompeyrug
29/11/2011 15:12:00
0
Portsmouth Football Club can today provide the following information regarding recent events as a result of issues relating to Vladimir Antonov and Snoras Bank: The club's parent company, Convers Sports Initiatives plc (CSI), has been placed into administration. Vladimir Antonov has resigned as chairman and director of Portsmouth Football Club. Portsmouth Football Club (2010) Limited – the company that operates PFC – is not in administration and continues to trade. The club has funding in place for the short term, but will now be seeking alternative investment for its longer-term requirements. Pompey chief executive David Lampitt said: "After the extraordinary amount of work put in by so many people over the last 18 months to get to this point, it is incredibly disappointing for the club to find itself in this position. "I want to assure staff and fans that we will continue to do everything possible to safeguard the position of the club and its longer term future." quotes from official site, it says we are not in administration so im guessing no deduction?
Pompey-N.I
29/11/2011 15:16:00
0
What the hell was the sense in taking us over then!!! I think the FA are determined to see us out of the football league as its only con men who are allowed to buy us. Sick of it now, this isn't what football should be about.
moley2
29/11/2011 15:35:00
0
All the time pompey are a going concern they should avoid Admin, the CVA requires Pompey maintyain a positive balance on a years accounts. The woprst case scenario i see is Pompey take a points deduction and XChan comes back in.
russellm
29/11/2011 15:41:00
0
moley" i cant quite see how you link the FL to the ( innocent until proved) shall we say Antonov " borrowing money without the creditors permission" from his own bank Snoras. That has absolutely nothing to do with them and i dont see how Mr Rug or anyone else can expect the F&P test to know that if the state of Lithuania only found out 3 weeks ago.
russellm
29/11/2011 15:45:00
0
Well...I suppose it is best that a boil is lanced quickly rather than it go sceptic..bet rid of these jokers now. I ststed on this site a while back that i did not to support a club that was in any way funded by child prositution, human trafficking and drug running...if these CSI guys are bandits who HAVE Laundered money from these type of activities then best get rid in my view.....Now, what happens next is anyones guess, but at least PFC 2011 plc or whatever its called, is solvent and could- i asume- be presented as a ongoing buisness...healthy buisness...
plymouth graham
29/11/2011 15:52:00
0
but isnt it the FPPT to ensure that the funding that is coming from owners is 'sustainable' and to prove where their funds have actually come from?
if antonov simply 'borrowed' money to fund his takeover that is hardly his personal money is it and is not sustainable tho russ?
pompeyrug
29/11/2011 15:53:00
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