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HMRC - Issue Winding Up Petition


If you are just on your way to bed or have just woken up .. I apologise for breaking the news...

Jamie Jackson from 'The Guardian' writes ..

Portsmouth have been issued with a petition to be wound up by Her Majesty's Revenue and Customs for unpaid PAYE of 1.6m, according to Andrew Andronikou, the administrator of the club's parent company. He described the situation as 'very serious''.

Michael Appleton, the manager, may be forced to sell players from his already threadbare 18-man squad to raise funds to help ease the crisis.

Andronikou, of Convers Sports Initiatives (CSI), which owns Portsmouth and who handled the club's administration last year, said: 'The club effectively ran out of cash at the end of December. The situation is extremely serious, we're under extreme pressure to find a buyer.Time is against us. The issuing of the petition effectively means the club loses its ability to use its bank accounts. But we've made other provisions. We're not fazed or worried by it. The club's debts are not significant, we haven't got millions and millions of liabilities.

'We pretty much have two months' PAYE outstanding. We have about 800,000 a month and we never paid December and the club certainly is not in a position to pay this month so it's a total of 1.6m. We're waiting to see what the Revenue will do. They will probably advertise the petition [in the London Gazette] next week. I think there is a hearing date at the end of February.

'We need to focus on finding a buyer to completing a transaction to raise cash. In terms of working capital and cash it's only going to come from two sources: a buyer or player sales. We're working on both.'

Asked whether Appleton would have much choice who to sell, Andronikou said: 'No, but Michael has been extremely helpful and understanding of the circumstances, in general terms we are looking to lower the average wage bill.'

The players' December wages have been paid. 'We've got plans to have the players paid for this month as well, but this situation cannot continue indefinitely,' he said.

If monies are not raised then Andronikou said he will have to ask the secured creditors, who include Balram Chainrai, the former owner still owed around 17.5m, if they wish to fund the club. Andronikou said: 'We, the administrators of the parent company, can't stay as the de facto shareholders for too long - we haven't got the ability to provide monies for the club. The club is not in administration, the club is still running under the steam of the board. I'm anticipating HMRC will advertise the petition and that will be another problem we'll have to deal with in due course.

'We'll hopefully try and do a deal [to sell] in a very short period of time. We are trying to find [a new owner] who is not going to be there for five minutes.'''

A very tired Chix says.. Nothing !






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The Journalist

Writer: Chix Mail feedback, articles or suggestions

Date:Sunday January 22 2012

Time: 12:57AM

Your Comments

AA says... We're not fazed or worried by it.
Chix
AA says.... the situation is 'very serious''
Chix
AA says....we've made other provisions
Chix
AA says..... in general terms we are looking to lower the wage bill.'
Chix
AA says..... we haven't got the ability to provide monies for the club
Chix
Chix says .... What the ***** is AA saying ?
Chix
dump BC and SG rid ourselves of criminal and leaches and start AFC Pompey NOW
plymouth graham
Not that simple is it PG .. I'm not a lover of the AFC Pompey idea to be honest .. and how do we dump creditors and landowners ??... I know let's become an independent state that does not recognise past laws of the United Kingdom.. Oh ***** have I just given the Trust another idea to work on.
Chix
Lets be honest, I could no more support AFC Pompey than Scumhampton, it would mean nothing to me, diddly squat! I support Pompey, THE Pompey, not some ******** child...
penton
AFC is a daft idea and BC isn't the criminal here. Why should he just give up his money? Not sure where you got that from PG. also it doesn't quite work like that.
Russellm
I had under estimated this problem, assuming that the normal bill was ongoing paid. However I still dont think a court will grant a winding up order on a going concern whilst an owner search is moving on and any prospective owner only needs to make a formal offer. If BC has to put anymore in he will almost become an owner by default; I can imagine the scene round the Chan's breakfast table when that happens.
Russellm
Penton I agree with your sentiment.
Russellm
there cannot be many miles left in our tank now - and i do not mean with the 'money' at the moment, i mean overall as how many 'setbacks' can one club have?
we will continue to cling on by administration (if that is even possible) must be creeping ever closer, and that seems a best case scenario almost?
i wish admin andy would make up his mind tho, is this a serious concern or is it not! in one breath he says yes then the next he is not concerned...
pompeyrug
re: an 'AFC Portsmouth', it would NEVER EVER be the same as the real thing but i would think it increasingly had not to follow a pompey of some kind 'if' the worst does happen, which almost seems the only thing that can sometimes...
i am pretty sure i would follow it, the real thing or not as my weekends would be empty without pompey, playing 2,3,4 or 5 leagues below the football league or not.
pompeyrug
Oh for fck sake. AA is utterly useless in situations like this. Players may want to go now & other clubs may just offer low/silly money for a few star players. Chanari has to put in otherwise he lose what he is 'owed'. No doubt the points deduction board are awake too.
storagematt
I read the other day that BC had already put to enable the players to be paid in December.. I assume that is what AA meant by 'alternative' provision.
Chix
.. What gets me (well one thing) is that somebody in the club made the decision to paid payers (and presumably themselves) rather than the tax bill .. Now there may been some kinda risk analysis undertaken on who could hurt us most FL (for non payment of wages) or HMRC (for non payment of tax) .. Easy for me to say .. but surely given the pat couple of years the tax bill should be on of the first things paid .. The FL can deduct points and place transfer embargoes on us .. but can they wind us up ... AND other thing .. how much is the cost of taking this to court gonna cost us .. a damn site more than the bloody bill I'd guess !
Chix
Can it get any worse, its a joke the way our club has and is being run, yet they get away scot free. AA should just stay dumb unless he has something positive to say, thats if there are any positives, its not looking good...
nobby1954
Why do we still have outcome larger than the income? Mainly player wages? I'd rather see us go down with cheap players than fight a scrappy fight to stay up with expensive players! Time for a reality check and a 'sensible' wage cape!
pompnut
Academy, Non-league and lower league players rather than Premier League drop outs!!!
pompnut
(wage cap)
pompnut
The gaydamak family are certainly criminals, as for BC i cant make up my mind, but we are in their stranglehold..I like BC first time as he did seem to save the club, but i am exhausted with it and I support the AFC concept...I repect Aldershot and Wimbledon thing..the premier league HAS KILLED FOOTBALL..as we knew it...soon the likes of citeh and Utd will leave that and their WILL be a Eurorpean super league and the likes of Villa and Spurs will be tomorrows Liecester and Forrest...playing in a renamed re modeled top tier of english football with no hope of promtion to the fore mentioned Euro league...you may slate me for this too, but look at the writing on the wall..1. PSG and that Russian Club building their nests with big finance(Citeh-esque) with in 4-5 years The Euro leage two from each country Celtic /RangersiRM/Barca it is all there...then the champions league will be exactly that, and a world team cup competition replaces that hence the chinese and indian investment..where will Pompey be..the equivelent of my local side Argyle..Call me Mad Laugh as much as you like-but remeber what i have said on a nother note i have posted on Reading vital as the they seem to be entering into the spectre of a Gaydamak scenario-this site is interesting too http://www.rumafia.com/index.php
plymouth graham
PG - the AFC concept aside (agree to disagree on that) .. I agree with you 100% about the euro leagues .. BUT .. I've been thinking that for years too and the one thing that stops it is the one thing that is tabled as the biggest attraction... The crowds ... The joe public who are so passionate will not travel cross-europe week in week out so they lose the one thing they actually want ... and football without a passionate crowd just isn't the same.. There are examples of 'exhibition' teams in sport ala Citch in Dubai and Blackburn in India but the bottom line is that they end up having no real cross-continent opposition.. The Harlem Globetrotters spring to mind... Still that's another debate me thinks.... Still think there are a lot more tears to be shed and a lot more newspaper ********* to see on the real PFC yet ..
Chix
ps .. the rumafia site .. what am I looking for ?? .. anything specific ?.. Had a quick shufty but lots of people I didn't really know or had heard of
Chix
I don't think this Sort of headline is healthy. We owe 800k at the moment, to become 1.6m at end of January. HMRC are to decide this week if they wish to issue the winding up order which will give Pompey till end of February. The News were wrong to write this in such a negative vein, as it's been picked up, and distorted, by the Guardian, and now Sky etc only read what the Guardian has written. My concern is,this does us no favours when trying to find a new buyer. If this happens next week, or next month then by all means print t, but till its happened ts only "might be" so is that News or just scare mongering? Sorry, but if you take Pompey news out of The News, then few people buy the paper, so if I were Neil Allen,I would consult the club, and print things factually before getting banned again for reporting in a detrimental manner. Without Pompey, The News struggles, don't bite the hand etc.
Midge
If we get bought next week, and Brian Howe or whoever, pays off the debts and tax bill, then this story has done nothing other than upset the fans and give the national media more grounds to tarnish the club. This should be private between Pompey and Taxman, until it becomes a problem. On Sky last night, even the sky news reporter said 30% of clubs are 1 month behind on Tax, as it's not till 2 months unpaid tax causes the HMRC to consider a wind up, and that's normally after discussing with the club if hey are going to settle the bill. Its how most businesses work, paying bills, debts and taxes at last minute. But thanks to Neil Allen,this has been blown out of proportion. AGAIN
Midge
Chix.. 1. away support would not require cross continental travel as not everyone in England would support the english clubs..look around towns in england and see the amount of Barca & RM shirts...The generation after this generation - this generation being the one who support the biggest teams on TV in ENGLAND, willfollow suit but support the biggest teams in Europe-its easy to see. The Man Utd supporter in Truro is the father of the Barca supporter in Carlisle (Yes i can hear the jokes about having a good bike) The Rumour mafia site had loads of Info about Reading FC's new potential owner as well as Antonov- i think its probably a glorified transfer rumour site but for conspiracy buffs with an interest in Russian Mafia-their stu sounds very much like the Gaydamac model
plymouth graham
AA may not be fazed by all this, but I have been in a trance like state over PFC for the last 3 years. Was Andy the script writer for footballers wives before he became an administator?
Mike1954
I don't think anyone can blame PG for feeling that the writing is on the wall. How long can we stay in a state of panic and anxiety? . . . because 3 years is pushing it beyond anything that human beings can stand. I bet the scummers are loving this! However Midge's comments do make sense, and perhaps we shouldn't panic too much just yet. come on . . . breathe . . . . and again . . . .
tracyc
I suppose in a day or two we will be happy as we have new owners..Reading will be sacking a good manager for someone they have heard of in Russia(prior to getting to to prem, spending tons more money then going broke and assets being stripped and hints of money laundering) The red stripers will be in the Prem lauding over the south coast producing fine young players..and brighton will be in the league 1 playing to a small crowds in a great stadium.. And Pompey will be at fratton park paying BC a rent on the ground with a load of unused land surrounding the ground ..MA will be managing a great middle of the table side in the prem ( please not that lot up the road) and Pearce will be on the brink of an england call up..Kanu will probably still be at Pompey aged 87
plymouth graham
nuge looks brilliant, take back all i used to say about him
Super Bock 1898
Given how much Arry and MM seem to have squirrelled away in bank accounts names after his dog - thus stealing from our club - plus the dosh that Arry will make redeveloping Joanna's and Nero's - maybe he would like to put his hand in his big pockets and pay some of it back? If not, could we melt down his Freedom of the City medal and get scrap value?
blueexile
 

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