Vital Football

HMRC - Issue Winding Up Petition

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 !





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

Writer:Chix
Date:Sunday January 22 2012
Time: 12:57AM

Comments

0
AA says... We're not fazed or worried by it.
Chix
22/01/2012 00:59:00
0
AA says.... the situation is 'very serious''
Chix
22/01/2012 01:00:00
0
AA says....we've made other provisions
Chix
22/01/2012 01:01:00
0
AA says..... in general terms we are looking to lower the wage bill.'
Chix
22/01/2012 01:02:00
0
AA says..... we haven't got the ability to provide monies for the club
Chix
22/01/2012 01:03:00
0
Chix says .... What the ***** is AA saying ?
Chix
22/01/2012 01:03:00
0
dump BC and SG rid ourselves of criminal and leaches and start AFC Pompey NOW
plymouth graham
22/01/2012 01:06:00
0
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
22/01/2012 01:21:00
0
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
22/01/2012 06:25:00
0
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
22/01/2012 09:19:00
Page 1/4
  1. 1
  2. 2
  3. 3
  4. 4

Login to post a comment

Recent Portsmouth Articles

Football League - Fixture Day & 2017/18 Key Dates

The Football League have released the key dates for the coming 2017/18 season, and the all important fixtures will be released on Wednesday June 21 at 9am.

On this day in history...21st February

A look back at this day in history, and what was happening with Pompey courtesy of our sister site PompeyRama, 21st February.

Vital View - League 2, 18th February 2017

Doncaster's winless run went on but they remain three points ahead of Plymouth. Carlisle are a further two points back. Leyton Orient and Newport hold the unwanted relegation places.

Video - Barnet 1-1 Pompey

A late Barnet goal looked as though it would end Pompey's unbeaten run but Conor Chaplin proved the saviour when he scored a last minute equaliser to earn a point in a 1-1 draw.

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)

Barnet MotM
Suggested By: Site Staff
Forde15%
Evans0%
Clarke6%
Burgess53%
Stevens0%
Linganzi0%
Doyle0%
Lowe0%
Roberts0%
Bennett0%
Doyle0%
Sub - Rose0%
Sub - Chaplin26%
Sub - Baker0%
ScoopDragon Publishing Entire League Network of Sites

League Table

# Team P W D L Pts. GD
1 Doncaster 32 19 7 6 64 23
2 Plymouth 31 19 4 8 61 17
3 Carlisle 32 15 13 4 58 11
4 Luton 32 14 11 7 53 18
5 Portsmouth 31 15 7 9 52 16
6 Exeter 32 15 5 12 50 16
7 Colchester 32 13 8 11 47 7
8 Mansfield 32 12 11 9 47 4
9 Stevenage 32 14 4 14 46 1
10 Wycombe 32 13 7 12 46 -1
11 Barnet 32 11 12 9 45 -2
12 Grimsby 32 12 8 12 44 0
13 Cambridge 31 12 7 12 43 3
14 Blackpool 31 10 12 9 42 12
15 Morecambe 31 12 6 13 42 -7
16 Crawley 31 11 6 14 39 -11
17 Yeovil 32 9 11 12 38 -7
18 Crewe 32 8 12 12 36 -11
19 Accrington 30 8 9 13 33 -10
20 Notts County 32 9 6 17 33 -21
21 Cheltenham 32 7 11 14 32 -10
22 Hartlepool 32 7 11 14 32 -18
23 Leyton Orient 32 8 5 19 29 -15
24 Newport 32 5 11 16 26 -15
The Vital Football Members League
Latest F1 News
Latest Vital Boxing News
Vital Football Comment

Recent Portsmouth Results (view all)

Portsmouth Fixtures (view all)

Feb 25 2017 3:00PM : Carlisle United (a)
Sky Bet League Two
Feb 28 2017 7:45PM : Morecambe (H)
Sky Bet League Two
Mar 4 2017 3:00PM : Crewe Alexandra (H)
Sky Bet League Two
Mar 7 2017 7:45PM : Crawley Town (a)
Sky Bet League Two
Mar 11 2017 3:00PM : Colchester United (a)
Sky Bet League Two
Mar 14 2017 7:45PM : Grimsby Town (H)
Sky Bet League Two

Vital Members League Table

RankNamePoints
1.pompeyrug53
2.PompeyFrippy27
3.Copnor4320
4.storagematt17
5.FrattonBlue15
6.stubbsy00715
7.eastneydave10
8.uspompeyfan9
9.pompeyweller7
10.steaming7
Write for Vital Football