Pompey are apparently 48 hours from liquidation

When this thread gets to a 1000 comments they will be given another 48 hours.
Thats my prediction.

 

If Z cannot be met (and it's not just the recent debts but also the capital required for the business to trade effectively) then curtains it is. However, the determination that Z cannot be met would have to be made by an administrator in conjunction with all the creditors, not just HMRC. It is likely that any potential buyer will thrash out a deal that sees only a chunk of this new debt repaid before committing the required capital to fund the business as a going concern (including the £1.2m per month for the CVA).

Something else I should have told you about Insolvency - every question answered leads to five more!

 

Do you mind me asking what you studied at university that lead to your knowledge of insolvency ? Applied to university this weekend with finance first choice.

 

You should go for insolvency optimist - over the next decade definitely a growing business - a bit like being an undertaker (no offence hotbovril - but are you ever likely to be out of work?). Would you go through the accountancy route or chartered secretary route?

 

Probs end up an accountant. Cushy job that allows travel and can pay a very generous wage.

 

http://www.aboutmyarea.co.uk/site/c...043&utm_source=twitterfeed&utm_medium=twitter

A very good blog I have to say written by someone at Pompey Supporters Trust (was retweeted by a reporter of Portsmouth News)

I've copied the blog below:

Time for Liquidation For Portsmouth Football Club?

By AboutMyArea guest blogger, Tony Goodall

Another roller coaster few weeks for Pompey followers as the spectre of closure by HM Revenue & Customs lurks once more around the boundaries of Fratton Park.

The last 10 days have seen the emergence of the fact that once again, Pompey have failed to meet their tax payment schedule and are currently now two months behind and some £1.6M is owed.

The story was broken by The News, Portsmouth's evening paper, on the Saturday of the Cardiff away game. The paper alleged that the Taxman was owed two payments totalling in excess of £1M This revelation understandably caused concern amongst fans especially as it came so quickly after Pompey's last flirt with the Taxman. What caused an even bigger stir was the way the Club were seemingly trying to blame The News and then the Administrator currently overseeing events at Fratton.

David Lampitt, Pompey's current CEO, appeared to act with fury in various radio interviews towards The News for printing the story, accusing them of putting the sale of the club in to jeopardy. The blame game further escalated when it emerged that the Administrator overseeing the sale of CSI's assets had been the one to give the information to The News. It certainly wasn't the case of the local paper digging up the dirt as was originally portrayed. The Administrators at UHY Hacker Young have responded saying it was never a secret that the Club were in arrears and any potential purchaser was made only too aware that Pompey had failed to make the required tax payments.

Sources at HMRC have confirmed that a Winding Up order was advertised in the London Gazette and that the Club were due to receive the petition in the next few days if they hadn't done so already and the Court date set for 20th February. It would seem they always thought Pompey would struggle to meet their tax commitments during this period as they were reliant on the Administrators selling another of CSI's assets in order to be able to pay.

The thing that has infuriated a number of fans is what appear to be attempts by Pompey to blame everyone else but themselves. Following on from the change of ownership in the summer of 2011, fans were promised a new era of glasnost, one of transparency, two way communication and openness. These virtues seem to be already lacking in PO4.

The one thing fans are struggling with is how funds to pay the Tax bill were not put upfront by CSI at the beginning of the season, ring fenced and drawn down as they were required. Fingers are now pointing at the increasingly beleaguered CEO and his Finance staff for allowing the situation to develop. In fact, this whole issue is hot on the heels of the Len Phillips wake fiasco which created unparalleled anger.

There is no doubt that despite the early talk of engaging far more with the Community and re-building bridges with the fans, Pompey are becoming isolated in their latest hour of need. The aforementioned Phillips affair left a bad taste, the decision to then stop the Portsmouth Schools Cup Final being played at Fratton Park compounded it even more. Far from aligning with their fan base, Pompey are increasingly alienating it. Ever the opportunists, the Club are now seeking to get fans to fill the stadium for the Hull and Ipswich home games in February in an initiative known as Pack the Park. Sadly, following the reluctance of the Club to listen last summer to various fan groups about Season Ticket pricing, it may not be as successful as Pompey hope. There is certainly a feeling around the City of Portsmouth that enough is enough and whilst not everybody subscribes to the idea that the sooner the Club is liquidated the better, increasingly it is being talked about.

A Phoenix club, currently being worked on by the Supporters Trust in a venture known as Plan B, has very much come to the fore in recent weeks as the search for a potential purchaser has not yielded an early buyer. The HMRC Court date has added an increased tempo to the Trust's alternative Club plan.

A number of fans see it as an opportunity to clear away the financial baggage, to halt the tide of embarrassment that seems to almost annually wash over the Club and by association, the City of Portsmouth. The number of Owners the Club has had in the past four seasons is cause for much merriment by fans of other clubs, not helped by the type of Owner the club has attracted. Most fans are fed up with it and that is why increasingly a Phoenix club is seen as a decent alternative. A clean start, with no skeletons in the cupboard and no unsustainable wage bill - Pompey in its current state costs about £1M per month to run.

The lack of investment in infrastructure over the past years has meant that it is difficult to generate anymore substantial matchday income. However, if the club was to start again, the hope is the Club grows again on and off the pitch and once again the bonds between the Club, the fans and the City are strengthened to the levels they have been in the past, for at present those bonds are slowly but surely weakening.

The appetite for Plan B was further whetted by Pompey's away game at Peterborough where old style terracing still exists. The 1500 or so fans who stood and cheered and later danced as Pompey won 3-0 away from home on a cold Saturday afternoon, enjoyed not only the excitement of a comprehensive win, but the atmosphere generated when standing with their friends where they wanted and without the heavy handed stewarding that increasingly prevails at Fratton Park. Football as it used to be without the hassle, but with the banter.

Throw in to this the increasingly positive management of Clubs run by fans, especially the ground breaking FC United of Manchester with its innovative pricing structures, merchandising, volunteer army on matchday, not to mention its own TV and radio stations and you wonder if Liquidation really would be so bad after all. Certainly, there is evidence that the highly paid professionals at Fratton are not doing the best of jobs because if they were, so many things would not be broken.

Perhaps it is time for liquidation and time to open a new chapter in the PFC history book, this time a chapter where bad history doesn't keep repeating itself.

WWW.pompeytrust.com.

 

It's also as boring as crap. Apologies to any accountant on this board. Managment accounting is a bit more interesting though. Good luck.

 

I actually dropped out at A level stage optimist. Worked my way up the ladder in sales in finance, ended up on the board of a large Insolvency firm and now have my own small company. That said, not going to university is still a regret and it left several doors closed so make sure you do it.

 

I will be an accountant who lives life to the max to eradicate boredom my occupation may provide. What do you do third eye ?

 

Fairplay and thanks for the advice

 

Brainy people, I never went to college or uni.

 

I know people who work their way up to a decent wage and refuse to go further up the ladder. In effect they reach a level that they don't want to go beyond then coast along in their jobs, doing a good days work, working well and effectively but they work to fund their life outside work and the passions they have. They are the most well-balanced people I know.

My work, for far too long, was my passion. I was the Director of Finance and Company Secretary at a couple of national campaigning charities. Very wide ranging role, hence the Chartered Secretary bit - didn't finish the qualification for personal reasons in the end. Long hours and commuting took its toll and then one day when I was completing a charity return for the 18th year running that I realised I was too bored to continue and went off and did other things, which cheered me up again.

 

Interesting ( no sarcasm) . Did you study finance ?

 

not on topic, but it kind of is with the blue fews money woes.

this was posted by chappers!

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Yes, some years later though. I did the ICSA course, finance along with law, Co Sec practice, HR, statistics, IT and organisational behaviour type stuff. It was an interesting course, apart from some bits of the law. But really started off and finished, unqualified, had lots of experience though.

 

Most sensible thing ever written by a Pompey fan

 

[video=youtube;6nvKN_H4e-I]http://www.youtube.com/watch?v=6nvKN_H4e-I&feature=related[/video]

 

Me neither - studied at home, after a long week at work, very hard going. Biggest regret was not going to Uni when I did have the opportunity. But in the end it worked out okay.

 

Doing the irish version of the A levels and they are torture. We do 7 subjects to a very high standard. All the work will be worth it if I get to the promised land that is the financial sector.

 

Thanks hotbovril

Sounds like as you said the club will go to court in feb and an administrator will be appointed in order to make the club a more sellable asset(if at all possible).

Then the Football league will go to town on the points deductions.

I personally cannot see any other outcome than a Phoenix club. I very much doubt a supports group can raise the ongoing finances to keep Portsmouth alive in its current incarnation. Plus any money raised will only line the pockets of Chainari and Gaydamak. The villains who got them into this predicament in the 1st place.