The point I was making was that they give the most leeway to the biggest debtors! They clearly do not understand that the small companies,combined, are the biggest employers in the country. I think the situation at Rangers is very ominous indeed for pompey.
No you're quite right. I've certainly never been allowed to defer any tax bill! If I owned Vodafone that would probably be a different story... I'm not so sure about the Rangers thing having a major impact at PFC though. Antonov is already facing charges for far more significant issues and HMRC have already had the opportunity to reject a CVA in favour of liquidation in order to pursue the individuals who almost certainly are guilty of evasion/misrepresentation/ineptitude/fraud/dereliction of duty but chose not to take it. The dilution of any dividend in this instance is just bad luck rather than what went before.
75% of unsecured creditors need to agree the CVA, HMRC have only about 5%. It will come down to the old CVA and how Baker Tilly vote that will decide it. If you were owed £100,000 from the first admin that is now worth less than £400 (minus to costs)!
Yes but Baker Tilly have to vote for the benefit of the creditors tied up in the original CVA, that's why they've been asked to the table. In that CVA, HMRC had a vote of getting on for 85% IIRC. So, Baker Tilly will in effect be voting for HMRC and carrying out their instructions.
It is also worth remembering that HMRC (who were supported by other interested parties) objected to UHY Hacker (Admin Andy) and proposed to the court that Trevor Birch should be appointed as Administrator instead. That has probably made a bit of a difference?
Swiss you are quite right. I was getting my PFC and RFCs mixed up! I thought HMRC were comfortably the major creditor first time around, just as they are up here north of the border. I beg your pardon!
So the sensible thing to do as a football club when you owe lots of money to the taxman, is to owe lots more money to yourself/friends as well so the taxman doesnt get a say in what happens? Worked once, will it work again?
The debate regarding PFC is likely to go on for years. Even after this latest episode, as you have to admit it is turning into quite a soap opera! Sadly though it will drag on as in all honesty there are so few ways out of their problems. Who is at fault for their problems........ hell knows......... somehow I don't think we can ever get to the bottom of it. Certainly from a fans point of view those responsible for allowing some of the dodgy characters to become involved must take some of it. As was the wild spending being allowed by the banks without the proper guarantees in place. Where a lot of the income has gone that came into the coffers is also worth looking at although as we all know that can be hidden. As someone said to me, £20000 for replacing a square metre of grass was a bit on the costly side!! All these things are speculative but the one thing they all have in common is they had nothing to do with the fans, it was not their fault. It's a fans worst nightmare.....not forgetting the clubs integrity going down the tube too.
Just Soap, like the same titled comedy from the states with the recap of the bizarre happens of last week's episode and the phrase 'confused, you will be after tonight's episode!'
