Assuming the clubs assets/accounts are frozen and they haven't been paid? What would the legalities be regarding signing players from Pompey in light of the financial melt down at Fratton? I assume it would be loan only?
I think there's something on this on the BBC website. I know it was reported re Hearts players. After a certain amount of time of not being paid I think they can rip up their contracts. I know that Pompey applied to the High Court for a Validation Order to "unfreeze" their bank account, but I don't know if that's been heard or was successful. I would have thought it would be successful, particularly as (coincidentally) the buyer who had walked away came back to the table when the winding up petition was served.
FIFA rules state a player can terminate his contract 'with just cause', which is a bit vague but they suggest that a player is only 'completely safe' in tearing up his contract due to unpaid wages, if more than ninety days have passed. The problem the players have, is that if they terminate their contracts now, they can't sign for anyone else until the summer, so they're better off staying on their books and going out on loan.
I think if we look at how late Hearts were paying wages it'll be a fairly accurate guide as well, that crook will have just been paying them as little as possible as late as possible so that the club retained their registrations, because any time there was a punishment threatened he magically found the money to pay them within the hour. That second point about the players not being able to sign for anyone is true if they choose to be released or if the club chooses to release them. If the situation escalates and they become free agents due to the club ceasing to exist the FA can apply to FIFA for special dispensation to allow them to sign for other clubs. That said, even if it's decided they're going to fold, we're now less than 3 months to the end of the season. If Pompey fail to complete their games they forfeit the remaining TV/prize money payments, which for them includes what ever is left of the parachute payments to be paid this year. If the amount they'd forfeit is say £5M, and the running costs (not including repaying debts, just wages and interest costs) came to £4M then the administrators would try to finish the season so that the extra £1M could be used to reduce the losses their creditors suffered.
Once in administration you have to find a buyer. If you don't find one the club gets liquidated. I just jumped a step to say how the players could still sign for other clubs if it escalated. EDIT: I'm not sure why I said that in that way, what I meant was: They're already effectivey in administration and have been since Portpin got as involved as they are, if they don't find a buyer they'll get liquidated.
