Reply to thread

Message

[QUOTE="Dorkus Malorkus, post: 1419067, member: 6020"]
as someone who works in insolvency i can't wait for the portsmouth administrator's proposals report to get leaked onto the internets. two of the required appendices to the report are (a) a statement of affairs detailing the company's assets and liabilities at the time it went into administration and (b) a trading account detailing the profit/loss since administration (well invariably the profit because if the company can't trade at a profit in administration, it basically needs/needed to be liquidated and the administrator is screwed for either not doing his job properly or liquidating the company in the first place).
 
also lol at the administrator saying the club will exit administration by CVA. any CVA needs approval of 75% of creditors voting (measured by total debt), and i'd guess that (a) if HMRC don't approve it they're boned and (b) there's a less than 10% chance of HMRC approving it because of their distaste of the 'football creditors' rule and because they will make any money lost by not approving a CVA back many times over because clubs will be that little bit more eager to make sure their tax bills are paid in full and on time.
 
pompey are going to have to pull some seriously dodgy stuff a la leeds (they allegedly falsified HMRC's claim in the CVA to get the 75% approval they needed) to get 'cleanly' out of this.
[/QUOTE]

Verification

Search

Reply to thread

About CardsChat

Our Community

Our Site

Follow us

Language