Pompey issued winding up petition

[El Turi]

Sky Sports News have breaking news that Pompey have been issued a winding up Petition by the Inland Revenue.

Does this mean they are doomed?

It means they have to pay the bill in full or come to an arrangement with HMRC before the hearing date (in February I believe). If they don't, then that will be it but I'd imagine that is very unlikely.

Cardiff, Notts County and Southend have all had winding up petitions against them recently and managed to sort them out.

 

[Steve Foster]

It's a winding up PETITION not a winding up ORDER meaning it gives Portsmouth FC a chance to pay it's debt with the HMRC or come to some credable agreement. The only problem with that is that the other creditors ,Agents,Football clubs etc etc will panic and seek payment immediately or take thier own legal action.

 

[Napper]

Fantastic news

 

[Cian]

I think Kings Lynn have just done it. Rumours are that Durham City are going the same way too.

In the case of Kings Lynn, their results have just been struck from the records.

I think thats the UEFA recommendation, Dublin City F.C. ceased trading mid-season over here and their results were struck.

This season Kildare County F.C. ceased trading one game before the end of the season but 11 former players made sure their last fixture was fulfilled to prevent totally f***ing up the table (they were last, but had had a few shock wins against teams near the top). IIRC their relegation/promotion playoff with the A Champ (conference, basically) winners was awarded as a walk-over rather than an unfulfilled game - not that theres any real difference!

 

[Pavilionaire]

Well I think it looks grim. If no one's prepared to buy Liverpool, Newcastle or even West Ham then why would anyone think about buying Pompey?

Without new money they're just not viable. They've sold off most of their better players and I expect those that are left to be kicking their agents' butts.

I think they should just bite the bullet, sell whoever they can for as much as they can and pay HMRC off. Premiership football is all very well but they simply can't afford to be at the top table and have to start cutting their cloth accordingly.

 

[The Grockle]

When was the last time a club ceased trading during the season?

Aldershot in 1992, Or perhaps Boston a little later?

 

[Simster]

Fantastic news

Yes, yes it is.

They need to sell all their players, get relegated twice and rattle around in front of 5,000 at that shit "stadium" of theirs near the train tracks.

And they can f***ing well stay like that for two decades.

 

[Badger]

 

[Scampi]

surely if they havent paid the players, no PAYE or NI is due

Sadly it doesn't work like that. As they are contractually obliged to pay the players a liabilty arises regardless of whether they actually pay the players or not.

Regardless of the fine print of HMRC rules, I think it's terrible that a club is in real danger of folding.

 

[Storer68]

Sky Sports News have breaking news that Pompey have been issued a winding up Petition by the Inland Revenue.

Does this mean they are doomed?

Nope. it happened to us and we are still here.

Just means that the Rev is now serious about getting a tax bill paid

This is how the News in Portsmouth is reporting it

Pompey face winding-up
Published Date: 30 December 2009
Pompey have been issued with a winding-up petition which could cost them nine precious Premier League points.
The move has been made by HM Revenue & Customs and if a court backs its appeal to compulsorily liquidate the club, the Premier League is likely to impose a points sanction that would almost certainly confirm Pompey's relegation.
Tax officials presented the petition on 23 December but a full court hearing will not take place until February 11 at the High Court.

The court has the option to put the club into compulsory liquidation if it cannot settle its debt.

The Inland Revenue, which is believed to be claiming it is owed around £1.5m, refused to make any immediate comment about its action and neither was there any immediate comment from Pompey.

But a spokeswoman at the High Court in London confirmed that a winding up petition had been lodged by the HMRC against Pompey.

The Premier League would not discuss what it would do if Pompey lost the court case. A spokesman would only say: 'We continue to monitor the situation closely and are in frequent dialogue with the club.'

Leading fans reacted with shock to the news.

Barry Dewing, of the Portsmouth Independent Supporters' Association, said news of the winding-up petition would only add to the sense of doom and gloom among supporters.

'It is never ending. But it's good things have come to the crunch, in a way this might bring things to a head. he said.

And Tony Goodall, also of the Portsmouth Independent Supporters' Association, said: 'If it's reached the point where HMRC are involved it's time that those who own the club, or those who are representing the owners, like Mark Jacob, stand up and make a statement about what's going on.'

A winding-up petition can be sought by any creditor owed money by a firm.

The petition calls for a court to rule that the company be dismantled and its assets sold to pay off its debts.

An insolvency practicioner, acting on the orders of a court, will survey the company, and if the petition is successful and there is money to be had, an order is made to wind up the firm.

Any money made from its break-up goes to creditors, but there may not be enough money to go around, and some creditors may not get any money back at all.

Page 1 of 1

Last Updated: 30 December 2009 4:09 PM
Source: n/a
Location: Portsmouth

 

[Westdene Seagull]

It's a winding up PETITION not a winding up ORDER meaning it gives Portsmouth FC a chance to pay it's debt with the HMRC or come to some credable agreement. The only problem with that is that the other creditors ,Agents,Football clubs etc etc will panic and seek payment immediately or take thier own legal action.

Under PL rules don't football creditors come first ? If so, and Pompey stike agreement with the taxman then they'll have broken PL rules and face sanction ?

 

[Poyetry In Motion]

I think Kings Lynn have just done it. Rumours are that Durham City are going the same way too.

In the case of Kings Lynn, their results have just been struck from the records.

in the meantime, certain premiership players are 'just getting by' on their measly £100k+ per week - so we need to feel some sympathy for their plight too

 

[Gully]

If a player isnt paid in two weeks they can walk from their contract

I seem to recall hearing that Pompey hadn't paid their players on time on three separate occasions this season...it could be that the transfer window opens and the best part of their squad flies out of it, following which they would be scratching around the likes of Weymouth and Dorchester to find players to ensure they fulfil their fixtures.

 

[Acker79]

Under PL rules don't football creditors come first ? If so, and Pompey stike agreement with the taxman then they'll have broken PL rules and face sanction ?

I'd imagine it depends on the agreement.

If Pompey say "we take 5k a week. We need to pay 3k per week to various football creditors. That leaves us able to pay you 2K a week until the debt is paid off".

In that case they'd be bpaying their football debts first and still coming to an arrangement with the taxman.

 

[cannedheat]

I wonder how the ugly fucker with the bell feels, and the scummers must be loving it.

Best fans in England my arse.

 

[Bish Bosh]

I wonder how the ugly fucker with the bell feels, and the scummers must be loving it.

Best fans in England my arse.

That's John Westwood. Whatever we may think about him, he was at the Goldstone on Fans United day in Feb 1997-so doesn't deserve this abuse from us of all fans.

 

[edna krabappel]

This is what happens when you pay £80,000 per week to John Utaka, absolutely marvellous

I must say, personally I'm increasingly suffering from Winding Up Fatigue, in that so many clubs face these petitions these days, their fans panic, launch a Save Our XXXX appeal, and then on the day of the hearing, the club pays the outstanding bill and everything is fine again until the next bill comes in, when the cycle is repeated.

League clubs never seem to actually go bust any more, so forgive me for being blase about it. They just lose a few points, wipe out the majority of debts thanks to a crafty repayment scheme, and carry on. Especially Premier and Championship teams. Someone always, always turns up to "save" them. Clubs like Accrington Stanley have a far greater chance of being wound up by the taxman than a Premier League team with rich sponsors and TV coverage like Pompey.

Frankly, if Pompey go into administration, I won't lose sleep over it, in fact in all honesty, I will laugh, as it speeds up their inevitable relegation. And don't give me all this "their fans don't deserve it" crap, they enjoyed the day out at Wembley on back of the players their club couldn't afford. You have to take the good with the bad don't you, and it's not like they've been a victim of a tyrant who sold their ground from underneath their feet to build a retail park, is it?

 

[BensGrandad]

Under PL rules don't football creditors come first ? If so, and Pompey stike agreement with the taxman then they'll have broken PL rules and face sanction ?

The IR are the senior creditors in any debt so would think that they would not allow the club to pay football debts and pay them less, so this would give Pompey the opportun ity to challenge the PL rules through the courts.

 

[SICKASAGULL]

Pompeys bad luck could provide some decent signings at knock down prices also the players would not have to move home.
I have seen them a couple of times recently on the box although they are having a poor time in the Premiership there are at least half a dozen first teamers who would look good in our colours.

 

[throbinson]

sell there ground and ground share at the withdean