Portsmouth Debts

Gordon the Gopher

Active member

Jul 16, 2003

988

Hove

• Sep 7, 2013

• #1

Still the great irony of the unique world of football that Mr Smith of Southsea will get none of the £500 he is owed apart from maybe the 6p in the £ or whatever whilst ex failed players continue to receive their dosh!

http://www.portsmouth.co.uk/sport/pompey/player-by-player-breakdown-of-what-pompey-owe-1-5468027

 

Creaky

Well-known member

Mar 26, 2013

3,842

Hookwood - Nr Horley

• Sep 7, 2013

• #2

The new board have pledged to repay in full all small creditors, (less than £2,500), in full.

Blues chairman Iain McInnes said: ‘The club’s decision to pay in full creditors, including charities, with claims of under £2,500 from the 2012 administration was taken because it was important to show our community that from now on we are a business which can be trusted.


http://www.portsmouth.co.uk/sport/p...ay-2012-small-creditors-every-penny-1-5468026

 

Acker79

Well-known member

NSC Patron

Nov 15, 2008

31,843

Brighton

• Sep 7, 2013

• #3

http://www.portsmouth.co.uk/sport/p...ay-2012-small-creditors-every-penny-1-5468026

"THE new owners of Portsmouth Football Club have said they will pay creditors from the 2012 administration, who are owed £2,500 or less, every penny of their debt."​

If Mr Smith is only owed £500, Pompey say they'll pay him.

EDIT: Just beaten to it

 

seagullsovergrimsby

#cpfctinpotclub

Aug 21, 2005

43,690

Crap Town

• Sep 7, 2013

• #4

Will the creditors from the 2010 administration still only receive 4p in the £ they were promised ?

 

Acker79

Well-known member

NSC Patron

Nov 15, 2008

31,843

Brighton

• Sep 7, 2013

• #5

seagullsovergrimsby said:

Will the creditors from the 2010 administration still only receive 4p in the £ they were promised ?

Click to expand...

I would suppose that depends on if those debts were carried over to the 2012 administration and are listed in the second administration or if they were settled, and if that 4p in the pound totals less than £2,500.

 

HastingsSeagull

Well-known member

Jan 13, 2010

9,257

BGC Manila

• Sep 7, 2013

• #6

So Chris' chip shop is owed £2490 and gets it in full
Dan's fizzy drinks is owed £2510 and gets 6p in the pound?

That's fair

 

Creaky

Well-known member

Mar 26, 2013

3,842

Hookwood - Nr Horley

• Sep 7, 2013

• #7

HastingsSeagull said:

So Chris' chip shop is owed £2490 and gets it in full
Dan's fizzy drinks is owed £2510 and gets 6p in the pound?

That's fair

Click to expand...

No not fair - but which is the better of the only two options available - both Chris and Dan get 6p in the pound or Chris gets paid in full and Dan gets 6p in the pound.

The new owners owe neither Chris nor Dan a penny - it's the old owners who have the debt.

If you bought the assets of a bankrupt company would you also expect to have to honour the debts of the people you bought them from?