Portsmouth 'close to agreement' on winding up action (From Daily Echo)

Yea Yea whatever , hurry up crumble Fatton Perk.

I wonder whether the HMRC is about to set a precedent based on how high profile your demise is and the exceptional treatment you receive thereafter?

Ted Rogers wrote:
I wonder whether the HMRC is about to set a precedent based on how high profile your demise is and the exceptional treatment you receive thereafter?

The HMRC dont have a lot of choice. If P***ey were to go bust no one gets anything regarding money. Thats why its in the interest of HMRC to work out a payment plan. It would probably be 50% now and the rest over say six months. Then if the payments are not kept up it will be the end. This will give them time to find a new owner thus injecting new funds. But there is still a long way to go for them...hopefully too far

Come on daily echo
We are on the dawn of the day that decides if we could be going to WEMBLEY, and you put out a load of tripe aboout those fish fiddlers, WE DONT CARE, tell us about the team we love

....... all i am hearing is potential buyers interested, is this to buy more time, HMRC need to go in and do what they are supposed to do and put the club out of business, 'Storrie book teller' keeps harping on about the HMRC will get no money if the club goes, personally tomorrow - Wednesday 10th February 2010 will be a memorable day in my opinion - put that in your History book poopmey, and i for one will not be sorry to see them go !!!!!

If they had not been a Premiership club then they would have gone into adminstration at the end of last season

It's actually £60m including the money to Gaydamak, so not quite as bad as he wants his money back in 2013.

winchsaint wrote:
Come on daily echo We are on the dawn of the day that decides if we could be going to WEMBLEY, and you put out a load of tripe aboout those fish fiddlers, WE DONT CARE, tell us about the team we love

Totally in agreement with winchsaint on this, i know i have commented above, but i really do not want to read about the little club down the road in my local paper, if you want to write about them then join the Portsmouth News, there's only one proper team in Hampshire and thank the good lord i support it ........... Southampton FC, SOUTHERN DAILY ECHO PLEASE TAKE NOTE

Lone Ranger wrote:

Ted Rogers wrote: I wonder whether the HMRC is about to set a precedent based on how high profile your demise is and the exceptional treatment you receive thereafter?

The HMRC dont have a lot of choice. If P***ey were to go bust no one gets anything regarding money. Thats why its in the interest of HMRC to work out a payment plan. It would probably be 50% now and the rest over say six months. Then if the payments are not kept up it will be the end. This will give them time to find a new owner thus injecting new funds. But there is still a long way to go for them...hopefully too far

This is a very public example of a business that is blatently trading whilst insolvent; they repeatedly fail to pay their staff and creditors, their new owner is only at the helm because of non-payment of a debt and breach of contract. The HMRC has only one choice and that is to wind this company up. If it fails to do so it is offering exceptional treatment. PFC are a business whose expenditure far outweighs it's revenue, to the extent that it cannot service it's debt, it is a business that has failed and will continue to fail as it does not have an infrastructure that will allow it to trade profitably at any stage.

Hi all, used to go to the Dell when ron davis and terry paine was there. been watching the skate troubles with glee. but being out of it a bit. can someone explain why last yr we went down and then lost 10pts, but everything i have read about the skates is they will lose 9pts this season and not start next yr on -9 regardless of their final league position love reading ur posts COYS

saintozzie wrote:
Hi all, used to go to the Dell when ron davis and terry paine was there. been watching the skate troubles with glee. but being out of it a bit. can someone explain why last yr we went down and then lost 10pts, but everything i have read about the skates is they will lose 9pts this season and not start next yr on -9 regardless of their final league position love reading ur posts COYS

From what I remember is that if we had managed to avoid relegation, the ten point deduction would have been applied during last season and we would of then been relegated because of the deduction. But because we were already relegated, the ten point deduction is applied at the start of this season as the penalty for administration last season.

I would have thought the same would applt to the sk8ts.....

Hope that helps

COYR

Ted Rogers wrote:

Lone Ranger wrote:

Ted Rogers wrote: I wonder whether the HMRC is about to set a precedent based on how high profile your demise is and the exceptional treatment you receive thereafter?

The HMRC dont have a lot of choice. If P***ey were to go bust no one gets anything regarding money. Thats why its in the interest of HMRC to work out a payment plan. It would probably be 50% now and the rest over say six months. Then if the payments are not kept up it will be the end. This will give them time to find a new owner thus injecting new funds. But there is still a long way to go for them...hopefully too far

This is a very public example of a business that is blatently trading whilst insolvent; they repeatedly fail to pay their staff and creditors, their new owner is only at the helm because of non-payment of a debt and breach of contract. The HMRC has only one choice and that is to wind this company up. If it fails to do so it is offering exceptional treatment. PFC are a business whose expenditure far outweighs it's revenue, to the extent that it cannot service it's debt, it is a business that has failed and will continue to fail as it does not have an infrastructure that will allow it to trade profitably at any stage.

You are dead right Ted but i just think that this is what will happen. It seems that Football Clubs are exempt from normal business practice and consequences

Lone Ranger wrote:

Ted Rogers wrote:

Lone Ranger wrote:

Ted Rogers wrote: I wonder whether the HMRC is about to set a precedent based on how high profile your demise is and the exceptional treatment you receive thereafter?

The HMRC dont have a lot of choice. If P***ey were to go bust no one gets anything regarding money. Thats why its in the interest of HMRC to work out a payment plan. It would probably be 50% now and the rest over say six months. Then if the payments are not kept up it will be the end. This will give them time to find a new owner thus injecting new funds. But there is still a long way to go for them...hopefully too far

This is a very public example of a business that is blatently trading whilst insolvent; they repeatedly fail to pay their staff and creditors, their new owner is only at the helm because of non-payment of a debt and breach of contract. The HMRC has only one choice and that is to wind this company up. If it fails to do so it is offering exceptional treatment. PFC are a business whose expenditure far outweighs it's revenue, to the extent that it cannot service it's debt, it is a business that has failed and will continue to fail as it does not have an infrastructure that will allow it to trade profitably at any stage.

You are dead right Ted but i just think that this is what will happen. It seems that Football Clubs are exempt from normal business practice and consequences

I would just alter that slightly - it seem that Premier League clubs are exempt from normal business practice....

Lone Ranger wrote:

Ted Rogers wrote:

Lone Ranger wrote:

Ted Rogers wrote: I wonder whether the HMRC is about to set a precedent based on how high profile your demise is and the exceptional treatment you receive thereafter?

The HMRC dont have a lot of choice. If P***ey were to go bust no one gets anything regarding money. Thats why its in the interest of HMRC to work out a payment plan. It would probably be 50% now and the rest over say six months. Then if the payments are not kept up it will be the end. This will give them time to find a new owner thus injecting new funds. But there is still a long way to go for them...hopefully too far

This is a very public example of a business that is blatently trading whilst insolvent; they repeatedly fail to pay their staff and creditors, their new owner is only at the helm because of non-payment of a debt and breach of contract. The HMRC has only one choice and that is to wind this company up. If it fails to do so it is offering exceptional treatment. PFC are a business whose expenditure far outweighs it's revenue, to the extent that it cannot service it's debt, it is a business that has failed and will continue to fail as it does not have an infrastructure that will allow it to trade profitably at any stage.

You are dead right Ted but i just think that this is what will happen. It seems that Football Clubs are exempt from normal business practice and consequences

I'm not sure HMRC will feel the only way to get their money back is by doing a deal. If they decide to close it down then they'll appoint a liquidator to sell the assets and HMRC will be first in the cue for the money that is then handed out to creditors.

St Retford wrote:

Lone Ranger wrote:

Ted Rogers wrote:

Lone Ranger wrote:

Ted Rogers wrote: I wonder whether the HMRC is about to set a precedent based on how high profile your demise is and the exceptional treatment you receive thereafter?

The HMRC dont have a lot of choice. If P***ey were to go bust no one gets anything regarding money. Thats why its in the interest of HMRC to work out a payment plan. It would probably be 50% now and the rest over say six months. Then if the payments are not kept up it will be the end. This will give them time to find a new owner thus injecting new funds. But there is still a long way to go for them...hopefully too far

This is a very public example of a business that is blatently trading whilst insolvent; they repeatedly fail to pay their staff and creditors, their new owner is only at the helm because of non-payment of a debt and breach of contract. The HMRC has only one choice and that is to wind this company up. If it fails to do so it is offering exceptional treatment. PFC are a business whose expenditure far outweighs it's revenue, to the extent that it cannot service it's debt, it is a business that has failed and will continue to fail as it does not have an infrastructure that will allow it to trade profitably at any stage.

You are dead right Ted but i just think that this is what will happen. It seems that Football Clubs are exempt from normal business practice and consequences

I'm not sure HMRC will feel the only way to get their money back is by doing a deal. If they decide to close it down then they'll appoint a liquidator to sell the assets and HMRC will be first in the cue for the money that is then handed out to creditors.

HMRC are not anymore preferential creditors.

ChandlersFordKev wrote:

St Retford wrote:

Lone Ranger wrote:

Ted Rogers wrote:

Lone Ranger wrote:

Ted Rogers wrote: I wonder whether the HMRC is about to set a precedent based on how high profile your demise is and the exceptional treatment you receive thereafter?

The HMRC dont have a lot of choice. If P***ey were to go bust no one gets anything regarding money. Thats why its in the interest of HMRC to work out a payment plan. It would probably be 50% now and the rest over say six months. Then if the payments are not kept up it will be the end. This will give them time to find a new owner thus injecting new funds. But there is still a long way to go for them...hopefully too far

This is a very public example of a business that is blatently trading whilst insolvent; they repeatedly fail to pay their staff and creditors, their new owner is only at the helm because of non-payment of a debt and breach of contract. The HMRC has only one choice and that is to wind this company up. If it fails to do so it is offering exceptional treatment. PFC are a business whose expenditure far outweighs it's revenue, to the extent that it cannot service it's debt, it is a business that has failed and will continue to fail as it does not have an infrastructure that will allow it to trade profitably at any stage.

You are dead right Ted but i just think that this is what will happen. It seems that Football Clubs are exempt from normal business practice and consequences

I'm not sure HMRC will feel the only way to get their money back is by doing a deal. If they decide to close it down then they'll appoint a liquidator to sell the assets and HMRC will be first in the cue for the money that is then handed out to creditors.

HMRC are not anymore preferential creditors.

Really? I'm aware that we're talking about accountancy issues rather than the prospect of a Wembley final and that's probably wrong, but when did that happen? Does the inland revenue have to wait for its money like any other creditor and settle for the usual 2p in the pound?

St Retford wrote:

ChandlersFordKev wrote:

St Retford wrote:

Lone Ranger wrote:

Ted Rogers wrote:

Lone Ranger wrote:

Ted Rogers wrote: I wonder whether the HMRC is about to set a precedent based on how high profile your demise is and the exceptional treatment you receive thereafter?

The HMRC dont have a lot of choice. If P***ey were to go bust no one gets anything regarding money. Thats why its in the interest of HMRC to work out a payment plan. It would probably be 50% now and the rest over say six months. Then if the payments are not kept up it will be the end. This will give them time to find a new owner thus injecting new funds. But there is still a long way to go for them...hopefully too far

This is a very public example of a business that is blatently trading whilst insolvent; they repeatedly fail to pay their staff and creditors, their new owner is only at the helm because of non-payment of a debt and breach of contract. The HMRC has only one choice and that is to wind this company up. If it fails to do so it is offering exceptional treatment. PFC are a business whose expenditure far outweighs it's revenue, to the extent that it cannot service it's debt, it is a business that has failed and will continue to fail as it does not have an infrastructure that will allow it to trade profitably at any stage.

You are dead right Ted but i just think that this is what will happen. It seems that Football Clubs are exempt from normal business practice and consequences

I'm not sure HMRC will feel the only way to get their money back is by doing a deal. If they decide to close it down then they'll appoint a liquidator to sell the assets and HMRC will be first in the cue for the money that is then handed out to creditors.

HMRC are not anymore preferential creditors.

Really? I'm aware that we're talking about accountancy issues rather than the prospect of a Wembley final and that's probably wrong, but when did that happen? Does the inland revenue have to wait for its money like any other creditor and settle for the usual 2p in the pound?

As i understand it the Tax Man is the number one creitor. Once he has been paid the rest get what is left over. As regards assets..i am not too sure if there are any apart from the players.

Lone Ranger wrote:

St Retford wrote:

ChandlersFordKev wrote:

St Retford wrote:

Lone Ranger wrote:

Ted Rogers wrote:

Lone Ranger wrote:

Ted Rogers wrote: I wonder whether the HMRC is about to set a precedent based on how high profile your demise is and the exceptional treatment you receive thereafter?

The HMRC dont have a lot of choice. If P***ey were to go bust no one gets anything regarding money. Thats why its in the interest of HMRC to work out a payment plan. It would probably be 50% now and the rest over say six months. Then if the payments are not kept up it will be the end. This will give them time to find a new owner thus injecting new funds. But there is still a long way to go for them...hopefully too far

This is a very public example of a business that is blatently trading whilst insolvent; they repeatedly fail to pay their staff and creditors, their new owner is only at the helm because of non-payment of a debt and breach of contract. The HMRC has only one choice and that is to wind this company up. If it fails to do so it is offering exceptional treatment. PFC are a business whose expenditure far outweighs it's revenue, to the extent that it cannot service it's debt, it is a business that has failed and will continue to fail as it does not have an infrastructure that will allow it to trade profitably at any stage.

You are dead right Ted but i just think that this is what will happen. It seems that Football Clubs are exempt from normal business practice and consequences

I'm not sure HMRC will feel the only way to get their money back is by doing a deal. If they decide to close it down then they'll appoint a liquidator to sell the assets and HMRC will be first in the cue for the money that is then handed out to creditors.

HMRC are not anymore preferential creditors.

Really? I'm aware that we're talking about accountancy issues rather than the prospect of a Wembley final and that's probably wrong, but when did that happen? Does the inland revenue have to wait for its money like any other creditor and settle for the usual 2p in the pound?

As i understand it the Tax Man is the number one creitor. Once he has been paid the rest get what is left over. As regards assets..i am not too sure if there are any apart from the players.

i think you should have stopped that sentance short at "....im not sure if there are any" With the exception of David James, they playing staff constitutes very little in the way of sizable assets.

SW:Just jump......wish they would.....

The Skates are like a turd that just will not flush away.

I think the Premier League will have to sort itself out pretty sharpish.

If it cannot self regulate effectively then the HMRC may have to look at intervening in the wider organisation.

People talk about lower league clubs "doing a Leeds" and the comparison is in most cases unjust.

In Pompey's case I would say that its so incredibly similar that the Premier League need to seriously look at the way that clubs are run.

Southampton suffered because they swam against the tide of overspending. We went down because we didn't take enough risks when the opertunites arose. Lowe tried to run the club as a PLC offering dividends for investors in a club that ran in the black.

Lowes Southampton experiment proved that a club bigger than Pompey could not be run within the boundaries of normal business.

Pompey bough the cup and their league status, and will undoubtably survive to be bought by someone else.

Clubs finances need to be transparent. There ability to continue to exist needs to be independently assessed. The Leagues "fit and proper persons test" needs to include some kind of due diligence, rather than what amounts to a CRB check to see if they have defrauded anyone recently.

But most of all clubs need to stop paying payers 300 times the national average wage

If there is a deal done between HMRC and pompey then alot of clubs that got done over by HMRC should ask for their cases to be reheard and monies to paid back to them so they can strike up a deal. Or just sue the tax man for unequal parity with the premier league teams

Talk sport are saying that no deal has been done and the talks have stalled!!

PGA- wrote:
Talk sport are saying that no deal has been done and the talks have stalled!!

I still think Chainrai will probably pump in the bare minimum needed to keep the taxman happy and the hearing will be called off at the 11th hour, but just IMAGINE if he doesn't? We might all find ourselves at a bit of a loss for something to do on Saturday afternoon.

St Retford wrote:

PGA- wrote: Talk sport are saying that no deal has been done and the talks have stalled!!

I still think Chainrai will probably pump in the bare minimum needed to keep the taxman happy and the hearing will be called off at the 11th hour, but just IMAGINE if he doesn't? We might all find ourselves at a bit of a loss for something to do on Saturday afternoon.

we had to go through a lot of SH*T let the Skates go through the same SH*T but lets hope is deeper SH*T, as for what to do on Saturday afternoon, do what most of Hampshire will be doing, CELEBRATING of course R.I.P Poopey, Up the Saints

St.DaveH wrote:

saintozzie wrote: Hi all, used to go to the Dell when ron davis and terry paine was there. been watching the skate troubles with glee. but being out of it a bit. can someone explain why last yr we went down and then lost 10pts, but everything i have read about the skates is they will lose 9pts this season and not start next yr on -9 regardless of their final league position love reading ur posts COYS

From what I remember is that if we had managed to avoid relegation, the ten point deduction would have been applied during last season and we would of then been relegated because of the deduction. But because we were already relegated, the ten point deduction is applied at the start of this season as the penalty for administration last season. I would have thought the same would applt to the sk8ts..... Hope that helps COYR

I think it is more to do with the date you enter administration.
If it is before a certain date (end of March?) the penalty is applied this season, as has happened at Crystal Palace.
If you go into administration after the cut off date I think the points CAN be deducted this season, to ensure relegation, or next season if you go down anyway.
This is to stop teams that are mathematically relegated from entering administration and being given a points penalty that has no impact on the teams position.
We were also given an extra point as we denied being in administration, having set up an 'umbrella' company and claiming that it was the umbrella company that was in administration and not SFC.

With the demise of the dark side @krap nottarf the only assets the sk8s have got is a outdated stadium and a winkle stall in southsea, what comes around comes around the only problem is that you have 60 more million reasons to be worried than we had COYR