Generic clubs in financial crisis Thread

[Stranded]

Portsmouth have until February, so there is time to get their house in order. Board meeting being held as we speak, and Portsmouth even believe this winding up petition could be illegal. Tax specialists and lawyers already all over they accounts.

Can a winding up order be illegal (honest question, as I don't know) surely HMRC know they are owed a lot on money and Pompey aren't paying it so they have the right to petition?

[AF2]

league table if pompey (and their results to date) were erased from PL

[Baines]

Portsmouth have until February, so there is time to get their house in order. Board meeting being held as we speak, and Portsmouth even believe this winding up petition could be illegal. Tax specialists and lawyers already all over they accounts.

Can a winding up order be illegal (honest question, as I don't know) surely HMRC know they are owed a lot on money and Pompey aren't paying it so they have the right to petition?

It's a typical "Boobies" post. Repetition of stuff heard elsewhere (and misunderstood in the process) combined with bland statements of the obvious and unnecessary italics, in attempt to appear in the know ("Tax specialists and lawyers already all over they accounts" lol).

It doesn't make much sense to refer to the petition as "illegal". Presumably, by saying that it is "illegal" it's meant to be suggested that the petition is deficient in some way because it doesn't comply the relevant provisions necessary for the presentation of a winding up petition.

[(.)Boobies(.)]

Portsmouth have until February, so there is time to get their house in order. Board meeting being held as we speak, and Portsmouth even believe this winding up petition could be illegal. Tax specialists and lawyers already all over they accounts.

Can a winding up order be illegal (honest question, as I don't know) surely HMRC know they are owed a lot on money and Pompey aren't paying it so they have the right to petition?

It's a typical "Boobies" post. Repetition of stuff heard elsewhere (and misunderstood in the process) combined with bland statements of the obvious and unnecessary italics, in attempt to appear in the know ("Tax specialists and lawyers already all over they accounts" lol).

It doesn't make much sense to refer to the petition as "illegal". Presumably, by saying that it is "illegal" it's meant to be suggested that the petition is deficient in some way because it doesn't comply the relevant provisions necessary for the presentation of a winding up petition.

Not at all, Baines. It was what had been read out on on the news prior to my posting. I mearly added it to this thread. I don't pretend to have any insider knowledge of Portsmouth Football Club.

[Baines]

_____No. It was a typical "Boobies" post.

[PieEater]

So how can the petition be illegal, sure it's meant to be a last resort, but they owe the taxman and he wants his money, when nothing was forthcoming they take the next step to get it. Unless you are suggesting HMRC has not been in communication to get their cash and just issued it maliciously?

[weybridgewanderer]

Petition was issued on DEc 23rd

I doubt HM revenue and Customs would issue an illegal winding up order

BBC reports that Pompie will make a statement shortly

I do notice the following link of the Pompie club website which I find somewhat ironic

http://www.pfcfinancialservices.co.uk/home/

[(.)Boobies(.)]

_____No. It was a typical "Boobies" post.

I make no apologies for my posting style. I don't like to leave a space between lines, it's just a preference, and so use .___ when changing topic or moving away from the previous related response. Anything relating to a name I often add in the example. I'm surprised you wasted you valuable time to highlight "a typical (.)Boobies(.) post."___ I hope the new year brings you everything you wish for.___ Now, back to topic.

[Baines]

It doesn't make much sense to refer to the petition as "illegal". Presumably, by saying that it is "illegal" it's meant to be suggested that the petition is deficient in some way because it doesn't comply the relevant provisions necessary for the presentation of a winding up petition.

But don't let that stop you.

[Tails]

Aren't Chelsea now well on the way to being 'debt free'?

[(.)Boobies(.)]

It doesn't make much sense to refer to the petition as "illegal". Presumably, by saying that it is "illegal" it's meant to be suggested that the petition is deficient in some way because it doesn't comply the relevant provisions necessary for the presentation of a winding up petition.

But don't let that stop you.

As quoted from the news. My son was watching Sky Sports News at the time. Perhaps you will find a quote on their website, or you can watch the news yourself? A "Portsmouth board member" said the club had its lawyers and tax specialists looking at their books, and they also felt it was possible the winding up petition could be illegal.

[Baines]

_____No. It was a typical "Boobies" post.

I make no apologies for my posting style. I don't like to leave a space between lines, it's just a preference, and so use .___ when changing topic or moving away from the previous related response. Anything relating to a name I often add in the example. I'm surprised you wasted you valuable time to highlight "a typical (.)Boobies(.) post."___ I hope the new year brings you everything you wish for.___ Now, back to topic.

Fair play, I've rarely seen a more detailed defence of one's own stupidity. ___You stick to your guns.

[Baines]

It doesn't make much sense to refer to the petition as "illegal". Presumably, by saying that it is "illegal" it's meant to be suggested that the petition is deficient in some way because it doesn't comply the relevant provisions necessary for the presentation of a winding up petition.

But don't let that stop you.

As quoted from the news. My son was watching Sky Sports News at the time. Perhaps you will find a quote on their website, or you can watch the news yourself? A "Portsmouth board member" said the club had its lawyers and tax specialists looking at their books, and they also felt it was possible the winding up petition could be illegal.

Well, then I've called you, and the "Portsmouth Board Member" stupid. Which is fair enough really.

[AF2]

[weybridgewanderer]

Aren't Chelsea now well on the way to being 'debt free'?

reported a £44M loss this year

[(.)Boobies(.)]

Quite.

Aren't Chelsea now well on the way to being 'debt free'?

Yes, a £300,000,000 plus loan from Abromovich that has been turned into shares, according to reports.

Aren't Chelsea now well on the way to being 'debt free'?

reported a £44M loss this year

£12m of which was to pay of Luis Philipe Scolari.

[PieEater]

Actually thinking about Pompey, they are probably the ones who are trading illegally if they are clearly insolvent.

The taxmans cheque must have bounced, or they've been spun repeated falsehoods from the directors for them to resort to issuing the WUP.

[Baines]

Incidentally, on the F365 thread someone wrote

"Take that you bell c**t"

Wise words.

[weybridgewanderer]

Having listened to the BBC report now, Pompie are disputing the amount owed.

It is believed that the timing of Revenue’s petition against Portsmouth is tactical. The club’s only liquid assets are their players and the court application could be designed to apply pressure to sell when the transfer window opens. Cash from player sales, including the £10 million transfer of Peter Crouch to Tottenham Hotspur in August, has previously been used to pay the club’s debts to Revenue. If Portsmouth could pay all or part of their debt from player sales before the court case in February, Revenue would almost certainly drop its claim.

[Silver Fox]

That would seem to be a reasonable move on the revenue's part then surely? If they were to wait until February to ask for the money there would be no way Pompey could raise the cash, thank you Sepp Blatter