Pay Up Pompey,Pompey Pay Up!

[fittons_coaching_badge]

What deal did we offer our creditors?

[pauld]

What deal did we offer our creditors?

24p in the pound, though the actual pay-out was slightly less. Would have been more like 10-12p in the £ though if Andronikou had had his way with his "mystery extra creditors" he somehow "discovered" 5 years after the creditors' list was supposed to have closed.

[nevillew]

Pompey creditors are to be offered 20p in the £ then.

You do feel sorry for the smaller creditors who will lose so much money

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8707231.stm

Surely the larger creditors will lose more money ?

[reeves4england]

Surely the larger creditors will lose more money ?

Yes, but small businesses are the ones who can't take the hit so easily

[Nemo]

The whole point of an administrator is to sell assets to get the best possible return for the creditors, no?

Why haven't Pompey sold any players at all?

[nevillew]

The whole point of an administrator is to sell assets to get the best possible return for the creditors, no?

Why haven't Pompey sold any players at all?

No, the administrator has to run the business to get the best possible return - not necessarily selling assets, although that may be an option.

[nevillew]

Yes, but small businesses are the ones who can't take the hit so easily

That depends on what percentage of their business is tied up in the CVA, and how healthy the business is in the first place.

[BrightonRed]

The whole point of an administrator is to sell assets to get the best possible return for the creditors, no?

Why haven't Pompey sold any players at all?

The three statutory purposes of an administrator are:

(a)   rescuing the company as a going concern, or
(b)   achieving a better result for the company’s creditors as a whole than would be likely if the company were wound up (without first being in administration), or
(c)   realising property in order to make a distribution to one or more secured or preferential creditors.

A Liquidator's duty is to realise the assets of a company to achieve the best possible result for creditors.

[Power to people]

AA has been interviewing for the vacant managers job - is there no end to that guy's talents, what an administrator he is

http://www.portsmouth.co.uk/frattonlatest/Cotterill-heads-Pompey-wish-list.6323210.jp

More detail on how Pompey plan to get the CVA passed (as suggested by PaulD)

http://www.accountancyage.com/accountancyage/news/2263755/portsmouth-fc-heading

[redbullzeye]

Quote from Charles Sale in the Daily Mail - "The legion of unsecured creditors at Portsmouth might have a long wait - administrator Andrew Andronikou has only just wrapped up his work at Swindon after 8 years.  Those owed money since 2002 finally received a fraction over 20p in the pound"

Is this old news, has something happened with the CVA today or (as I suspect) it's total bollox from some old cocking vagina of a cunty journo......

[pauld]

Quote from Charles Sale in the Daily Mail - "The legion of unsecured creditors at Portsmouth might have a long wait - administrator Andrew Andronikou has only just wrapped up his work at Swindon after 8 years.  Those owed money since 2002 finally received a fraction over 20p in the pound"

Is this old news, has something happened with the CVA today or (as I suspect) it's total bollox from some old cocking vagina of a cunty journo......

Well, it's certainly bollocks in regards to paying out creditors - creditors were paid last year. Which is why no-one can quite understand why Andronikou's dragged it for another year. Deliberately dragging it out for another year's worth of fees? Simple incompetence? Who knows? I'm sure there's a perfectly good professional reason for it though which mere busybodies such as us are not fit to understand

EDIT: Just checked on companies house and we're no longer listed as being in CVA. So maybe that aspect of the story is correct and we're finally rid of the fucker. Hooray, hooray, the witch is dead!

[nevillew]

EDIT: Just checked on companies house and we're no longer listed as being in CVA. So maybe that aspect of the story is correct and we're finally rid of the fucker. Hooray, hooray, the witch is dead!

Which means that we should show a profit for the last year and encourage people to think we have money to burn.

[Red Affliction]

EDIT: Just checked on companies house and we're no longer listed as being in CVA. So maybe that aspect of the story is correct and we're finally rid of the fucker. Hooray, hooray, the witch is dead!

That is great news. I'd love to know whether the club were chasing AA to get this resolved. It's got to be worth reporting the tosser to make him accountable for taking over a year to do some formal paperwork!! It would also be interesting to know whether not having the CVA signed off has hurt us commercially in some way. If so then sue the little shit for damages. As far as the Pompey situation goes any chance of getting a good return for the creditors will be heavily off set by AA's fees, seeing as he appears to be spending huge amounts of time there at a daily rate well in excess of a couple of grand I would imagine (plus expenses) !! 

[Summerof69]

EDIT: Just checked on companies house and we're no longer listed as being in CVA. So maybe that aspect of the story is correct and we're finally rid of the fucker. Hooray, hooray, the witch is dead!

This is a red letter day for STFC...We've got rid of him at long last after 8 long years !!!

[ghanimah]

EDIT: Just checked on companies house and we're no longer listed as being in CVA. So maybe that aspect of the story is correct and we're finally rid of the fucker. Hooray, hooray, the witch is dead!

Hmm, did the timing of "the wrapping up of Swindon's work" coincidentally happen at around the same time AA took over at Pompey where he would come under more media scrutiny? An incentive to rid of past things that may lead to more awkward questions.