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Wednesday, 10 February 2010

Pompey Given 7 Days; Cardiff & Southend Given 28 days to come up with tax cash

Another sign that HMRC and Courts prepared to give some time to creditors, the winding up petitions against Cardiff City, Portsmouth and Southend football clubs were adjourned for 28 days by the Court today.

Too big to fail? Too high profile to be wound up? Or just a desperate plea to try and gain time to raise money sufficent to be acceptable to HMRC/ Court?

You decide.

From the BBC article today: "Court registrar Christine Derrett (when referring to Portsmouth) said she feared the company would continue to trade and build up more debts that would not be paid.

"I am very concerned about the financial status of this company," she said. "It seems to me there's a very real risk that this company is undoubtedly trading while it is insolvent.

Gregory Mitchell QC, who represented HMRC, said: "It's quite clear, beyond any doubt at all, that this company is insolvent".

(Click the links for our web guides to trading while it is insolvent company is insolvent).

If you were a director of Portsmouth you would surely want to be VERY SURE that new money was available to meet the ongoing liabilities?








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