HM REVENUE & CUSTOMS is today in court attempting to stop UHY Hacker Young administrators from taking the possible Portsmouth FC appointment.
The proposed administration, which is due in the next few days, would be the second administration for the championship side – after UHY were appointed to the first in 2010.
The taxman has confirmed to Accountancy Age that a court hearing is taking place today, in an attempt by HMRC to block UHY administrators’ from taking the administration appointment.
Andrew Andronikou, Peter Kubik and Michael Kiely, partners at UHY Hacker Young, were appointed joint administrators to Portsmouth FC two years ago.
At the end of last year Andronikou and Kubik were appointed administrators to the club’s parent company Convers Sports Initiative.
Yesterday Andronikou confirmed to BBC Radio Solent that the club had recommended UHY Hacker Young to handle the proposed administration.
In 2010 Portsmouth administrators achieved a Company Voluntary Arrangement (CVA) to rescue the club following its collapse. As part of the CVA they transferred the business of football, such as players, managers and the League membership, to another company. The administrators, who became the supervisors, also agreed to repay creditors a percentage of their debt over a contracted period of time.
The original shell business was liquidated with Baker Tilly partners Geoff-Carton Kelly and David Hudson appointed in March 2011.
Manufacturer DMG Steelworkers has been sold out of administration in a pre-pack deal by insolvency and restructuring firm CVR Global
By threatening creditor returns, the government could undermine the UK’s World Bank insolvency ranking and cost creditors £8m a year, trade body R3 warms
Lee De’ath and Richard Toone, partners at CVR Global, were appointed joint-administrators of Lexden Centre (Oxford) Limited, trading as Colchester English Study Centre (CESC), on 29 June 2016
Peter Saville, Ryan Grant and Anne O’Keefe of AlixPartners will now become the supervisors of the CVA and monitor the implementation of the proposal