Insolvency experts at AIM-listed accountancy firm, Vantis, are compiling paperwork for Portsmouth FC following a court decision the football club had to produce a statement of affairs.

The court registrar Christine Derrett suspected Portsmouth are continuing to function even though it was insolvent and requested evidence to the contrary the Daily Telegraph reported.

Vantis began working on the document on Thursday but some experts fear it may already be too late.

“I understand that Portsmouth have been asked to provide a ‘statement of affairs’ within the next week. Such a statement is drawn up by a specialist insolvency practitioner and will be very difficult to produce in such a short space of time, if that is the case the club looks set for administration,” Guy Thomas, an IP from SA Law who advised Watford FC when it faced administration last year, told Sport Business.

The football club claims it may receive a cash injection from new owner Balram Chainrai or an associate before the next court appearance on 17 February.

Further reading:

Portsmouth tax files inspected by insolvency experts

Football clubs receive stay of execution