Insolvency practitioner to sit on Pompey creditor committee

A new insolvency practitioner (IP) has joined the ranks at Portsmouth FC’s
administration to represent smaller businesses.

Steve Powell, HJS Solutions, is appointed to the creditor committee to
represent up to 400 small local companies which are affected by the club’s
administration.

Powell will represent the creditors, which are owed between £2 to more than
£100,000.

The incoming IP hopes to represent the small businesses at future creditor
committee meetings.

Powell said he has already attended a creditor meeting and argued alongside
Terry Clark, MD of SME creditor TWC Joinery and Shopfitting, that local firms
should be represented on the new creditors committee.

“If we hadn’t been there and made our voices heard that committee would just
have comprised the big players who are owed an awful lot of money but do not
represent the majority of creditors, many of whom are local Hampshire firms,”
said Powell

“The inclusion of a local creditor is a great opportunity to ensure the
administrators act in the best interests of all the club’s creditors and
supporters,” he added.

Under the proposals of the Company Voluntary Arrangement it is expected that
most creditors will be repaid 20p in the pound for the first year, followed by
20p in total over the next four years.

Andrew Andronikou, Peter Kubik and Michael Kiely from UHY Hacker Young, were
appointed joint administrators on 26 February 2010.

Further reading:

Pompey
administrator to go for CVA

Pompey
receives £2m to cover running costs