Andrew Andronikou the administrator of premier league club Portsmouth has
been challenged over his appointment and decisions.
The administrator from UHY Hacker Young will be back in the High Court in two
weeks to face a challenge from the HMRC over the decision to place the club in a
voluntary administration and questions over his appointment.
Portsmouth entered into a voluntary administration last Friday just three
days before it was due to appear in the High Court following a winding up
petition from HMRC.
Justice Norris, residing, ruled the “shadow over the appointment should be
removed” and gave the club two weeks to investigate the appointment of
Andronikou and the clubs decision to enter voluntary administration the BBC
Gregory Mitchell QC, representing HMRC asked the court: “Have these
administrators been validly appointed?”
The disputes centre around whether Andronikou had links with the owner Balram
Chainrai prior to his appointment, compromising his independence.
Simon Barker QC, representing Portsmouth, said: “There is no reason to impugn
the conduct of these administrators at all. There is no reason the court should
have any doubts about their appointment and independence.”
HMRC are not happy with the decision of Andronikou to place the club in
voluntary administration. In its petition to hold an investigation into the
decision HMRC included details compiled by Vantis which showed the club needed
£7m by the end of the month and a total of £14m by the end of the season.
It is estimated that the liabilities exceed assets at the club by £65m.
Andronikou is due to meet the Premier League this week in order to clarify if
players can be sold outside the transfer window.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children