BusinessBusiness RecoveryVantis helps Portsmouth FC

Vantis helps Portsmouth FC

Advisers brought in to tackle paperwork before court date

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

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