BAKER TILLY LIQUIDATORS to Portsmuth FC have called-in lawyers from Howes Percival, to assist with their investigation of the books.
Last year administrators from UHY were appointed to Portsmouth FC. They achieved a Company Voluntary Arrangement (CVA) which transferred the business of football, such as players, managers and the Premier League membership, to another company, and agreed to repay creditors a percentage of its 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.
The liquidators have recruited Nick Oliver, partner and head of insolvency & corporate recovery at Howes Percival and his team, to assist with their investigations.
He is a specialist in forensic and fraud related insolvency issues. Oliver is currently also assisting Grant Thornton in Asil Nadir’s bankruptcy investigation.
Oliver said, “This is a high profile, complex case which has received worldwide media attention, primarily because Portsmouth was the first premiership football club to enter administration. The unsecured creditors are believed to amount to in excess of £83 million, with up to £35 million owed to HM Revenue & Customs.
“We will be assisting Geoff Carton-Kelly and David Hudson with their investigations into the financial collapse of the club. The liquidators have identified significant issues that require detailed investigation.”
In December 2009, HMRC presented a winding-up petition against Portsmouth. In February 2010, UHY Hacker Young partners Andrew Andronikou, Michael Kiely and Peter Kubik were appointed administrators. The club was docked nine points as a result of the administration and was subsequently relegated to the Championship.
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