BusinessBusiness RecoveryBaker Tilly to sit on Portsmouth FC creditors’ committee

Baker Tilly to sit on Portsmouth FC creditors’ committee

PKF administrators reveal that Baker Tilly liquidators will make up creditors’ committee of collapsed club Portsmouth FC

Baker Tilly to sit on Portsmouth FC creditors’ committee

PKF ADMINISTRATORS have announced that Baker Tilly liquidators will form part of the creditors’ committee to decide the future of collapsed club Portsmouth FC.

The Championship side entered administration on 17 February with PKF partners Trevor Birch, (pictured) Ian Gould and Bryan Jackson appointed.

In 2010 Portsmouth entered administration as a Premiership club with UHY Hacker Young partners Andrew Andronikou, Peter Kubik and Michael Kiely appointed administrators. In March 2011 Geoff Carton-Kelly and David Hudson, partners at Baker Tilly, were appointed liquidators.

Portsmouth was previously making payments to the liquidators as part of a rescue deal packaged at the end of 2010.

Now representatives of Baker Tilly liquidators, former majority share owner Convers Sports Initiatives, HM Revenue & Customs, Portpin, which lent funds to the club, and the Professional Footballers Association, will make-up the creditors committee.

All clubs in both the Premier League and Championship must exit administration via a Company Voluntary Arrangement (CVA). A CVA needs 75% or more of creditors by value of debt to approve the deal. About 87% of Port Vale creditors approved the proposed CVA.

“We are doing all we can to find a successful outcome before the money runs out. In our view, a sale of the club as a going concern and subsequent CVA will result in the best possible outcome for everyone involved, including the creditors,” said administrator Birch.

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