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.
Insolvency and business recovery firm Gibson Hewitt has recruited a new manager from one of the UK’s top four accountancy practices
The director of a company set up to market a fuel-saving device has been disqualified for failing to maintain and preserve proper records
Cowgill Holloway Business Recovery has concluded the sale of assets of film distributor Metrodome to independent movie distributor 101 Films following appointment as administrators
PwC must face $1bn lawsuit over claims it provided bad accounting advice which contributed to the 2011 collapse of MF Global