It might have been given a week-long stay of execution after the winding-up petition against it reached the High Court yesterday, but don't be surprised if Premier League club Portsmouth is tipped into administration anyway.
The owners of the club were told in court that they have a week - until 4pm on 17 February, to be precise - to file a "statement of financial affairs" proving they can clear over £12 million in tax arrears.
But according to insolvency specialist Guy Thomas from SA Law, a week may not be enough time to come with such a statement.
As such Thomas, who advised Watford FC when it faced administration last year, suggests it's "inevitable" Pompey will fall into administration.
"Given the minimum nine-point penalty that the Premier League may impose, it is highly likely that the club will prepare its finances on the basis it will be in the Championship next season," he adds.
The adjournment of Portsmouth's winding-up order was granted after the club's representatives claimed they've received two serious offers to sell the business, though a High Court registrar warned that the club might be trading while insolvent.
This UK-based company is a leader in specialist cleaning services, boasting top-tier equipment and an impressive client retention rate, while accredited by several key industry bodies. With an experienced operations manager capable of independently d...
This business, known for its expertise in bespoke modular and containerised data centres, stands out with its impartial product advice and commitment to quality, as evidenced by its ISO 45001 and ISO 9001 certifications. With 70 active clients and a...
his well-established company offers unique and premium behavioural training solutions and fully managed feedback services, making it a leader in the learning and development sector. With a strong client base and a reputation for facilitating high lev...
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.