Pompey latest on survival

[Swanny]

Accountants meet high court deadline as Portsmouth fight for survival

• Breakdown of Pompey's financial state completed
• High court to decide if Portsmouth can keep trading






Portsmouth fans will have to wait until 1 March for the high court's verdict on their club's viability. Photograph: Akira Suemori /AP

Vantis BRS, the accounting company charged with compiling Portsmouth's statement of affairs, completed their work in time. The SOA will now be analysed by HM Revenue and Customs, who issued the winding-up petition.
A statement on the company's website credited to Nick O'Reilly, a partner at Vantis BRS, said: "Vantis has completed the statement of affairs report and submitted it to the board and owners of Portsmouth Football Club today, Wednesday 17 February 2010.
"This report [was] submitted by the board, to the [high] court and HM Revenue and Customs, along with their *[Portsmouth's] own evidence of potential interested parties and developments since the last hearing took place on 10 February 2010.
"HMRC will then have an opportunity to make its further representations to the high court ahead of the next hearing, scheduled for 1 March 2010."
The SOA, which offers a picture of the club's current and ongoing financial position, will be pivotal in deciding Portsmouth's fate at the high court.If the statement of affairs, which offers a picture of the club's present and ongoing financial position, does not convince the court that the club is a solvent company, then Portsmouth will be placed into administration, or even liquidated, ending their 112-year history.
Portsmouth hope to attract investment before the hearing which would enhance its financial position before the court.

http://www.guardian.co.uk/football/2...ort-high-court

[juergensdive]

Surely it makes financial sense to keep them trading/playing, albeit under a tight reign....I can't see that they will have much value if they're put into liquidation. I have to say the players & fan's attitude has been brilliant, when you consider what they've been through!