BensGrandad
New member
I'm not entirely sure I've grasped this, as the whole Pompey saga is dull and unending, at least the financial aspects are, but there seems to be some suggestion now that, having put the Creditor's Voluntary Agreement in place, which secures "payment" of 20p in the pound for the non-footballing creditors, PFC are now hinting that they can't afford to pay even that amount. Hence the rumours about selling Lawrence etc I guess.
Personally, I'd say that is a massive kick in the balls if you're the owner of a company owed (say) £25,000 by Portsmouth and they're telling you that they can't even give you 20p in the pound, while at the same time paying individual players as much in one WEEK as the little man is owed in total.
Any accountants on here? Surely if you set up a CVA to dodge your debts and then fail to comply with the terms of the CVA there must be some sort of comeback?[/QUOTE]
In the case of an IVA the creditors owed the largest % of the debts can with the support of the other creditors peition for bankruptcy. I am not sure how this works with a CVA but would probably still be governed by The Insolvency Act of 1986.