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Pompey handed HMRC boost
11 Mar 2010 - 15:50:53
Reports suggest HM Revenue and Customs have agreed to accept the validity of the administration at Portsmouth.
A scheduled High Court hearing is still expected to go ahead on Monday although it is understood that HMRC will immediately drop their challenge to the appointment of administrator Andrew Andronikou.
Andronikou was appointed as Pompey's administrator last month and announced that 85 people were being made redundant on Wednesday.
He said in a statement: "We had a very constructive meeting with HMRC on Tuesday and the company have provided a detailed analysis of its financial transactions with Portpin Limited, the chargeholder in this matter.
"HMRC should be now be satisfied that the said debenture is valid and accordingly our appointment is valid. We are hoping this matter will be resolved shortly.
"I will reiterate this message to interested parties. You have to provide to us proof of funds and a proven financial covenant before we release further financial documents."
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