Source: Telegraph
Portsmouth await High Court decision over winding-up order
It had been suggested that the hearing would be delayed until 2pm to allow the club to put forward its defence.[LNB]However, it is understood that the case is currently in session and a verdict will be announced shortly. [LNB] Related ArticlesPortsmouth crisis: timelineGrant: I cannot fight against whole worldPortsmouth 1 Sunderland 1Portsmouth seek High Court adjournmentPremier League actionBenjani hopes to have last laugh on KanuAccording to reports, HMRC have already rejected a cash offer from the football club. [LNB]Portsmouth supposedly offered a down payment of £1.5 million to settle debts of about £7.5m, but HMRC want £4m. [LNB]A 28-day adjournment would give Portsmouth time to put their appeal together against the £7.5m that is being claimed for unpaid VAT, after a day of talks between the two parties failed to reach a settlement. [LNB]Should Portsmouth fail, it could, ultimately, lead to the club becoming the first in the Premier League to go into administration and suffer a nine-point penalty. Worse still the club could even face liquidation and go out of business completely. [LNB]Notts County were recently granted a period grace after being presented with a similar winding-up petition from HMRC and are still threatening with immediate liquidation proceedings if they fail to pay their debts. [LNB]Portsmouth have a similar scenario but will argue that following Balram Chainrai's takeover last week, when Ali Al Faraj defaulted payments on a loan, the Hong Kong businessman is working to improve the finances, having paid off other creditors in the petition and is in talks with new investors. [LNB]On Tuesday night chief executive Peter Storrie claimed there were interested parties, and said: 'We will be running the business and the priority will be to deal with the winding up order from HMRC and to find a long-term owner for this great club.' [LNB]Portsmouth have debts of £60 million and are bottom of the Premier League. [LNB]Their financial woes have meant their staff have been paid late on four occasions this season. [LNB]
