Administrator Andronikou fined for report failure

M27. Picture: Malcolm Wells

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Pompey's former administrator Andrew Andronikou has been fined for failing to meet insolvency reporting requirements.

The insolvency practitioner was fined 500 and ordered to pay 2,167 in costs, by the Institute of Chartered Accountants in England and Wales (ICAEW).

He is most famous for leading the UHY Hacker Young team which took over at Pompey in February 2010, to steer the club through administration.

In December he agreed to an ICAEW investigation committee consent order that he be reprimanded and fined.

He was reprimanded for a report, unrelated to the football club, which he had submitted in October 2009.

He had worked on a pre-pack administration, in which a sale is agreed before a formal insolvency process begins.

But his report, given to all the un-named firm's creditors, was supposed to have contained details about why a pre-pack approach was taken.

Instead, the ICAEW found, it failed to include an independent valuation of the business and its assets, information about how he had been involved with the company before he was appointed as an administrator, and why the pre-pack was undertaken.

Mr Andronikou, who has previously worked as administrator at Swindon Town FC, was charged with steering Pompey away from financial meltdown following months of chaos behind the scenes at Fratton Park.

He was appointed by Balram Chainrai, whose return in October signalled the end of the administration period, and Mr Andronikou's role at the club.

During the eight months he was in charge, Pompey won survival and escaped liquidation at the High Court, after a prolonged battle with the Inland Revenue.

The club also sacked 85 people, and made a series of player sales in order to attempt to stay afloat.