Liquidators to start their post-mortem in two weeks

Pompey's administrator Andrew Andronikou
Pompey's administrator Andrew Andronikou
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A MEETING was held at the High Court yesterday to set the date for the appointment of the liquidators who will investigate Pompey’s financial crisis.

UHY Hacker Young, the insolvency firm which carried out Pompey’s administration, split the club into two companies – the old company and the new company, Portsmouth Football Club 2010.

The old company will be liquidated and anything left sold to raise money towards repaying the club’s creditors 20 per cent of what they are owed – the Company Voluntary Agreement (CVA).

The liquidators will also carry out a post-mortem of the old firm to establish what happened.

UHY is expected to hand control of the liquidation to insolvency firm Baker Tilly.

The firms met at the High Court yesterday to set a date for the hand-over.

Geoff Carton-Kelly, of Baker Tilly Restructuring and Recovery LLP, said: ‘We have not yet been appointed as liquidators, but we expect to be appointed liquidators in around two weeks.

‘This is a normal process as part of the CVA. An application is made to wind up the old company, and the court hears that.

‘Because there are technicalities over the way the administration needs to be completed they’re going to take a little bit longer to decide.

‘It’s not unusual for another firm to become liquidators. In the majority of cases the administrators become liquidators, but there’s nothing to be read into that.’