POMPEY’S former operating company is being investigated for its financial affairs before administration in 2010.
Geoff Carton-Kelly of Baker Tilly, liquidators of Portsmouth City Football Club Limited, sent update letters to those still owed payment following Pompey’s last administration.
In the letter – obtained by The News – Pompey’s current operating company Portsmouth Football Club (2010) Limited is named as ‘Newco’.
Mr Carton-Kelly told creditors in the letter: ‘My investigations into the affairs of the company, prior to the original administration in February 2010, are still on-going, which may result in actions being taken against various parties, which if successful may result in funds available for creditors.’
But it claims the club’s current administrators have told the liquidators there have been ‘insufficient realisation of assets in Newco to enable a return to the unsecured creditors’.
It confirms the payment agreements reached in Pompey’s Company Voluntary Arrangement (CVA) signed to bring it out of administration are ‘no longer applicable’ and will remain that way until ‘the administrator of Newco recovers sufficient assets to enable a dividend to creditors.’
It comes as creditors owed cash following Pompey’s new administration expressed fears they may never see their money again.
Last week club administrator Trevor Birch sent out administrators’ reports to creditors detailing his findings since being appointed in February.
An extensive list of known company creditors was included in the report, revealing schools, hotels, and a pizza chain were among those still waiting for payment.
Andrew Warshaw is owed around £1,000 for editorial services to produce the club’s programme.
He said: ‘What’s clear is because of a myriad of complexities involved in what was owed to whom it’s looking increasing likely they are going to have to square this and move on, however incredibly frustrating that is.’
Family firm Jumping Jacks is owed £696 for equipment it provided for a fun day at Fratton Park in October.
Owner Clarie Davies said it ‘leaves a bad taste in the mouth’