Andronikou set to be opposed as Pompey administrator
By Site reporter
Thursday 16 Feb 2012 20:58:00
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Portsmouth Football Club's immediate future will be played out in Court 26 of the High Court of Justice on Friday before Mr Justice Norris as its petition to go into administration is heard.

And it is understood the club's request that Andrew Andronikou conducts the Administration on behalf of UHY Hacker Young will be challenged by at least some of the unsecured creditors from the previous CVA, drawn up when the club went into administration almost two years ago..

Pompey Chief Executive David Lampitt announced on Monday the club's intention to seek administration to protect itself from a winding up petition served by HMRC due to be heard on Monday.

At the time Lampitt insisted Andronikou should do the job, given that he has detailed knoweldge of the club's affairs from his time as administrator last time, as well as the fact he is currently administrator for PFC's parent company CSI, which collapsed in late November when its major shareholder Valdimir Antonov was arrested on charges of fraid in connection with a Lithuanian bank he owns. He is currently facing extraditionproceedings.


In consequence, Portsmouth FC has suffered severe cash-flow problems since December and these came to a head in late January when HMRC issued a winding up order for non-payment of PAYE, national insurance and VAT payments believed to total around £1.9m.

At the end of January the club was unable to pay its staff salaries as the club's bank account - with an estimated £2m in it - was frozen. Lampitt hopes the administration order will unfreeze the bank account and allow the company to trade again.

Andronikou was a controversial appointment as joint-administrator in 2010, when HMRC objected to him. Its QC Gregory Mitchell said at the time: 'Have these administrators been validly appointed? The question of validity is a fundamental issue and that has to be determined one way or the other as quickly as possible."

'Our concern is that there should be a full and independent investigation of the position and the transactions between the club and Mr Chainrai. We say that if there is no proper evidence of funds having been provided to the administrators to meet the club's financial needs, then there is a real danger the administration will fail to achieve the proper purpose.'

It is expected HMRC and Portsmouth City Council, among other unsecured creditors from the last administration, will oppose Andronikou's appointment again this time, although in a conversation with blogger SJ Maskell [click here] Andronikou seem confident he could see off any objections.

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