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Portsmouth FC's CVA ended last February. However, as far as I can ascertain there have been:
- no payments received from player sales.
- no dividends yet to unsecured creditors.
Even the promised payments in full to creditors less than £2500 has not happened. Despite this, Mr Andronikou declared the CVA to have been successfully completed.
The duty to pay 20p in the pound was assigned to the new trading company. Its parent is now insolvent and without a buyer and cannot make any of the payments. Mr Adronikou is the Administrator of the parent. Planet football is indeed a law unto itself!
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...