Norwich law firm to probe Portsmouth football club finances

Howes Percival has been called in to assist with the investigation into the finances of Portsmouth football club.

The Norwich-based law firm has been instructed by insolvency practitioners Geoff Carton-Kelly and David Hudson of Baker Tilly Restructuring and Recovery LLP, the joint liquidators of Portsmouth, to assist with their investigations.

Geoff Carton-Kelly and David Hudson of Baker Tilly have instructed Nick Oliver, partner and head of Insolvency & Corporate Recovery at Howes Percival, and his team, following their recent appointment as joint liquidators.

Mr Oliver is a specialist in forensic insolvency investigations and fraud related insolvency issues. He is also currently assisting the trustee in bankruptcy of Asil Nadir.

He said, 'This is a high profile, complex case which has received worldwide media attention, primarily because Portsmouth was the first premiership football club to enter administration. The unsecured creditors are believed to amount to in excess of �83 million, with up to �35 million owed to HM Revenue & Customs.

'The liquidators have identified significant issues that require detailed investigation.'

In December 2009, HMRC presented a winding-up petition against Portsmouth. In February 2010, insolvency practitioners from UHY Hacker Young LLP were appointed as administrators of the company. The company had amounted estimated debts of in excess of �83 million. The club was docked nine points as a result of the administration and was subsequently relegated to the Championship.

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