The reports state that HMRC issued the order on December 23rd but the court hearing is not until February, meaning the people who "run" the club have just over a month to improve the financial situation or else, the club will be in receivership and that would mean no more Portsmouth Football Club.
So, if these reports are true, unless there is some New Year's miracle, the board will sell any player of any worth when the transfer window opens on Friday and that's the best case scenario.
The bad news is that if the reports about the players not being paid on time again are true, then the players are within their rights to terminate their contracts and become free agents, meaning they'll leave Fratton Park and Pompey won't get a penny.
Portsmouth FC have issued a statement on the official website which, to paraphrase, basically says that the club have NOT been issued with a formal winding-up order are disputing a VAT issue with HMRC, expecting them to withdraw their demands after a hearing in January.
The statement also revealed that Ali Al-Faraj has paid £9.7 million of new funds to HMRC (£4 million of that being security). It's worth reading the whole statement but do we really believe everything that's being said?
It seems that Pompey and the HMRC are going to be at war now but the entire situation is very confusing. We'll find out the true severity of the situation come January, or even tomorrow when the players are due to be paid.