Threat of liquidation lifted for historic football club

Blog Insolvency

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After a period of considerable uncertainty, fans of the world’s oldest professional football club breathed a sigh of relief this week.

The threat of liquidation, which has been hanging over Notts County for several months, has at last been lifted.

The reprieve came after a “dramatic” compromise was agreed at the entrance to London’s High Court, leading to a petition to wind-up the League Two side being formally dismissed.

Notts County, which was founded in the 1860s, was previously being pursued for debts totalling more than £600,000.

The money was owed to Pinnacle Advantage Ltd, a company at which former chairman Ray Trew had been a director.

The football club had been trying to come to an agreement with the administrators for Pinnacle, which went into liquidation itself last summer.

Now an eleventh hour deal has been reached, confirmed by representatives from both parties at the High Court hearing yesterday.

The registrar declared that the petition was to be dismissed in view of the fact that there are no other creditors.

The good news follows a tumultuous few months for the football club, which saw off another winding-up petition in February, after settling a six-figure tax bill with HM Revenue & Customs (HMRC).

However, no sooner had this matter been dealt with, did the difficulties with Pinnacle arise and it had taken until this week to come to an accord.