BREAKING Bolton Wanderers avoid winding up order....

[campo21]

Financially-troubled Bolton Wanderers FC have avoided moves in the High Court to have the club wound up immediately.

The club, who are at the bottom of the Championship and more than £2 million in debt, were given until February 22 to find a rescue scheme.

The club sent their legal representatives to London for a winding-up hearing which was brought against them following £2.2million of unpaid VAT and PAYE.

They confirmed that that the High Court has granted an adjournment to the winding up petition presented by HMRC.

The High Court has given the club until February 22 to either close a deal with one of the potential buyers of the club or raise sufficient short-term funds from asset sales.

This would enable the club to trade and make payments on the debts owed to HMRC and other creditors.

During that period the club will have to find a longer term solution to its financial problems in order to prevent HMRC from winding up the club at the adjourned hearing.

Trevor

[Notlob4eva]

Strange that the club rep seems to labour under the delusion that the court rejected HMRC;s case - they just granted a stay of execution for a month!

Frankly, as nothing positive had happened so far we cannot possibly expect much in the next four weeks - Oh how I would dearly love to be proven wrong!