- Plymouth Argyle News
- News Archive
- League Table
- League Two News
Plymouth survive winding-up order
Cash-strapped Plymouth fought off a winding-up order at the High Court on Wednesday.
Catherine Addy, representing HM Revenue and Customs, told Mr Registrar Nicholls that the outstanding tax debt had been "paid in full".
The registrar then dismissed the petition at the hearing in London, which lasted just a few minutes. At a previous hearing in December, Plymouth were given a last chance to pay off tax bills or face a winding-up order, and the case was adjourned.
Matthew Smith, representing HMRC, told Ms Registrar Barber at the hearing last year that the club owed more than £500,000 and Home Park Property Ltd, owner of the ground, owed £260,000.
Hilary Stonefrost, representing the npower League One club, said Plymouth intended to pay off the debts by the end of January and were in negotiation with new backers who could provide £1.2 million to cover any liabilities.
After Wednesday's proceedings, former Leeds and Cardiff chairman Peter Ridsdale, who was brought in as an adviser, said there was "still a long way to go".
There were still a number of creditors and the club were asking for their patience.
They would be working "tirelessly", Ridsdale added, to ensure that the creditors were paid and to restore the club to full financial health.
Related Plymouth Argyle News