Fri, 27 Nov 2015 | ADMINISTRATION
Fans of Northampton Town FC will have to wait a little longer to learn the fate of their team after the club's insolvency hearing was adjourned for two weeks.
Lawyers representing the club, which plays in League 2, and Northampton Borough Council attended a hearing at London’s High Court on Friday (27 November). The local council has brought a case against the club over a £10 million loan owned by The Cobblers - failure to resolve the financial dispute could result in the club entering administration.
In the hearing at the court, the two sides told Mr Justice Nugee that they had come to an agreement that the administration petition would begin again on 11 December if negotiations over the next two weeks did not succeed.
The £10 million loan concerns money that the council had loaned to the club for a stadium redevelopment. If the Northampton Town did enter administration it could carry serious punishments, including automatic relegation and point deductions.
Thomas Talbot-Ponsonby, speaking on behalf of the club, said that it fully supported the adjournment in the hope that the rescue package would go ahead. The judge approved the adjournment as “very sensible”.
Earlier this week a winding-up petition from HM Revenue and Customs has been dismissed after an outstanding debt of £160,000 was paid in full by the club.
View other businesses in administration.
Designs and manufactures high-performance rail electrical products and cable accessories. Caters to major rail, underground and tramway infrastructure projects throughout the UK, Ireland and Europe. Offers invited.
LEASEHOLD
Provides pallet pre-loading, storage and haulage on a 24/6 basis, as well as an array of complementary warehousing services. Bountiful asset list which includes 20 company trucks. Offers invited.
LEASEHOLD
Fantastic opportunity to acquire extensive and well maintained estate held on long secure renewable lease. Offers invited.
LEASEHOLD
|
26
|
|
Jun
|
'All options' being explored for collapsed Welsh cheese maker | ADMINISTRATION
A cheese-making factory in Snowdonia has collapsed into admi...
|
25
|
|
Jun
|
Port Talbot construction business enters administration | ADMINISTRATION
A construction company based in Port Talbot has fallen into ...
|
24
|
|
Jun
|
Digital account provider snapped up by Morses Club | BUSINESS SALE
Sheffield-based U Holdings Limited, which trades under the n...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources