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.
Viewing: Wednesday 27 February 2019 between 10am and 3pm. Closing From 10am Friday 1 March 2019.
Tyre specialist offering commercial and agricultural tyres. Major Tyres Ltd with Hankook performance tyres. Offers invited.
LEASEHOLD
Busy vehicle tyre changing business, which is in a prime trading location in Midhurst, West Sussex. The business was established by our clients in 1984. Only now is the business being offered to the market, due to our clients’ desire for a well-deser...
FREEHOLD
|
21
|
|
Feb
|
Lakeside hotel enters administration | ADMINISTRATION
A historic but well-preserved hotel located on the banks of ...
|
19
|
|
Feb
|
Pharmaceutical manufacturer enters administration | ADMINISTRATION
A pharmaceutical manufacturing company based in Bristol has ...
|
16
|
|
Feb
|
Flybmi collapse - Ryanair, Loganair quick to take advantage and is Brexit really to blame? | ADMINISTRATION
Airlines Ryanair and Loganair are moving quickly to take ad...
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