Advertisement

  1. ITV Report

Notts County liquidation threat lifted after 'dramatic compromise'

Notts County Credit: PA

The threat of liquidation hanging over Notts County has been formally lifted.

A petition to wind up the world's oldest professional football club has been dismissed today (24 May) at the High Court in London after a "dramatic compromise" was signed at the door of the court.

The club was being pursued for debts said to be more than £600,000 owed to Pinnacle Advantage Ltd, a company of which former Magpies chief Ray Trew was director.

The club has been trying to agree a settlement with the administrators for Pinnacle, which was put into liquidation last July.

When the matter returned to court, Simon Johnson, appearing for Pinnacle, told Miss Registrar Derrett:

"A dramatic compromise has just been signed outside court".

James Pickering, representing Notts County, confirmed the compromise.

As there were no other creditors the registrar declared: "The petition is dismissed with no order as to costs."

Originally, the club had faced a winding-up application brought by Her Majesty's Revenue and Customs over reported debts of £500,000.

When the tax man's bill was settled, Pinnacle stepped in as a "substitute creditor".