County resolve tax issues

League Two club settle financial problems

Last updated: 11th November 2009   Subscribe to RSS Feed

County resolve tax issues

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Notts County claim to have settled their issues with HMRC and will not now face a winding up order.

County's parent company, Blenheim 1962, were the subject of an order scheduled to be heard at the Bankruptcy Division of the High Court next week.

It was alleged that Blenheim 1862 owed a six-figure tax debt related to PAYE and VAT submissions dating back more than two years.

However, the club's executive chairman Peter Trembling insists a settlement has been reached.

A brief statement read: "The club has resolved its dispute with HMRC and HMRC is not proceeding with its application for winding up.

"There are residual legal formalities as a consequence of the petition but I am pleased to say that the club's business carries on as usual."

In June the supporters trust handed over the club to Qadbak, a British Virgin Islands-registered company. As part of that deal the trust wrote off almost £400,000 in shares and loans it held in Blenheim 1862. Qadbak owns Notts County via another British Virgin Islands owned vehicle called Munto Finance, which in turn owns shares in Blenheim 1862.

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