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Bolton Wanderers Given Two Weeks to Settle Debts and Avoid Winding Up Order

Written by: Keith Tully

Published: 20th March 2019

Bolton Wanderers Given Two Weeks to Settle DebtsBolton Wanderers Football Club has been told by a High Court judge that it has two weeks in which to settle its debts or it could be issued with a winding up order and sent out of business.

The football club became the subject of a winding up petition after failing to settle a debt of £1.2 million owed to HMRC.

It is hoped that a new owner will come forward and complete a takeover of the club in the coming days in order to save it from being forced into administration or liquidation.

Speaking as the case was heard at the Insolvency and Companies Court in London, a barrister representing Bolton Wanderers said that a potential buyer for the club is in place.

The potential buyer was described as being someone who “already owns a major stake in a high level football club”.

Given that information, the judge in the case decided to adjourn the hearing on the matter and reconvene on April 3rd.

Bolton Wanderers has repeatedly found itself in serious financial difficulty in recent years and has been forced to defend itself against winding up petitions on numerous occasions.

The club’s current owner Ken Anderson has been struggling to fund its operations of late, with its professional players being paid their salaries for February late and their training ground having had to be briefly closed down due to cost issues in early March.

Statements given on behalf of the club on Tuesday March 19th explained that talks with one of the parties potentially interested in buying the club were recently terminated on a mutual basis.

However, discussions with other potential buyers were said to be still ongoing, with statements given the wake of the High Court’s adjournment ruling seeming to indicate that a takeover deal could now be concluded in the near future.

“We are pleased to get the adjournment today, which will allow the club to make progress with the interested party,” the club has said.

Bolton Wanderers currently sit 23rd, or second from bottom, of the second tier of English football known officially as the EFL Championship.

If the club were to enter into administration at any stage they would face the prospect of being docked 12 points in the league table by the relevant football authorities.

Keith Tully

Keith Tully

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Keith has been involved in Business Rescue since 1992, during which time he’s worked for both independent and national firms. His specialties include company restructuring matters and negotiating with HMRC on his clients behalf.

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