MX23RW : Tuesday, June 22 04:26:35| >> :600:3704385:3704385:

Bolton Wanderers avoid immediate winding-up order

Bolton Wanderers avoid an immediate winding-up order from the High Court and now have until February 22 to find a solution to their financial issues.

Bolton Wanderers have been handed a temporary reprieve in their financial struggles, having avoided an immediate winding-up order in the High Court.

The Trotters currently owe HM Revenue and Customs £2.2m but have been given until February 22 to either find a potential buyer or other short-term funding to appease the debts.

The Championship outfit, who are under a transfer embargo having breached Financial Fair Play rules, are £172.9m in debt.

"The High Court has given the club until February 22 to either close a deal with one of the potential buyers of the club or raise sufficient short-term funds from asset sales," read a statement from the club.

"This would enable the club to trade and make payments on the debts owed to HMRC and other creditors."

Trevor Birch, an advisor to the club's owner and board, added: "HMRC takes a very strict approach towards football clubs. Despite the club putting forward a solution, utilising funds generated from its assets that would have enabled repayment of its debt in full over a period of a few months, HMRC refused to agree to an adjournment to give effect to the plan.

"With that in mind, it is pleasing that the High Court rejected its wish to liquidate the club and that it has given the club time either to raise funds and or conclude a sale."

Bolton currently sit bottom of the Championship table, seven points from safety and facing relegation to League One.

ID:264516: cacheID:264516:1false2false3false:QQ:: from db desktop :LenBod:restore:2291:
Restore Data
Share this article now:
Did you know...?
A general view outside the ground prior to the FA Cup Third Round match between Bolton Wanderers and Wigan Athletic at the Macron Stadium on January 3, 2015
Read Next:
Bolton receive winding-up petition
>
Read more about Trevor Birch Football

rhs 2.0
Euro 2020 fixtures
Tuesday, June 22, 2021
Wednesday, June 23, 2021
 
5pm
 
5pm
 
8pm
 
8pm
Saturday, June 26, 2021
Sunday, June 27, 2021
Todays Game Header Right
Tables
TeamPWDLFAGDPTS
1 4624101261392282
2 462481473492480
3 462310135950979
4 462391469581178
5 4620131357421573
6 462013135951873
7 462013135550573
8 4619141354342071
9 4618161271502170
10 461812166051966
11 461710195355-261
12 461613175662-661
13 46179205757060
14 461418144141060
15 461611194853-559
16 461319145755258
17 46169215261-957
18 46159227281-954
19 461120154553-853
20 461118174461-1751
21 461311225359-650
22 46139244164-2348
23 461015212958-2945
24 461013233769-3243

Subscribe to our Newsletter


Transfer Talk Daily
Match previews - twice weekly
Morning Briefing (7am UTC)
Ultra close-up image of Kevin De Bruyne [NOT FOR USE IN ARTICLES]Get the latest transfer news, match previews and news direct to your inbox!