Blue Square Bet
Published 2nd May 2012
The financially-troubled football club attended the High Court in London to face another winding-up petition brought by Her Majesty’s Revenue & Customs because of its tax debts. The outcome was an adjournment until June 25th, after the court chose to give the club more time to tackle its debts. Having survived previous winding-up petitions brought by the tax authorities in October last year and January this year, the club was back in court because it still has a tax debt of about £51,000.
Truro cleared a six-figure tax debt in January, but the tax authorities told the court that the club is not paying its current taxes. The court was also informed that the club owes about £18,500 to FBT Sports UK (a Torpoint-based sportswear distributor) and about £1,400 to Lexlaw Solicitors, a London law firm hired by City last September to help the club in its dealings with HMRC.
The club’s lawyer, Tom Fletcher, successfully pleaded for the 56-day adjournment by telling the court that the debt to FBT Sports UK is disputed, and that the intention is to discharge the debts to HMRC and Lexlaw.
Fletcher informed the court that funds have been transferred to accountants for the payments to be made to settle the latter two debts, and that a joint-venture agreement was being finalised.
Registrar Sally Barber, who was hearing the case, declared that she was willing to allow the club a further chance to deal with its debts, and she duly approved the adjournment until June 25th.