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Administration

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Hereford United wound up

Hereford United have finally been wound up.   Owner Andy Lonsdale claimed to be on his way to court with proof of the required £1m in funds having been deposited in a bank, but said that he was stuck in traffic.   The judge, clearly exasperated, said that this was not good enough.

Livingston face administration threat

Livingston face a threat of going into administration for a third time.   The club went into administration in 2004 and 2009.

Former chief executive Ged Nixon is bringing an action in the Court of Session in Edinburgh to freeze the club's funds.    He want to sue them for £311,000.   If he was successful, the club might not be able to pay wages due on 25th December.

Bid to revive Salisbury City

Steve Claridge is involved in a bid to get Salisbury City playing football again.   Guiding the consortium is sports writer Ian Ridley for whom Claridge was player-manager at Weymouth.   Their partnership was the subject of a 'fly on the wall' television programme.  

Bulls battle on

Hereford United secured another adjournment of a winding up order at the High Court earlier this week.  It was postponed for six weeks until December 1st with the club promising £1.5m in investment.

Herefordshire Council tried to take possession of Edgar Street on Thursday evening, but were thwarted by the assistant manager who was there.   The next day they started proceedings for possession in the county court.   However, the club paid £50,000 in rent and legal fees on Friday afternoon.

Portsmouth clear all debts

Portsmouth FC have now cleared all their debts following their exit from administration in April 2013.   The legacy debts amounted to £7m. The club is majority owned by the Portsmouth Supporters' Trust with thirteen presidents holding the balance of the shares.

The presidents have contributed £500,000 for ground improvements.   A supermarket is to be built on adjacent land which means that the whole site will have a neater appearance.   A new training ground is scheduled to open later in the year.

Bulls get another reprieve

The long drawn out saga of Hereford United has seen the club given another seven days by the High Court to sort out its financial affairs and pay its debts.  

The club says that new investment is coming in, but the question is whether it is happening quickly enough given that Revenue and Customs want the £170,000 they are owed.   The former management team is also owed money.  It is evident that the patience of the court is wearing thin.

Bulls on the Brink

Hereford United, expelled from the Conference and playing in the Southern Premier League, are once again on the verge of going out of business.

The Bulls tried to agree a Company Voluntary Arrangement with creditors, but there was insufficient support.  In particular, Her Majesty's Revenue and Customs, which is owed £170,000, refused to agree. For some time now the tax authorities have lost their patience with football clubs them using them as a free credit card at the expense of other taxpayers.

Aldershot Town out of administration

Aldershot Town have exited administration, having settled all outstanding debts with the club's remaining credtors and completed their Company Voluntary Arrangement under a year after being taken over.

While they were in administration, they weren't entitled to a share of the Conference's central funding, so receiving that again will be a big boost.   They have also managed to cut overheads by about 60 per cent in a bid to put the club on a more stable financial footing.

Liquidation threat lifted at Hearts

The threat of liquidation has lifted from Hearts after failed Lithuanian bank Ukio Bankas agreed to sell its shares in the club for a reported £2.5m.   The bank was the club's biggest creditor and held 29 per cent of the shares as well as security over the stadium.   Hearts should now be able to come out of administration before too long.

Hereford United on the brink

Hereford United are on the brink of administration after they were served a £36,500 winding up order by HM Revenue and Customs.  Hereford's MP has asked for a degree of forbearance, but football clubs can't be exempted from meeting their tax obligations.