The countdown began when a winding up petition by the Inland Revenue was adjourned today (Wednesday) after it was superseded by a last-minute administration petition from Wrexham’s directors.
The administration petition will be heard on 3 December at the High Court in Manchester, opening up a two-week window of opportunity for a deal.
David Acland and Steven Williams, the proposed joint administrators, stressed that every effort would continue to complete a financial rescue package without entering into administration, which comes with a 10-point penalty.
‘It is our hope that sufficient investment can be secured in order for a rescue plan to be formulated to ensure the long-term survival and future success of this famous Club,’ said Acland.
Wrexham, which is 132 years old and owes around £900,000 to the taxman, warned that administration was ‘not a solution’ to the club’s problems but rather ‘a mechanism through which a solution can be sought’.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements