The Dragons, which chose to go into administration to avoid an Inland Revenue winding-up order over a £1m tax bill, failed to convince an independent panel that their financial problems were caused by ‘unavoidable or unforeseeable circumstances’.
The club tried to argue that the loss of promised funds due to the collapse of the ITV Digital television contract in 2002 lead to its financial troubles.
However, the panel decided that the 10-point penalty should stand, leaving the Welsh club second-bottom in League Two.
Joint administrators, Steven Williams and David Acland of Begbies Traynor, said they were ‘naturally disappointed’ with the decision despite them admitting that a successful appeal was unlikely.
The decision leaves Wrexham with no more opportunities to appeal, and means they will remain firmly rooted in the relegation zone.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.