The High Court has given Plymouth Argyle and related company Home Park Properties Ltd have been given one final chance to pay £700,000 plus tax debts or face being wound up.
On Wednesday, Ms Registrar Barber adjourned until 9 February 2011 the petitions brought against them by HM Revenue & Customs (HMRC), after hearing that the club intends to pay its debts in full by the end of January.
Counsel Hilary Stonefrost told the court that the club is being refinanced and has been in contact with investors, including one that is interested in buying a property worth £5.75m.
She claimed that negotiations are on-going, with investors and terms being agreed, which would bring in “sums substantially in excess of the petition debt and other liabilities” and added that the club would, if required, be able to sell players during the January transfer window.
Matthew Smith, counsel for HMRC, had argued for a compulsory winding-up order, arguing that the club owes more than £500,000 and Home Park Properties £260,000.
He said that the club was paying its historic debts with its present earnings in a bid to fend off winding-up proceedings.
However, the registrar ruled: “There does seem to be a reasonable prospect of payment for both the petition debts and further outstanding debts over the course of the requested adjournment. On that basis I am content to adjourn both to 9 February.”
Club director Keith Todd attended the hearing but declined to comment.
