Penningtons Manches CDR partner Alex Fox has secured a substantial eleventh-hour settlement for creditors of Notts County, the world’s oldest professional football club.
The settlement was agreed at the doors of the High Court on Wednesday moments before the creditors’ winding up petition hearing was due to start.
Notts County was facing the threat of liquidation – with the real prospect of relegation from the football league - over debts of £629,000 owed to Penningtons Manches’ client, BM Advisory Limited, the joint liquidators of NCFC’s creditor Pinnacle Advantage Ltd. HMRC had previously applied to wind up the club over reported debts of £500,000. When that bill was settled, Pinnacle stepped in as a "substitute creditor".
The settlement came after a team headed by Alex Fox, assisted by Chris Hoyer Millar, submitted detailed evidence establishing beyond doubt that the debts were due and payable. The matter was widely reported in the press and broadcast media.
The bulk of the debts arose out of loans provided by Pinnacle to Notts County, authorised by Pinnacle’s then director Ray Trew who was also at that time chairman and majority owner of Notts County. Notts County was acquired in January this year by new owner, prominent businessman Alan Hardy.
Alex Fox said: “This is a great result for our clients which vindicates the many months of work involved in evidencing the claim. Negotiations were tough, but this settlement provides a substantial recovery to creditors (the largest among them the taxpayer) and enables the club to move forward. I would like to thank Andy Pear and Adam Mitchell of BM Advisory for their great support throughout this matter.”