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Next Game: Boston At Edgar Street On Saturday April 20th Kick-Off 3.00pm

Tuesday, July 28, 2009

Taxman Overturns Chester CVA

The taxman has got Chester's CVA thrown out in the High Court after a two day hearing.

A statement from the Administrator says that at the hearing Judge Pelling QC ruled in favour of the application by HMRC and revoked the approval on the basis of a debt owed by Chester City FC Ltd to a connected creditor.

It is unclear quite which 'connected creditor' the taxman is unhappy about. Former owner Stephen Vaughan was owed £4million to various companies that he would only waive if he was the approved bidder. Further sums on the creditors list also seem out of place, including one to a contract cleaning company that was only formed in February that was worth £11,000 a week for the life of the company, but voted in favour of the CVA to push it over the 75% requirement for acceptance.

The club is now understood to be back in Administration.