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Taxman scores wind up penalty for Bolton

Bolton Wanderers, the North West championship club, recently confirmed news that the taxman is asking them to wind up.

The club, which has been

holding up the championship, is believed to be in debt to HM Revenue and Customs to £600,000, due to unpaid VAT and PAYE. It is thought to have £173 million in debts to pay, in total.

In its statement, the club asked for time to raise funds or sell up. The taxman delivered the petition anyway.

Bolton Wanderers owner and board adviser Trevor Birch said:

“Quite clearly the club remains in a critical financial position. We will continue to try and finalise a sale or alternatively raise some short term funds needed to give the club a breathing space and time in which to consider its options.”

Birch was asked to help the club over the past weeks, due to his reputation for being a turnaround expert and his experience of matters related to football. In 2003, Leeds United called upon Birch when the club entered its first insolvency instance. He further worked in a management capacity at Chelsea and Everton before making his practice return with BDO, Palladium Partners, and Deloitte. He has previously been linked with a chief executive position at the FA.

It has been reported that numerous parties have expressed interest in a club takeover, with ex-players Stelios Giannakopolous and Dean Holdsworth rumoured to be potential bidders.

Any business needs to ensure that their books are helping them to monitor and maintain solvency. An accountant in the Wirral can help to achieve just that.

Posted by Mark
December 16, 2015
HMRC

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