NEXT HOME GAME - TBC
NEXT AWAY GAME - SUPPORTERS XI ARE PLAYING WORCESTER AT MALVERN ON SUNDAY AUGUST 3rd AT 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.