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High Court Grants Adjournment to HMRC Winding Up Petition

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HMRC saw their case for a winding up order against Bolton adjourned until 22nd February.

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Bolton Wanderers today have enjoyed a stay of execution as the High Court adjourned HMRCs application for a winding up order until 22nd February.

There are said to be three reasons for the adjournment being that the club will sell some car park around the ground to create additional funding, so that they can continue negotiations with four different parties to buy the club and to allow the club the opportunity to sell players during the transfer window.

The club must during the period up to 22nd February raise the funds to deal with the debts owed to HMRC and find a longer term solution to its financial problems in order to stop the winding up of the club at the adjourned hearing.

HMRC rejected the clubs plans to pay the debt over a period of months instead pushing for the clubs liquidation which was rejected, Trevor Birch has said;

"HMRC takes a very strict approach towards football clubs. Despite the club putting forward a solution, utilising funds generated from its assets that would have enabled repayment of its debt in full over a period of a few months, HMRC refused to agree to an adjournment to give effect to the plan.

"With that in mind, it is pleasing that the High Court rejected its wish to liquidate the club and that it has given the club time either to raise funds and or conclude a sale."

The full club statement can be read here.

Bolton will be hopefully of raising the required funds through the sale of the carpark, of which there have been a number of reports recently, and through player sales with solid interest for Josh Vela, Mark Davies and Zach Clough already during the window. There is also optimism that the ongoing takeover discussions will be completed in the not too distant future.

It was also apparently said that Eddie Davies will be writing off either £185 million or £187 million when the club is sold.