Liquidators BM Advisory LLP successfully reach a settlement with Notts County Football Club (“Notts County” or “the Club”), lifting a winding up petition over one of the world’s oldest football clubs.
Andrew Pear and Michael Solomons of BM Advisory, the specialist restructuring, recovery and insolvency firm, were appointed Joint Liquidators of Pinnacle Advantage Limited (“Pinnacle”) on 27 June 2016.
The Manchester-based staffing and payroll services firm, Pinnacle, experienced cashflow difficulties after a major debtor, Notts County, failed to repay loans in excess of £600,000 originally authorised by Pinnacle’s former director who was also Chairman and majority owner of the Club.
On 24 May 2017, after extensive negotiations where BM Advisory, who were supported by their legal team from Penningtons Manches, provided detailed supporting evidence of the debts due and payable, an eleventh-hour out-of-court settlement was reached with Notts County.
Commenting on the appointment and the subsequent settlement, Andrew Pear says:
“On appointment as Joint Liquidators of Pinnacle Advantage Limited, we immediately set about realizing assets and recovering debts due to the Company in particular that of one of its main debtors, Notts County Football Club. When payment was not forthcoming a statutory demand was issued resulting in a petition to wind up the Club.
“Following extensive discussions with the Club, we are pleased to announce that we were successful in negotiating a settlement just moments before the winding up petition hearing was due to commence.
“The settlement, which provides a substantial recovery to creditors of Pinnacle and saves the Club from liquidation, was effectively orchestrated following months of work undertaken in evidencing the claim.”