The Haven Heading for Administration

Whitehaven Rugby League Club are looking to place the company into Administration over the coming days in a bid to halt an impending winding up order regarding a £64,000 debt to HMRC.

It is understood that HMRC have not yet issued a winding up petition against the company, but have threatened to do so if they are not paid in full very soon.

However, at the club’s annual general meeting last night, it was announced that the club was facing up to debts totalling around a quarter of million pounds and simply does not have the funds to pay HMRC.

The board is expected to file its notice of intent to enter Administration today in a bid to allow time for a buyer for the club to emerge.

“It will stop the clock on HMRC for 10 days,” said Haven chairman Dick Raaz.

“During those 10 days we would have to find a potential administrator, which we have already done and find potential buyers with a credible likelihood of bringing the club out of administration.”

The AGM heard that the Haven board inherited debts of £305,576 when it took over in early 2009, increasing gross income by £115,000 over the year and cutting the debt slightly to under £282,000. Last year’s operating loss was £21,635, down from £92,799 in 2008.

Home attendances have plummeted this year, hitting income and Haven were relegated from the Championship, which also knocked advertising revenues.

Posted at 04:22PM Aug 31, 2010 by Marc Stenton in Insolvency  |  Comments[0]