Notts County settle winding petition after "dramatic compromise"

The threat of liquidation hanging over Notts County has been formally lifted.

A petition to wind up the club was dismissed on Wednesday at the High Court in London after a "dramatic compromise" was signed at the door of the court.

Notts were being pursued for debts said to be more than £600,000 owed to Pinnacle Advantage Ltd, a company of which former Notts owner Ray Trew was director.

The League Two club had been trying to agree a settlement with the administrators for Pinnacle, which was liquidated last July.

When the matter returned to court, Simon Johnson, appearing for Pinnacle, told Miss Registrar Derrett: "A dramatic compromise has just been signed outside court".

James Pickering, representing Notts County, confirmed the compromise, and there were no other creditors the registrar declared: "The petition is dismissed with no order as to costs."

Originally, the club had faced a winding-up application brought by Her Majesty's Revenue and Customs over reported debts of £500,000 - when the tax man's bill was settled, Pinnacle stepped in as a "substitute creditor".

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