Leyton Orient Football Club has avoided going out of business after the High Court dismissed a winding up order against it
The club settled its outstanding debts to the remaining four creditors on the petition against it, having already resolved unpaid taxes with HMRC.
Orient owed around £35,000 to the London Borough of Waltham Forest in relation to the rental of Score Centre, a community centre opposite the Matchroom Stadium. They also had an outstanding debt of £18,664 to Central Circle Event Management Ltd in relation to the supply of matchday stewards. Orient also owed their club photographer £6,000. All creditors on the petition have now been paid in full.
In March, Orient was granted a stay of execution by the High Court to pay off its debts or sell by 12 June or face another winding up order.
The petition was issued to the club on 2 February by HMRC, but at the winding-up hearing held at the High Court, club owner Francesco Becchetti was given the extended deadline to meet the club’s obligations.
At the time, chief executive Alessandro Angelieri gave the court a statement saying Becchetti would invest £1m to pay off remaining debts in eight to 10 weeks.
Becchetti said in January he would consider selling his 40% stake in the club, which he acquired in 2014.
In its most recent financial results, for the year to 30 June 2015, Orient puts its book value, the net value of the company running the football club, at -£5,512,449, meaning the club had debts exceeding its assets of more than £5.5m.
Orient endured a dreadful season, relegated from the Football League after a 112-year stay. The club ended the season bottom of League Two, with 36 points from 46 games and a goal difference of -40, having won just 10 matches in the league.
Leyton Orient Football Club has been contacted for comment.