The Hereford United winding up petition has been adjourned until sometime this afternoon after a proposal was put forward to pay off the creditors.
The Registrar has asked for proof that the money, reported to be £750,000, is there.
BN understands that the proposal has come from a company called Newell Property Ltd.
This company is connected with someone called Doug Carroll.
Reporters are currently trying to find out what time the hearing will take place this afternoon. If the Registrar is satified that the money is genuine he will then give a seven day adjournment.
Company involved is:
Newell Properties Developments Limited
Address: 102 New London Rd, Chelmsford CM2 0RG
62 year old Doug Carroll has a interesting financial history. He has been involved with 14 dissolved companies.
There were seven barristers in the court room, six representing creditors and one for the 'owners'. It's thought Alan McCarthy was there but none of the current Hereford United directors.
The HMRC barrister mentioned that they had already agreed to a six week adjournment and wanted a conclusion. She also mentioned that one creditor had reattached to the petition assumed to be Martin Foyle.
The 'owners' barrister said that a £1.5M investment fell through because of a 'vicious social media campaign'.
Update 11.45am: Tommy Agombar and Andy Lonsdale have just arrived at the Court along with two others. They are talking to the club barrister.