TRURO City have been served with a winding up order by the commissioners for HM Revenue and Customs.
A wind up petition was issued yesterday and will be heard at the Royal Courts of Justice in London on October 31.
The news comes as a major blow for City, who have enjoyed huge success on the field after five promotions in six seasons.
They are currently 11th in Blue Square Bet South after Tuesday night's win at Maidenhead United.
Truro City chairman Kevin Heaney was the front-runner to buy Plymouth Argyle out of administration.
City officials have responded to the order by issuing the following statement:
"Her Majesty's Revenue & Customs have taken an unduly aggressive approach to a tax liability by issuing a winding-up petition.
"The background to this matter is that TCFC were chasing HMRC and only recently were advised of the amount of debt due," the statement from the club's lawyers said.
"This was as a result of HMRC failing to demand this debt over the last two years.
"TCFC has previously been in dispute with HMRC over wrongly assessed VAT and this was settled in TCFC's favour," the statement went on to say.
"TCFC are dismayed by the actions of HMRC in bringing and advertising the petition without allowing the matter to be settled privately and understand the issuing of petitions against football clubs is a matter of HMRC policy which has been effected against a number of football clubs in recent times."
The notice, which appeared on the London Gazette website yesterday, read:
Petitions to Wind Up (Companies)
In the High Court of Justice (Chancery Division)
Companies Court No 7519 of 2011
In the Matter of TRURO CITY FOOTBALL CLUB LIMITED
(Company Number 05269610)
and in the Matter of the Insolvency Act 1986
A Petition to wind up the above-named Company, Registration Number 05269610, of 31 Lemon Street, Truro, Cornwall TR1 2LS, presented on 25 August 2011 by the Commissioners for HM Revenue and Customs, of Bush House, Strand, London WC2B 4RD, claiming to be Creditors of the Company, will be heard at the Royal Courts of Justice, Strand, London WC2A 2LL, on 31 October 2011, at 1030 hours (or as soon thereafter as the Petition can be heard).
Any persons intending to appear on the hearing of the Petition (whether to support or oppose it) must give notice of intention to do so to the Petitioners or to their Solicitor in accordance with Rule 4.16 by 1600 hours on 30 October 2011.
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