Kevin Heaney and Gibraltar-based property firm, Bishop International were reported as the preferred bidders to buy Plymouth Argyle earlier this year, having paid a six figure sum for exclusive negotiations.
However, Blue Square Conference South team, Truro City – which Heaney has bankrolled since 2004 – is now being pursued by HM Revenue and Customs (HMRC) after a petition was sent to the club on 25 August 2011.
If the matter is not resolved, the fate of Truro City will be discussed at the Royal Courts of Justice on 31 October 2011.
Business turnaround and insolvency specialist P&A Partnership is currently dealing with the Plymouth Argyle administration, led by practitioner Brendan Guilfoyle.
In a statement issued on 2 September, P&A Partnership admitted that “legal formalities” were taking longer than anticipated to complete.
It said: “However, Bishop International Ltd and Plymouth (125) Limited have both stated that they remain confident that they will be able to conclude the transaction shortly.”
When contacted by Insolvency News, P&A’s public relations agency said it would be “inappropriate” to comment further at this current moment in time.