Embattled football club Hereford United has just two weeks to repay its debts or face liquidation, after a CVA proposal was rejected last week.
A long-standing winding-up order against the club was adjourned from July until September 1, meaning the club must now find new investment after failure of the CVA process.
Creditors rejected the proposed CVA, leading insolvency practitioner Mark Landsman to say he would not advise anyone to invest in the club.
Speaking to BBC Hereford and Worcester, Landsman said: “Unless all debts are paid, they will go into liquidation.
“If I was advising, I certainly wouldn’t suggest anyone pay the debts.”
Major creditor HM Customs & Revenue, owed £170,000, was said to be unhappy with the terms of the CVA.
The club was dealt a further blow on the same day, after club owner Tommy Agombar was disqualified from being involved with the club after failing the Football Association’s fit and proper persons test.
Since relegation from the Football League in May 2012, Hereford United has seen revenues and attendances at games fall.
The club was expelled from the Football Conference at the end of last season for failing to manage its financial issues.
A message from the clubs directors posted on the Hereford United website last week (12 August) said: “The former manager and assistant manager are trying to wind up the company, and if the CVA is not accepted, on 1 September 2014 the company will cease to be and a 90 year old club will disappear.”