TAUNTON TOWN FC have been issued with a winding-up petition.

When asked about the Taunton Town FC case, a spokesperson from HMRC said: “We take a supportive approach dealing with customers who have tax debts and only file winding up petitions once we have exhausted all other options in order to protect taxpayers’ money.”

The Somerset County Gazette has approached the club for a comment and chairman Kevin Sturmey will provide one shortly.

If a company is served with a winding-up petition, it represents the most serious legal action a creditor can take.

If nothing is done about it, the petition starts a series of events that disables a company's ability to trade and ultimately means they will be wound up.

People or businesses can apply to the court to close or ‘wind up’ a company if it cannot pay its debts.

This is also known as compulsory liquidation.

The application to the court is known as a ‘winding-up petition’.

If the issuer is successful, the company assets are sold, any legal disputes are settled, the company collects money it’s owed, and funds are paid to creditors.