Ambitious League Two club Notts County's parent company will be wound up next week unless a six-figure tax debt - believed to be around £400,000 - is paid.

The Magpies are the subject of an order scheduled to be heard at the Bankruptcy Division of the High Court on November 18th.

Despite the notice being served on September 25th on the club's UK parent company Blenheim 1862 the debt, which is thought to relate to PAYE and VAT submissions dating back more than two years, has still not been settled.

Four days remain in which to make a settlement to prevent the case going before the courts.

A statement published in the insolvency notices journal in the London Gazette last week read: "A Petition to wind up the above-named Company of Meadow Lane Stadium, Meadow Lane, Nottingham NG2 3HJ, presented on 25 September 2009 by the Commissioners for HM Revenue and Customs, claiming to be creditors of the Company, will be heard at the Royal Courts of Justice, 18 November 2009."

Notts County have thus far refused to make a comment on the matter.

In June the supporters' trust handed over the club to Qadbak, a British Virgin Islands-registered company, and as part of that deal the trust wrote off almost £400,000 in shares and loans it held in Blenheim 1862.

Qadbak owns Notts County via another British Virgin Islands vehicle called Munto Finance, which in turn holds the shares in Blenheim 1862.

All very complicated stuff if you ask us!