ACID JAZZ RECORDS today warded off High Court moves by HM CUSTOMS & EXCISE to have it wound up.
The motion had come before Mr Registrar Buckley in London in respect of a VAT debt of almost £30,000.
It took just one minute for the petition to be dismissed, when the lawyer for Customs & Excise, Alaric Watson, told the judge that Acid Jazz had paid the £29,013 owed.
Had the order gone ahead. it would have handed the affairs of the label, a one-time home to acts such as Brand New Heavies and Galliano, to an official receiver, who would have sold the label’s assets in order to meet its debts, effectively bringing the company’s business to a close.