Here is a good article on football clubs and insolvency with quotes from Andy Holt, the Accrington Chairman and Big Al.http://www.bbc.co.uk/sport/football/41083617
"Accrington owner [Andy] Holt, who took over the club in October 2015 and wiped out their debt, has been a critic of spending in the Premier League and financial strains faced by clubs outside the top flight. He said he was not surprised that so many EFL clubs have faced issues. "All clubs are close," he said. "They all systematically lose money. Without people who keep putting money in, they will go bust. I go into other League Two clubs and there aren't many that tell me they are going ok. They tell me that they are putting £500,000 a year in, otherwise they go bust."
The last winding-up petition Accrington faced, over a debt owed to HMRC, came 13 months before Holt took over. Holt now has a debt-free club and says "his only ambition" is for it to be sensibly run. "Football has an infinite capacity to absorb any money you are prepared to throw at it. It is difficult, if you don't do it you will lose. You can win if you spend the money. It is kind of a race to spend money."
Notts County owner and chairman Alan Hardy says the club came within "four hours of extinction" when they last faced a winding-up petition in December 2016. Hardy, who at the time was in the process of buying the League Two club, paid the outstanding debt owed to HMRC before taking over. "I've had businesses in almost every sector and this is nothing like it," he said. "Survival is key and when you survive another week and another month, you mostly breathe a sigh of relief going 'yes, we have paid off PAYE, paid the players and creditors. We now have three weeks where we can relax a bit'. Then in week four of any month I rarely sleep. The more I get involved in football, the more I realise that there is no money in it. It is so difficult to stay afloat."