Folkestone Invicta shareholders will attend a special meeting at Stripes Club on Friday night to consider a rescue plan for their club.

The Folkestone Invicta Recovery Group, made up of the club’s remaining directors plus a handful of supporters, have called the meeting to discuss how best to deal with Invicta’s £170,000 debts, the majority of which is owed to the Inland Revenue.

Mark Jenner (pictured), a member of the Recovery Group, said that the shareholders would be asked to support a pre-agreed Creditors Voluntary Arrangement (CVA) to keep Invicta alive.

The CVA, which would last for five years, proved a successful route back to recovery for Dover Athletic when they were facing similar financial problems several years ago.

Mr Jenner said: "We owe in the region of £170,000 and of that figure, £135,000 is owed to the Inland Revenue, with the other major creditor being HSBC Bank, both of whom, I would like it to be known, have been very supportive towards the club in this situation.

"If the shareholders support the CVA plan, we will be given a five-year period to pay off our creditors in monthly instalments and in addition, the Inland Revenue will reduce the amount we owe them to £70,000.

"Full details of the settlement, which is not the same as going into administration, will be outlined and the club’s officials will also outline the future composition of the board and plans to transfer ownership into a Supporters Trust."

One of the downsides of taking the CVA route will be that Invicta will automatically be deducted 10 points by the Ryman League, which would see them knocked off the top of Division 1 South for the first time since early December.

Manager Neil Cugley, who is himself a shareholder, said: "It’s all a bit of a nightmare which has been hanging over the club for the past 16 months and now it’s all come to a head.

"The ironic thing is that none of the problems have been caused by the present side, which is inexpensive and hard-working.

"But, whatever happens off the field, all we can do is to get on with it and try to keep winning matches."

Invicta face two further away games in the space of four days as they seek to recover from their first defeat in 12 matches.

On Saturday they are away to Walton Casuals and then on Tuesday they will make a return trip to Surrey to meet fourth-placed Godalming.