Chabad Lubavitch UK: Busy Clearing Debts

from The Jewish Chronicle:

Chabad to clear debt ‘by early next year’

The Lubavitch Foundation hopes by early next year to have finally cleared the debts which have led auditors to query the viability of the organisation.

In the last available accounts, for the year ending December 2007 – which were filed only this summer – auditors wrote of “material uncertainty which may cast significant doubt about the charity’s ability to continue as a going concern”.

The organisation still owed the Inland Revenue more than £462,000, according to the papers, and is believed still to be in negotiations with the tax authorities.

But Lubavitch sources said that a sale of assets is under way which is expected to help lift the charity out of the red.

Two years ago, after a bitter dispute within the Lubavitch hierarchy which ended up at a rabbinical court, it emerged that the charity was in debt by around £1.5 million.

[eJP note: here’s the beginning of the story, Mendy Vogel, Where Are You?]