The West Mid Show was this afternoon given an 11th-hour stay of execution as a move to take it into liquidation failed.

The show owes about £260,000 to nearly 80 creditors including £70,000 to HSBC Bank and about £13,000 in VAT.

A meeting was held today to put the Shropshire and West Midland Agricultural Society into voluntary liquidation after the trustees decided the society was insolvent.

But about 15 members of the society voted on an alternative proposal to explore ways of allowing the company to survive.

Members did not vote on whether to place the society into liquidation, instead adjourning proceedings to January 7 at a meeting likely to be held in Shrewsbury.

Amid confused scenes at Birmingham Chamber of Commerce, following a last minute change of insolvency practitioners running the meeting, members said they were concerned they did not have enough information to proceed with liquidation.

Roy Dodd, the husband of former show chairman Annie Home-Dodd, proposed to the members that an alternative to liquidation be explored.

He said today’s meeting should be postponed.

The statement of affairs for the society showed the organisation’s biggest creditor was HSBC Bank, which is owed £70,000.

It is understood most of that will be reclaimed through the society’s stocks and shares, which are currently valued at about £62,000.

Other major creditors included P and W Maintenance Contracting, of Shropshire, which is owed £20,514; county-based Tents and Marquees, which is owed £16,645, and the Inland Revenue, which is owed £13,000.

Neal Saddler, vice-chairman of the 2009 West Mid Show, told members that he wanted to see the annual event succeed but had understood that creditors were unwilling to support a company voluntary arrangement, which would have allowed it to continue trading.

Mr Dodd commented: “We have a proposal that the company is not liquidated but goes to a meeting of council members, or possibly a general members’ meeting.

“We believe the VAT issue is open to discussion and we should look and see what the alternatives are and whether they are viable.”

Kevin Lucas, of insolvency practitioners Barringtons, told creditors: “The company is still live.

“We have adjourned to January 7 where the company may possibly still go into liquidation or possibly not if members so decide.”