Conference club Aldershot Town have formally exited administration, two years ahead of the scheduled date.
The Shots have disbursed funds to settle all creditors and completed their Company Voluntary Agreement.
"The board took the decision to clear the old club's debts at the earliest opportunity, believing it was the right thing to do for our creditors," a club statement said.
"This brings to a close what has been a challenging administration process."
The Hampshire club entered administration in May 2013, with debts of £1.4m.
A consortium led by former chairman Shahid Azeem completed a takeover of the club the following August and Aldershot went on to finish 19th in the table, despite suffering a 10-point deduction.