Chairman Ron Martin confirmed that all debts have now been settled after they had been given a stay of execution last month by HMRC.
“We’ve paid off the entire debt,” he told Sky Sports News. “It’s a relief all around.
“It was more than a quarter of a million pounds, it was £340,000, so that’s now discharged. All the club’s debts are now up to date.
“I know the fans have been very concerned and it’s probably difficult for them to understand the complexity of the transaction.
“We’ve now moved on with Sainsbury, who are partnering us with this arrangement. The fans can relax and we can now move on positively.
“I now can confirm that the club’s finances have now been underwritten by this partnership for the forthcoming 12 months.
“The embargo should be immediately lifted. We’ll then move the pre-contract players to Southend players. They’ll all be registered.”