ACC began liquidation proceedings after an arranged payment of $65,000 was missed, the club revealed through its accountant at a press conference this afternoon.
"Due to the vagaries of cash flow one payment was missing," said Brett Whyte, an accountant from Whyte Group, which deals with the football club's accounts.
After the payment was missed ACC asked Phoenix owner, Century City Football, to pay all outstanding levies, which had been accrued over a period of two years.
Acting ACC chief executive Keith McLea confirmed in a statement that the payment had been made and that liquidation proceedings had been removed.
"It is unfortunate that it took the threat of legal action to achieve this payment," Dr McLea said.
Phoenix owner Terry Serepisos had known about the threat of legal action for some time and comments made by him that the situation came as a "shock" were "odd", Dr McLea said.
Phoenix spokesman John Mitchell said earlier the club had not disputed the amount of levies owed, but did have an issue with the way ACC applied them.
The club was obliged to pay for private medical insurance in Australia as part of competition regulations, as well as ACC levies.
"So we're paying insurance twice, basically," Mr Mitchell said.
ACC also disputed claims made by Mr Serepisos that it entered into an agreement with Century City Football last weekend and said the issue of additional insurance being paid in Australia was irrelevant.
"Century City Football is a New Zealand-based business and must pay ACC levies like everyone else," Dr McLea said.
ACC said the company owed more than $260,000 in unpaid player levies, some dating back several years, and had not honoured a number of promises to pay despite being given some flexibility.
"In the end, it's simply not fair that other business levy payers are forced to continue subsidising Century City Football, since injured staff members of Century City Football are still helped by ACC whether or not their employer has paid its levies.
"We believe we have been more than reasonable, over an extended period, with Century City Football. We also need to be consistent with how we would treat any other business. So we cannot simply write off this debt."
