Creditors seek more time to consider rescue plan for Bury FC
Creditors of Bury FC have asked for more time to consider a rescue plan for the newly-promoted club.
A decision on a proposed company voluntary arrangement (CVA) which would ensure Bury’s survival was adjourned at a meeting of the League One club’s creditors today (July 9).
Steven Wiseglass, a director at Inquesta Corporate Recovery & Insolvency, who is the nominee for the proposed CVA, said: “The creditors have adjourned their decision pending further negotiations and are scheduled to meet again on Thursday, July 18.
“We continue to work closely with the club, its director and the creditors to try to ensure a successful outcome.”
Bury FC is facing a winding-up petition led by HM Revenue & Customs over unpaid debts.
Those proceedings were granted a six-week moratorium by a judge at the Royal Courts of Justice in London last month.
In April Bury’s new owner, Steve Dale, said he was looking to sell the troubled club just five months after taking control at Gigg Lane, two weeks before a crucial court hearing involving a winding up order that had been issued.
He said: “I have outlined in my previous statements the difficult environment we bought into in late November, which has been well documented.
“Even though I was advised by my advisors not to proceed, I decided I could help, given the information we had.
“This football club was in serious trouble, and this turned out to be far in excess of what we could have comprehended. I can confidently say that had the takeover not gone ahead when it did, Bury Football Club would have been no more.”
