Bury Football Club wins fight for survival at High Court
Debt-ridden Bury Football Club has fought off a High Court winding up petition at the fourth attempt.
The club, which has had its first game of the season suspended by the Football Lague, fought off a winding up order at the fourth attempt.
The club had been given more time to seek a company voluntary agreement (CVA) to stave off an immediate winding up petition.
According to reports the League One club owes £277,640 to the HMRC and is £4m in debt.
A Company Voluntary Arrangement has been agree which will allow owner Steve Dale staying in control as a result.
At the High Court a barrister acting for HM Revenue & Customs reported that the CVA had been approved and she asked for the winding up petition to be dismissed.
Judge Mark Mullen agreed to dismiss the winding up petition.
The EFL has said assurances about the club’s future funding were not satisfactory and it called off the Bury’s opening game of the 2019-20 season against MK Dons.
The newly promoted club has until Friday to prove that the game at Accrington Stanley on August 10 can go ahead.
The club will start the season with a 12 point deduction.
Apart from HM Revenue & Customs, other Bury FC Co Ltd creditors named at various court hearings include Capital Bridge Finances, Quantum Finance Ltd,; former assistant manager Chris Bass; SM Impact Ltd and Stellar Football Ltd.
This morning Steven Dale launched an attack on the football authorities.
He said: “We, as a club are saddened by recent events from a body who should have the best interest of clubs as it’s (sic) primary objective, clearly this is not the case.
“We, as a club had come through such adversity left from the previous owner and had started to make headway, the majority of rot had been cut out and the atmosphere at our training ground was fantastic, where a positive air had started to replace the despondency of the legacy. New players were arriving with an open mind and looking forward to the new season as were our fantastic new staff.
“We thought we were finalising with the EFL on any outstanding matters that needed addressing.
“Our CVA had been put forward and we had proven to the courts our ability to fund it and it was passed after five months of hard work, this closed off the past where creditors would be dealt with by the administrator, or so we thought.
“We submitted all that we were asked to by the EFL in the week prior to their ‘statement’ not as they stated, ‘not submitted’. So as far as we were concerned we were up to date and requested they lift the embargo so we could sign our players as we were running the risk of losing them.”
