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Rescue Plan For Bury FC

A rescue plan for Bury FC in the form of a proposed company voluntary arrangement has been sent to creditors.

Steven Wiseglass, a director at Inquesta Corporate Recovery & Insolvency, has been appointed as the nominee for the proposed CVA on behalf of Steven Dale, the club’s owner.

The club is facing a winding-up petition led by HMRC over unpaid debts but in the Royal Courts of Justice in London earlier this week, Judge Mark Mullen granted the club’s request for a six-week moratorium on the proceedings.

Mr Wiseglass said: “We are delighted at the court’s decision as it gives the club a breathing space in its attempts to come up with a rescue package.

“We are working closely with the club and its director to try to ensure the club’s survival.

“I consider that the CVA proposal has a reasonable prospect of being approved and implemented and the club is likely to have sufficient funds to carry on its business during the moratorium.

“The overall payments to creditors under the CVA would be greater compared to liquidation. It is a fair and viable proposal and I expect to receive a decision from creditors within a few weeks.”

 

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