Bury Football Club are set for liquidation after owner Steve Dale defaulted on the CVA that was set to pay back the club’s debts.
Steven Wiseglass, a director at Inquesta Corporate Recovery & Insolvency, the supervisor of the CVA, said: “The CVA has formerly defaulted and we will now be looking at taking the necessary action to deal with the default. No further comment can be made at this stage.”
Dale agreed to the CVA in July to payback £2million to the clubs creditors but the six-month period to pay initially expired on January 18th but was extended until February 11th but Dale has now defaulted on the agreement.
It’s unclear as to what’s going to happen next to the Shakers but one potential direction the club could go is that Wiseglass petitions for the club to be wound up as the CVA has failed to offer a viable future for the club.
Other options include; Voluntary Liquidation or Administration by Steve Dale, one of the clubs creditor brings a winding-up petition to the High Court, the negotiations over a new CVA or that all debts are paid.
Around a fortnight ago, Dale spoke to the Guardian and said he was in a position to correct any issues with the CVA
“Just finalising saving the club through the CVA and applying to play football next season,” he said.