Originally Posted by
Brin
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Bury face a 12-point deduction next season after owner Steve Dale put forward a proposal to help clear some of the club's debts.
In a company voluntary arrangement (CVA) proposal, seen by BBC Radio Manchester, Dale has offered to pay the club's football creditors in full.
Unsecured creditors, including HMRC, will be paid 25% of what they are owed.
If approved, the CVA would qualify as an insolvency event under EFL rules, which would see Bury deducted points.
The proposal states that football creditors are owed £950,652 while unsecured creditors are owed £5,982,765, including £3.6m to Dale.
The club appeared in the High Court last week over a winding-up petition originally brought by former head coach Chris Brass but which was taken over by HM Revenue & Customs (HMRC).
HMRC are now owed £1m but would be paid a quarter of what they are due under the arrangement, while Dale states he will not be seeking the money owed to him by the club.
The proposal requires agreement from creditors owed 75% or more of the total debts to be passed and also requires agreement from 50% of the club's shareholders.
The club are set to reappear in court on 9 July at 11:00 BST to meet with creditors and agree to a resolution.
Shame after getting promotion, they look deep in the mire and one of favourites to go straight back down.