Bury FC Insolvency Event

[theory_extinct]

Starting next season with -12 points

https://www.efl.com/news/2019/july/e...ement-bury-fc/

[bridpie78]

Starting next season with -12 points

https://www.efl.com/news/2019/july/e...ement-bury-fc/

More from the BBC,

Bury are to be deducted 12 points by the English Football League after the club's creditors approved a rescue plan to clear some of the Shakers' debts.

Shakers owner Steve Dale put forward a Company Voluntary Arrangement (CVA) proposal in June which would see the club's football creditors paid in full.

Unsecured creditors, including HMRC, will be paid 25% of the money owed.

A CVA qualifies as an "insolvency event" under EFL rules but the League One club have seven days to appeal.

In a statement issued on Thursday, Dale said the CVA would mean the club's "future is secured".

He said: "We have worked tirelessly to achieve the result today whilst taking a lot of flak.

"Some might say our methods were questionable but we can all pass comment with hindsight, my job was to save Bury FC and that's done. We have other hurdles but the main one is complete."

Meanwhile, CVA nominee Steven Wiseglass said the agreement "hopefully secures a brighter future" for the Shakers.

"The agreement means the club avoids going into administration or liquidation, and it provides a degree of financial certainty in that its historic debts will be dealt with," Wiseglass added.

The deduction means Bury join local rivals Bolton Wanderers in starting the season on -12 points after the Trotters went into administration in May.

Bury are due to reappear in the High Court later in July after a winding-up petition brought by HM Revenue & Customs over an unpaid tax bill was adjourned for a third time.

The Shakers are looking for new ownership after Dale put the club up for sale in April.

[MAD_MAGPIE]

More from the BBC,

Bury are to be deducted 12 points by the English Football League after the club's creditors approved a rescue plan to clear some of the Shakers' debts.

Shakers owner Steve Dale put forward a Company Voluntary Arrangement (CVA) proposal in June which would see the club's football creditors paid in full.

Unsecured creditors, including HMRC, will be paid 25% of the money owed.

A CVA qualifies as an "insolvency event" under EFL rules but the League One club have seven days to appeal.

In a statement issued on Thursday, Dale said the CVA would mean the club's "future is secured".

He said: "We have worked tirelessly to achieve the result today whilst taking a lot of flak.

"Some might say our methods were questionable but we can all pass comment with hindsight, my job was to save Bury FC and that's done. We have other hurdles but the main one is complete."

Meanwhile, CVA nominee Steven Wiseglass said the agreement "hopefully secures a brighter future" for the Shakers.

"The agreement means the club avoids going into administration or liquidation, and it provides a degree of financial certainty in that its historic debts will be dealt with," Wiseglass added.

The deduction means Bury join local rivals Bolton Wanderers in starting the season on -12 points after the Trotters went into administration in May.

Bury are due to reappear in the High Court later in July after a winding-up petition brought by HM Revenue & Customs over an unpaid tax bill was adjourned for a third time.

The Shakers are looking for new ownership after Dale put the club up for sale in April.

Could this be a first that a football league has had two teams start the season on -12 points?

So both Bolton and Bury will need to finish on circa 60-62 points to stand any chance of survival.

Again it’s the fans and supporters that suffer but I guess having a club is better than no club.

Also the big question is will the same fate be bestowed to our club after the 31st July?

[Chicken Balti Pie]

Could this be a first that a football league has had two teams start the season on -12 points?

So both Bolton and Bury will need to finish on circa 60-62 points to stand any chance of survival.

Again it’s the fans and supporters that suffer but I guess having a club is better than no club.

Also the big question is will the same fate be bestowed to our club after the 31st July?

Weren't we saved once by Bournemouth and Luton getting penalties, wasn't it the year before Munto?

[Nottsowell]

If unsecured creditors such as HMRC, only get 25% in this scenario, I wouldn't be surprised if our new owners take a chance on us surviving this league at -10pts with the money they'll save?

[Chicken Balti Pie]

Weren't we saved once by Bournemouth and Luton getting penalties, wasn't it the year before Munto?

Bloomin' 'eck! In 2008/9 season, 4 teams were deducted points!

Darlington had 10 deducted
Bournemouth and Rotherham had 17 deducted
Luton had 30 deducted

And only Luton for relegated from the 4!

[Jeekay56]

So both Bolton and Bury will need to finish on circa 60-62 points to stand any chance of survival.

In all probability finishing on 50 points will see them safe.

[DelroyFacey22]

Bloomin' 'eck! In 2008/9 season, 4 teams were deducted points!

Darlington had 10 deducted
Bournemouth and Rotherham had 17 deducted
Luton had 30 deducted

And only Luton for relegated from the 4!

I think i worked it out before and we would have been something like a point away from safety had it not been for the deducted points. With McParland's true squad building abilities on show.

[bridpie78]

I think i worked it out before and we would have been something like a point away from safety had it not been for the deducted points. With McParland's true squad building abilities on show.

Notts would have finished 4th from bottom 6pts clear of grimsby. Darlington and rotherham finished well above us even with the points docked.

[upthemaggies]

Notts would have finished 4th from bottom 6pts clear of grimsby. Darlington and rotherham finished well above us even with the points docked.

Without the points deductions, the pressure on many fixtures would have been completely different. Results wouldn't have been the same. I'm not convinced Notts would have stayed up that season if everybody had started on zero points.