Quote Originally Posted by flourbasher View Post

Bury did not go because their owners went bust. That's S Dale,s version of events. What actually happened is well documented on the internet and I would imagine is now attracting the interest of some govt depts
Of course Bury went bust because of Stewart Days business failure. How else do you explain it and how else could Dale have got his hands on the club for a quid? Day was offloading and Dale was the mug punter. But admit its not this simplistic.

Prior to Dale taking over Day had mortgaged Gigg Lane and the clubs Social Club to a third party called Capital Bridging Finance who are owed £3.7m - not all the cash came into the club as 40% went to an un-named third party.* Capital in turn sold the mortgage on to a company in Malta whose own lenders are based in British Virgin Isles. The repayments of these loans were pushed on to the club.

Having bought the club in Dec 2018, Dale paid a tax bill in Feb 19 to avoid a winding up order. Problems re-emerge in April were he is late paying the wages.* Mid April a former coach issued a winding up order along with HMRC, adjourned till after the end of the season. They see the season out. At the end of April Dale admits problems at the club are bigger than he at first thought and puts the club up for sale.

The July 19 hearing is adjourned until 31st July to allow Dale time to find a buyer. In the interim period he places the club in a CVA. The 31st July winding up order is dismissed.

Dale sells a £7m debt owed to Merderco (a company of the previous owner Day) to a company owned by the partner of his daughter. This gives sufficient voting rights to allow the CVA to be approved.

Early August the EFL require Dale to provide financial evidence how he will satisfy the CVA and of the ability to finance the club till the end of the 2019/20 season. On Aug 8th Bury are given 14 days to privide proof of the financial package. This is extended an extra week when it seemed like a takeover is likely.

In effect the club is a basket case. No one in their right mind would buy it.

The whole process of events was triggered by the failure of Days company.