Bury face liquidation after defaulting plan to settle outstanding debts
Last Updated: 14/02/20 3:37pm
Bury have defaulted on a plan to help settle their outstanding debts, meaning the club are now facing liquidation.
Creditors approved a Company Voluntary Arrangement (CVA) proposal last July which would have reimbursed the club's football creditors, including HMRC.
The club had until Tuesday to pay the CVA, which was in place when the club was a member of the Football League - but Steven Wiseglass, the administrator that set up the agreement, confirmed it was defaulted on Friday.
"The CVA has formally defaulted and we will now be looking at taking the necessary action to deal with the default," Wiseglass told Sky Sports News.
"It's likely the business will now be liquidated and all remaining assets sold. The former league club's stadium, Gigg Lane, has a charge against with Capital Bridging finance which is likely to be exercised."
The club were docked 12 points for outstanding debts in August but were later expelled from the Football League after a proposed takeover collapsed.
Last week, the club had a second winding-up petition over an unpaid tax dismissed in the High Court.