Bury CVA remains 'prime concern' for Insolvency Practitioners Association
Friday 4 October 2019 16:29, UK
The Insolvency Practitioners Association (IPA) are continuing to investigate a complaint about the Company Voluntary Agreement set up by Steve Dale to save Bury.
Dale bought the financially-beleaguered club from Stewart Day for £1 in December 2018. He saw a proposed takeover by C&N Sporting Risk fall through in August, which was followed by Bury's expulsion from the EFL.
Dale failed to clear the club's debts, and players and staff went unpaid, with the club served a winding-up petition by HMRC before agreeing a company voluntary arrangement.
"The Insolvency Practitioners Association is continuing its enquiries into complaints they received about the 'Company Voluntary Agreement' (CVA) set up by Bury Owner Steve Dale to save the club and was issued to creditors and shareholders by the insolvency practitioner, Steven Wiseglass," the IPA said in a statement to Sky Sports News.
"The club was expelled from the Football League in August, however the company remains and is still owned by Dale.
"It is the IPA's duty to protect the public interest, therefore we take these complaints very seriously.
"We are actively pursuing the complaint, and we are assessing the information we have, as well as potentially gathering more. It can often take time to work through the detail as the process of gathering and analysing the pertinent information on a matter such as the CVA relating to Bury Football Club can be complex.
"Be assured that it is a prime concern of ours to progress matters efficiently".
Greater Manchester Police are also continuing their enquiries into a complaint of fraud at Bury FC in an unrelated incident.
A parliamentary inquiry into Bury's financial crisis and expulsion from the Football League is also set to take place this autumn.
