Post by Les on Jul 18, 2019 14:43:12 GMT
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Sunderland's League One rivals Bury handed 12-point deduction for 2019-20 season after rescue plan
The cash-strapped club will start the campaign on -12 points
Bury’s creditors have approved a rescue plan to clear some of the club’s debts, which means the League One club will begin the 2019-20 season with a 12-point deduction.
Owner Steve Dale put forward a Company Voluntary Arrangement (CVA) in June, which will see the club’s football creditors paid in full and unsecured creditors, including HMRC, paid 25% of the money owned.
CVA nominee Steven Wiseglass said: "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.”
EFL regulations state that a CVA qualifies as an insolvency event and means the Shakers will face a 12-point penalty, alongside local rivals Bolton Wanderers - who entered administration in May.
Bury remain up for sale and will reappear in the High Court later in July after a HMRC winding-up petition over an unpaid tax bill was adjourned for a third time.
The Shakers begin their League One campaign on Saturday August 3 against MK Dons. Sunderland travel to Gigg Lane on December 21, before hosting them at the Stadium of Light on March 21, 2020.
Sunderland's League One rivals Bury handed 12-point deduction for 2019-20 season after rescue plan
The cash-strapped club will start the campaign on -12 points
Bury’s creditors have approved a rescue plan to clear some of the club’s debts, which means the League One club will begin the 2019-20 season with a 12-point deduction.
Owner Steve Dale put forward a Company Voluntary Arrangement (CVA) in June, which will see the club’s football creditors paid in full and unsecured creditors, including HMRC, paid 25% of the money owned.
CVA nominee Steven Wiseglass said: "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.”
EFL regulations state that a CVA qualifies as an insolvency event and means the Shakers will face a 12-point penalty, alongside local rivals Bolton Wanderers - who entered administration in May.
Bury remain up for sale and will reappear in the High Court later in July after a HMRC winding-up petition over an unpaid tax bill was adjourned for a third time.
The Shakers begin their League One campaign on Saturday August 3 against MK Dons. Sunderland travel to Gigg Lane on December 21, before hosting them at the Stadium of Light on March 21, 2020.
