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Bury FC Courtcase

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Re: Bury FC Courtcase

Postby 88BenM » Mon Jul 15, 2019 10:27 am

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Re: Bury FC Courtcase

Postby SINA STAG » Mon Jul 15, 2019 11:57 am

Field Mill wrote:Can anyone really see them fulfilling their fixtures? This is a major scandal in the making.




This is my point FM players signing for Bury not knowing they've a club to play for in name never mind a ground to play at. PFA wont pay wages if the club doesn't exist.
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Re: Bury FC Courtcase

Postby Son Of Sherwood » Mon Jul 15, 2019 4:09 pm

Another one moves south...
Source: BBC Sport

Plymouth Argyle have signed defender Callum McFadzean after he left League One side Bury.

The 25-year-old is the fourth Bury player to join boss Ryan Lowe, who left to take charge of Argyle after guiding the Shakers to promotion last season.

McFadzean began his career at Sheffield United and also had loan spells with Chesterfield, Burton and Stevenage.

He went on to join Bury and made 49 appearances under Lowe last season as they finished second behind Lincoln.

Details of McFadzean's contract with Plymouth have not been disclosed.
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Re: Bury FC Courtcase

Postby w12stag » Thu Jul 18, 2019 6:12 pm

12 point deduction.One week to appeal.
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Re: Bury FC Courtcase

Postby Spiritater » Thu Jul 18, 2019 6:14 pm

Be in the Conf in a couple of years.
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Re: Bury FC Courtcase

Postby geoffhill » Thu Jul 18, 2019 7:35 pm

2/9 to go down
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Re: Bury FC Courtcase

Postby I am Spartacus » Fri Jul 19, 2019 7:29 am

w12stag wrote:12 point deduction.One week to appeal.


Bury have gone from 6th in the table to bottom without a ball being kicked and there is still a couple of weeks to go.

Rather impressive form in pre-season.
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Re: Bury FC Courtcase

Postby part time pete » Fri Jul 19, 2019 7:53 am

Bolton have gone up a place as well without kicking a ball. :lol:
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Re: Bury FC Courtcase

Postby yellowstagsfan » Fri Jul 19, 2019 8:06 am

geoffhill wrote:2/9 to go down

Should never have been promoted
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Re: Bury FC Courtcase

Postby part time pete » Fri Jul 19, 2019 8:13 am

When you think about it the 12 point deduction should have happened last season.
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Re: Bury FC Courtcase

Postby Sandy Pate Best Stag » Fri Jul 19, 2019 8:14 am

It still doesn't feel like justice has been done.

it just shows the system needs looking at again. Perhaps a small point deduction for failing to pay any staff should be considered as it may discourage clubs from over stretching themselves.
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Re: Bury FC Courtcase

Postby ST4GS » Fri Jul 19, 2019 8:22 am

geoffhill wrote:2/9 to go down
That is good value for savvy investors. Better than putting money in an ISA or stocks and shares assuming bookies pay out if Bury don't complete their fixtures. Approx 22% yield.
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Re: Bury FC Courtcase

Postby yellowstagsfan » Fri Jul 19, 2019 11:19 am

If they survive it will be National League in two years
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Re: Bury FC Courtcase

Postby Tippy Tappy Football » Fri Jul 19, 2019 11:20 am

Here's a post from the Bury Forum. Bury are still going to have problems getting EFL approval of the takeover and providing evidence that they have funds to start the season and complete their fixtures. There is also the dreaded SAG. There appear to be rumours that parts of the floodlights have been repossessed. Steve Dale did not even bother to attend the CVA meetings.

"Don't take this as gospel...my memory is fading! But from the Shareholders' Meeting today:

CVA passed but if we don't comply at anytime, then it's back to square one. Think some evidence was shown by Dale of a credit facility to fund it, although, I'd take with a pinch of salt tbh. Plus, any future amounts/debts owed from today will be outside the CVA and could result in WUPs, etc. if not paid.

I believe, some company has bought Mederco's debt. No idea who and I wouldn't get too excited. Sounded like a business punt to me, with Mederco's Administrator having doubts the CVA will be fully followed through and/or their claim subject to challenge...so for example, they'll take £0.5M now and the punter hopes to get back 25% of £7M or if not, more than they paid. I would add, that's just my opinion, Wiseglass (Insolvency Practitioner) kept it very close to his chest.

Political/unconvincing responses by Wiseglass re proof needed for the EFL, that we can start/finish the season.

Mention made by a shareholder if Dale stays, attendances will halve. Which will cut our nose off to spite our face. Catch 22.

A cocky email from Dale (read out by Wiseglass) apologising for his non attendance(!), looking forward to the new season and having a dig at the internet trolls.

No mention of any buyer/new owner/takeover or anything.

Left feeling depressed...but we live to fight another day."


The CVA was then followed by this self congratulatory statement from Steve Dale.

https://www.buryfc.co.uk/news/2019/july ... -chairman/
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Re: Bury FC Courtcase

Postby NorthLondonStag » Fri Jul 19, 2019 11:38 am

part time pete wrote:When you think about it the 12 point deduction should have happened last season.


They don't impose it the same season to avoid a team that is mid-table deliberately going into administration at the end of the season, losing 12 points (that doesn't matter at that stage) and then starting the new season without a deduction. But yes I can see that leads to some unfair outcomes for promoted teams. I expect it's pretty unusual for a promoted team to go bust though and I wonder if that's happened before. Normally teams in financial trouble are performing poorly in the league too.
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Re: Bury FC Courtcase

Postby Jimstag » Thu Jul 25, 2019 12:48 pm

I’ve just seen Bury have been served a withdrawal notice by the EFL. I’d assume they will be able to provide proof of funds given the recent CVA? Either very worrying for them or a non story on sky sports news!
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Re: Bury FC Courtcase

Postby milne6 » Thu Jul 25, 2019 1:45 pm

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Re: Bury FC Courtcase

Postby Tippy Tappy Football » Thu Jul 25, 2019 3:17 pm

"Following receipt of notice that the proposal for a Company Voluntary Arrangement (CVA) had been approved in respect of Bury FC, the EFL Board has continued to work closely with the Club as it has done over the previous months in order to try to resolve a number of ongoing matters.

As a result of the approval of the CVA, the Club, as a consequence of the insolvency event, has, as per the EFL Regulations, been deducted 12 points, which (absent of a successful appeal from the Club) will be applied and take effect at the beginning of Season 2019/20.

The League’s Articles of Association provide for the Club, following an insolvency event, to be served with a notice of withdrawal of membership which, once issued, will give the Club 14 days to meet all outstanding requirements of the League’s insolvency policy or its membership in the EFL may be terminated.

The EFL Board is working diligently to avoid this situation but ultimately can only act upon information received or not received from the Club. The Board has suspended the activation of this notice initially until close of business today (25 July) in order to give the Club additional time to provide the outstanding information it has requested on a number of occasions, which includes the means of payment of outstanding football creditor debts and source and sufficiency of funding.

If in receipt of the missing information by the deadline, the EFL will commence negotiations with the Club to enter into a Membership Agreement, which will incorporate the ongoing conditions for continued membership in the League and ensure the terms of the CVA are met. If this information is not provided the Board will then determine whether to implement the notice to transfer its share or further extend the deadline.

In addition, and separate to matters connected to the CVA approval, the local Safety Advisory Group (SAG) is meeting today to consider whether the Club meets all the requirements necessary to safely stage fixtures in EFL competitions at the Club’s Stadium in season 2019/20.

Should the SAG confirm that the Club does not have sufficient resources and facilities for its opening fixtures and/or the Club fails to provide all the outstanding information and documentation, the Board has the ability to exercise its rights under Regulation 28.2 to suspend the Club’s fixtures.

Debbie Jevans, Executive Chair, said: “This is an incredibly difficult and complex situation for all those involved, in particular the staff, players and supporters of the Club. We fully recognise the value and importance of the Club to the local community and its fans, and will continue to work proactively and diligently with the ownership, as we have done over an extended period of time to try and ensure Bury FC has a long term future as a member of the EFL.”

https://www.efl.com/news/2019/july/efl- ... -bury-fc2/
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Re: Bury FC Courtcase

Postby Tippy Tappy Football » Fri Jul 26, 2019 9:18 pm

Bury have got their Safety Certificate but it looks like seat of the pants stuff as usual. Steve Dale now just needs to provide the info required by the EFL regarding means of payment of outstanding football creditor debts and the source and sufficiency of funding for the season.

Bury's total debts are around £12 million. Secured debts £3.8 million. Unsecured debts £8.2 million. Football creditors are owed £950,000 and HMRC are owed £1 million. The creditors and shareholders have agreed a CVA where unsecured creditors will only get paid 25% of the amount they are owned but nobody knows how this is going to be funded as it is not thought that Steve Dale, the current owner, has the money to do it.

RCR Goldings submitted a claim for £7.1 million in respect of loans they have bought off the administrators of Stewart Day's company Mederco Limited. Stewart Day is the old owner who Steve Dale claims has absconded overseas. Steve Dale also submitted a claim for £3.8 million in respect of loans acquired from Stewart Day/Mederco. The Nominee/Supervisor of the CVA said that there was an overlap between these two debts and it was not clear how much was owed to each of them. However he was confident from documents that there was at least a debt of £7.1 million.

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Re: Bury FC Courtcase

Postby Tippy Tappy Football » Fri Jul 26, 2019 10:48 pm

Good news for Bury about the Safety Certificate for Gigg Lane. The bad news is that the EFL have just upped the stakes.

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Re: Bury FC Courtcase

Postby adamstag » Sat Jul 27, 2019 12:33 am

We’d have had an amazing chance in league 1 and staying up in reality.

But heyho, good old flitcroft
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Re: Bury FC Courtcase

Postby The One » Sat Jul 27, 2019 8:56 am

adamstag wrote:We’d have had an amazing chance in league 1 and staying up in reality.

But heyho, good old flitcroft



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Re: Bury FC Courtcase

Postby Captain Cunno » Sun Jul 28, 2019 4:26 pm

Adam has a point though whether it's the players or DF fault it would have been a perfect season to go up and consolidate with 2 of the 4 relegation places virtually decided already
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Re: Bury FC Courtcase

Postby Tippy Tappy Football » Mon Jul 29, 2019 12:12 pm

Bury and Bolton get given an extension until 5.00pm to provide the EFL with the necessary financial info

"Following extensive discussions with the Administrators of Bolton Wanderers, the ownership at Bury and the Professional Footballers’ Association (PFA) over the course of the weekend some progress has been achieved in regard to the respective challenges they currently face.

However, concerns do remain and both Clubs are required to provide confirmation to the League’s satisfaction that they can meet all outstanding commitments.

To give both Clubs the maximum opportunity to comply with the request, a deadline of 5pm on Monday 29 July has been set for them to provide the EFL with the necessary evidence. The 5pm cut-off point replaces the noon deadline issued to Bury, which was confirmed on Friday evening.

If the information is not received, the EFL Board is likely to suspend the opening day fixtures against Wycombe Wanderers (Bolton Wanderers) and MK Dons (Bury) under the provision of EFL Regulation 28.2.

The EFL will continue to offer its full assistance and support to both Clubs in order to achieve the objective of securing long-term futures for them but with the season now a matter of days away there is no other option but for all outstanding matters to be brought to a conclusion."
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Re: Bury FC Courtcase

Postby mousemousemouse » Mon Jul 29, 2019 9:55 pm

So Bury have had their first game suspended and have until the 2nd August before their second game is suspended

https://www.efl.com/news/2019/july/efl- ... d-bury-fc2
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