Bury: Creditors ask for more time to consider the Shakers' rescue plan

Bury won promotion from League Two last season
Bury won promotion from League Two last season

Bury's creditors have asked for more time to consider a rescue plan to clear some of the League One club's debts.

Owner Steve Dale put forward a Company Voluntary Arrangement (CVA) proposal in June which would see the club's football creditors paid in full.

Unsecured creditors, including HM Revenue and Customs, would be paid 25% of the money owed.

Creditors will now hold further negotiations before meeting on Thursday, 18 July.

If approved, the CVA would qualify as an insolvency event under English Football League rules, which would see Bury deducted points.

Nominee for the CVA proposal and director at Inquesta Corporate Recovery & Insolvency Steven Wiseglass said: "The creditors have adjourned their decision pending further negotiations and are scheduled to meet again on Thursday, July 18.

"We continue to work closely with the club, its director and the creditors to try to ensure a successful outcome."

The club is due to reappear in the High Court later in July after a winding-up petition brought by HMRC over an unpaid tax bill was adjourned for a third time.

The Shakers are looking for new ownership after Dale put the club up for sale in April.