D-day for Dunfermline Athletic as creditors vote on CVA proposal Tue, 30 Jul 2013 08:17:35 BST The future of Dunfermline Athletic will be decided when creditors vote on a company voluntary arrangement (CVA) on Tuesday. Administrators have been in charge of the Fife club since March after being hit with a winding up order by HM Revenue and Customs over an unpaid £134,000 tax bill. On Tuesday, creditors will vote on a pence in the pound payback deal funded by the Pars United fans group. Bryan Jackson, from administrators BDO, has warned that should the CVA fail, it will almost certianly result in the League 1 side going out of business. Pars United, led by club legend Jim Leishman and local businessman Bob Garmory, have also been named preferred bidders for East End Park Stadium in a separate process overseen by KPMG. The group has promised it will ensure Dunfermline are a community-run club should they exit administration. Under companies legislation, a CVA proposal requires the support of 75% of creditors in order to be successful. Previously, the Scottish Football League deducted 15 points from Dunfermline after the club went into administration during their First Division campaign last season. The footballing authority also enforced a player registration embargo on the club, while it confirmed that should Dunfermline fail to come out of the insolvency process by next season, a ten point deduction will be imposed while they will also need to pay a £150,00 "financial guarantee" to "protect the league against future risk".
Posted on: Tue, 30 Jul 2013 09:21:50 +0000
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