There is no precedent of an ex club being allowed back into the Football League, or even in to the National League / NLN / NLS. They've all been forced to start again at tier 9 or 10 - Aldershot, Maidstone, Chester, Hereford, Darlington, etc.
If they continued in the legal form of the original club, they would be forced to take on responsibility for all football debts, plus any % in the £ agreement on non-football debts.
Continual delays, could result in Bury missing another season, which I think is the last thing they want to do.
IMHO, they should set up the phoenix club and then try and get the Council to acquire Gigg Lane on their behalf. They are better off with a clean slate.
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