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    Re: Bury question Archived Message

    Posted by Princebytor on 30/7/2019, 1:15 pm, in reply to "Re: Bury question"

    Just to clarify guys, a CVA means that the legal entity remains intact and the directors agree to pay off an agreed portion of their debts under the supervision of an insolvency practitioner (which is not cheap !). In Bury's case, they need to find 1M to pay the football creditors in full (to satisfy the EFL) and the rest of the creditors (incl HMRC) will get 25p in the pound paid over a number of years. The problem at the moment is they can't give the EFL prove of funds for the 1M.
    From what I have seen the CVA has been approved and the creditors moratorium recorded at Companies House so the winding up order shouldn't be enforceable (might be wrong on that though)

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