Fears over Bury CVA prompt insolvency investigation

29 August 2019 04:14
• Claim bought for £70,000 treated as worth £7m in CVA vote• Buyer of claim is partner of club owner Steve Dale’s daughterThe Insolvency Practitioners Association has announced that it will investigate the company voluntary arrangement (CVA) organised to cut the debts of Bury, who were expelled by the English Football League on Tuesday. The IPA said its decision, to “consider the operation of the CVA”, followed concerns expressed in the Guardian by the Bury North MP, James Frith, and the Football Supporters’ Association.Frith has said he assumes it will also be “standard practice” that the Insolvency Service, a government agency, will investigate. Related: Salary caps and direct action: lessons to learn from Bury's demise | David Conn Related: Q&A: What lies ahead for Bury after expulsion from the Football League? Continue readingreadfullarticle

Source: TheGuardian