Dunfermline Athletic Handed Winding Up Order, Liquidation Looms
March 20, 2013
Stricken Scottish Football League side Dunfermline Athletic have been formally served with a winding-up order, leaving the club with just over a week to settle their finances or be liquidated.
The Pars owe £124,000 in unpaid taxes, on top of the £450,000 owed to business creditors.
Players are also owed £35,000 in wages from last month and the mounting debts has left the Court of Session to serve the club with a winding-up notice on behalf of HMRC.
A due diligence process is under way as a part of the formation of a rescue group, with Sterling Group working with the consortium to negotiate a fans group takeover.
Bob Garmoury, a member of Sterling Group and club sponsor Purvis said: ““The new group obviously understand that dealing with the taxman is a major part of what we’ve got to achieve, and there’s no guarantees, absolutely none.
“But we’re not talking about carpetbaggers here, we’re talking about serious investors who have the best interests of the club at heart.”
However, even if the group is successful, liquidation is still a real threat due to the ownership of the stadium and training ground being in the hands of East End Park Ltd, a part of Director Gavin Masterton’s Charlestown House group, who are in financial trouble themselves.