Dunfermline Avoid Liquidation Threat
July 30, 2013
Dunfermline have avoided liquidation after the club’s creditors voted for a company voluntary agreement (CVA).
The club’s former owner, Gavin Masterson, abstained from the CVA vote, essentially forfeiting his claim to around £8.5m ($13.01m) owed to him and his companies.
Players and staff owed salary payments dating back to last year will be paid in full following the agreement.
Dunfermline will play in League One when the 2013/14 season kicks off, after being docked 15 points and relegated last season as a result of going into administration. The club will be run by fan-led group ‘Pars United’, a consortium backed by club legend Jim Leishman.
The club has been managed by administration firm BDO since March after being served with a winding-up order for £134,000 ($205,000) by HM Revenue and Customs.
The League One club will begin the upcoming season on minus 10 points due to their financial issues, unless it can be proved the club is no longer subject to an insolvency event by Friday night.