DUNFERMLINE ATHLETIC were today due to learn their fate – with the administration-hit club praying that a CVA would be accepted by its creditors to stave off liquidation.
The League One club needs its creditors to accept no return on debts owed to them by the Fife outfit, with BDO administrator Bryan Jackson, who has been overseeing the Pars as well as Hearts, hopeful that a deal can be struck by lunchtime today.
However, he warned: “If we can’t get it through then, at this time, I don’t see another option but liquidating the club. The proposal that’s gone out is actually only a dividend payment to the preferred creditors, who are employees that are due wages.”
The Pars United community group is the preferred bidder for both the club and the stadium, which is owned by a separate group and is being managed by KPMG rather than BDO, but Jackson revealed that there was no money left for any other creditors as he and BDO sought a company voluntary arrangement for the football club.
Dunfermline received a 15-point penalty for going into administration last season and another ten-point penalty for the forthcoming season – and a £150,000 bond payable to the Scottish Football Association – will be incurred should they fail to agree a CVA by August 2.
“If you close the club down, you’re not going to receive anything either,” Jackson added.
“That’s not a reason for voting yes, but that’s what creditors are faced with and, on that basis, I would hope that people would rather the club survived even if it means they don’t get anything back.”