Tue, 19 Mar 2013 | ADMINISTRATION
A winding-up order has been formally served against Dunfermline Athletic, leaving the club with just over a week to get back to its former strength or it will be liquidated, according to reports from the Scottish Herald.
Dunfermline owes £124,000 in unpaid taxes, as well as a further £450,000 to its business creditors. This has already led to delays in payments, with players owed £35,000 in wages from last month. The mounting debts have prompted the Court of Session to serve a formal winding-up notice on behalf of HMRC, with a post due to be placed in the Edinburgh Gazette.
Accountancy firm Campbell Dallas has begun a due diligence process as part of the formation of a rescue proposal made by a consortium. Sterling Group is working with the consortium to negotiate a takeover with fan groups, but little more is known about who is involved.
Bob Garmory, from the club's sponsors Purvis, and a member of the Steering Group, commented: “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.”
He added that the Steering Group has met with representatives of the Masterton family and has agreed to work towards a previously agreed rescue plan, which involves 100 per cent ownership of the club – 50 per cent through the fans and 50 per cent through investors.
Liquidation could still be on the cards even if the group manages to raise enough funds due to the fact that the club's stadium and training ground are owned by East End Park Ltd, part of Masterton's Charlestown House group, which is itself in a difficult financial position.
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