A COMPANY VOLUNTARY ARRANGEMENT (CVA) has been approved at Dundee FC by PKF administrator Bryan Jackson.
Creditors to the football club will receive 6p for every pound they are owed. The approval of a CVA will take the club out of administration status.
Bryan Jackson, PKF corporate recovery partner, said: “There is still a lot of work to be done but the decision today is clearly an important step toward the ultimate goal of the club coming out of administration.
“The next task is to start paying the creditors. Whilst this result is good news for the fans of the club it is important to remember that this situation has resulted in many creditors losing a lot of money, not least the public purse in the form of HMRC. We should also remember that nine players and four non-players lost their jobs as a result of this administration.”
It was reported prior to the administration that Dundee had various outstanding debts including a £365,000 tax bill.
Jackson was appointed administrator in October last year.
Creditors have 28 days to appeal the decision.
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