Dundee FC exits administration
PKF partner Bryan Jackson becomes supervisor of Dundee FC's company voluntary arrangement, as the club exits administration
A PKF INSOLVENCY PARTNER has overseen Dundee FC’s exit from administration.
Bryan Jackson, a PKF restructuring partner, was appointed administrator to the club in October.
It was reported that prior to its collapse Dundee had various outstanding debts including a £365,000 tax bill.
Jackson proposed a company voluntary arrangement (CVA), which repays creditors a percentage of debt over a contracted period of time, in February this year.
A CVA needs 75% of creditors, by value, to vote in its favour to be successful. The proposal will repay unsecured creditors approximately 6p for every pound owed.
Jackson said: “I am sure that all involved with the club, the fans, and the city of Dundee itself will be delighted that this day has come. Whilst there still remains work to be done in relation to the CVA, today effectively sees the rebirth of Dundee FC.”
The PKF partner is also the supervisor of the CVA and will oversee payment to creditors in the future.