‘From Roy of the Rovers, to Roy of the Receivers’, historic football club loses its match against insolvency

 

THE final whistle has been blown in Bury FC’s battle versus insolvency. In the most important match in the team’s 134-year history, it is one that they have ultimately lost.

The club, twice a winner of the FA Cup, has now been expelled from the English Football League after a takeover bid collapsed at the last minute, confessing the insolvency challenges were “insurmountable”.

Football’s rulers described it as “one of the darkest days” in the sport’s history.

While national media, drawing upon the club’s role in the creation of a comic-strip soccer legend, said Bury “had gone from Roy of the Rovers to Roy of the Receivers”.

Bury – with a history that pre-dates the likes of Leeds United, Bradford City, Newcastle United and Huddersfield Town – are the first team to drop out of the league since Maidstone’s liquidation in 1992.

The eyes of insolvency experts are now trained on the future of fellow League One side Bolton Wanderers, who have been given a 14-day deadline to overcome their own financial struggles or face expulsion too.

The news has sent shockwaves through the sport itself, with as many as ten other unnamed clubs said to be on the brink of insolvency. Whether any are from Yorkshire and the North East remains to be seen, but researchers have said that Northern clubs are at most insolvency risk.

Amid the insolvency, Bury North MP James Frith warned: “I have had clubs speak to me who are a default payment on a mortgage away from this too.”

It’s also left a Lancashire soccer-mad community in mourning. Here at Walsh Taylor, we know only too well the esteem in which a local football club is held by its fans having led the successful rescue of Truro City FC from insolvency after it went into administration. You can read more here https://www.falmouthpacket.co.uk/news/10116707.truro-city-fc-still-alive-and-kicking/

Bury’s insolvency struggles will have an immediate impact of several clubs in Yorkshire and the North East.

League One will now comprise 23 clubs for the rest of the season, with fixtures that had been lined up against the likes of Sunderland, Doncaster, and Rotherham all being axed.

The sport had already suspended each of Bury’s first six fixtures this season, requesting evidence that its business recovery plans could pay off creditors and had the funding to make it through the season.

But unfortunately for its players, staff, supporters and the wider Bury community, it was unable to convince the League. And with no chance of securing an extra time victory off the pitch, the club was expelled.

Here at Walsh Taylor, when financial difficulties arise, we’ll put time on your side.

For more information on how our licensed insolvency practitioners and business recovery teams in Leeds, Bradford, Harrogate and Darlington can help you, please call us on 03300 244 660 or email confidential@walshtaylor.co.uk

Mary Taylor
Director

Mary began working in insolvency for a national accountancy practice in Glasgow thirty years ago and worked in most divisions of the insolvency department.

She then moved to a smaller firm so she could advance her knowledge on a more hands on basis. She moved back to Leeds in 1987 and commenced working with a small firm of accountants and subsequently made partner.

She left in 1999 to set up her own practice, McCann Taylor.
McCann Taylor became involved with the consumer market both in England and Scotland.

Mary sold McCann Taylor in March 2007 and formed Walsh Taylor to concentrate on helping businesses experiencing financial difficulties.

Kate Ellis (neé Breese)
Insolvency Practitioner

Kate has worked in insolvency since 2001 starting out at a firm of solicitors in Leeds and latterly gaining positions within two national accountancy firms.

During this time Kate gained extensive experience in all aspects of personal and corporate insolvency, for the first part of her career specializing in personal insolvency and latterly corporate.

Kate has been with Walsh Taylor since its incorporation in September 2008.

Kate is CPI and JIEB qualified, is experienced in a variety of industries and sectors and is the firm’s joint appointment taker.

Meg Heath
Director

Meg has a background in supporting SMEs, including the raising of finance and advising on organisational change. She is a non-executive director of companies in the private and third sector, including Walsh Taylor.

Previously she was Deputy Fund Director of one of the largest CDFIs in the UK, and has experience of the social enterprise, charity and private sectors. Her experience of assisting companies to survive and thrive has been gained across a broad range of sectors and in companies of all sizes.

In addition to her work at Walsh Taylor she works for other private companies, including non-executive and trustee positions.

Emma Mifsud
Insolvency Practitioner

After graduating from Leeds University in 2005 with a BA Hons degree in Criminology, Emma worked for a regional law firm in both the property department and insolvency and banking department. Whilst doing so Emma gained a Graduate Diploma in Law at BPP University.

Emma then joined a national accountancy firm in 2009 gaining experience in personal insolvency before moving to a Leeds based firm. At this firm Emma specialised in bankruptcies, IVA’s and negotiating informal agreements with creditors. In 2013 Emma gained her CPI qualification.

Since joining the firm in December 2013, Emma has taken on a portfolio of personal and corporate insolvency cases to extend her knowledge and expertise in all areas of insolvency.

In December 2017 Emma become a licensed appointment taker under the Insolvency Practitioners Association, she is JIEB qualified.

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