Bury FC owner Steve Dale has sent a proposed company voluntary arrangement to the club’s creditors.

The Gigg Lane club is in the midst of a financial crisis and saw a winding-up petition led by HMRC adjourned at the High Court on Wednesday.

The stricken Shakers have been given six weeks to sort out their future and owner Dale has moved to try and settle the club’s debts via a CVA.

If creditors agree to the deal, then the Shakers could face a 12-point deduction having returned to League One with promotion last season.

Steven Wiseglass, a director at Inquesta Corporate Recovery & Insolvency, is acting on behalf of Mr Dale.

“We are delighted at the court’s decision as it gives the club a breathing space in its attempts to come up with a rescue package,” said Mr Wiseglass

“We are working closely with the club and its director to try to ensure the club’s survival.

“I consider that the CVA proposal has a reasonable prospect of being approved and implemented and the club is likely to have sufficient funds to carry on its business during the moratorium (the six weeks afforded by the High Court).

“The overall payments to creditors under the CVA would be greater compared to liquidation.

“It is a fair and viable proposal and I expect to receive a decision from creditors within a few weeks.”