Dundee took a major step towards coming out of administration when a deadline passed without any appeal being lodged against the club’s creditors’ voluntary arrangement (CVA).
HM Revenue and Customs, owed more than £460,000, was thought to be the most likely objector to the CVA, which will see creditors receiving just six pence in the pound.
As the clock ticked down to the deadline at 5pm last night, administrator Bryan Jackson contacted HMRC to finally confirm it would not be launching an appeal.
Jackson will continue the process of the CVA by paying creditors and finalising the arrangements for the future management of the club.
However, he urged caution on the part of the fans, insisting Dundee may not come out of administration until the end of the season.
That would mean manager Barry Smith continuing to be hamstrung by the transfer embargo put in place by the SFL, and that his tiny squad of players would have to soldier on to the end of the campaign without any reinforcements.
“I have had extensive communication with HMRC over the last four weeks and I finally confirmed this afternoon with them that they would not be lodging an appeal,” said Jackson.
“I admit the wait in the build-up to the deadline has been absolutely hellish. It has been really difficult to deal with and there has been a lot going on in the background which I cannot talk about.Dividends”We can now start paying the dividends to the creditors and handing control to the new shareholders, but it will not be an easy task.
“We have been consulting with our lawyers to see if there is any way we could ‘short-circuit’ the process of coming out of administration, which would of course also mean the end of the transfer embargo.
“However, there are a lot of unresolved issues, and while there is pressure from the fans, it is unlikely that we will come out of it until the end of the season.
“I have had talks with the SFL about the embargo, but they would have to put a proposal to all their members and by the time that happened it would almost be the end of the season anyway.
“I just hope that the small group of players at the club can continue their magnificent run and ensure Dundee are not relegated.”
Mr Jackson said, “I know there will be a lot of relief among the fans that the deadline for appeals has passed but I would continue to urge caution.
“I have said from the start that the club’s odds of surviving were no better than 50-50. I would say they are now 51%, or maybe a little bit more, but we have definitely turned a corner today.
“We should be grateful but let’s not forget what happened and that people lost their jobs and money. And I would also ask the fans to continue raising funds for the club.
“Even when we come out of administration we will still need working capital in what is a difficult industry from a financial point of view, but once again I wish to thank all involved at the club, among the supporters, and in the city of Dundee for their patience and support throughout this period.
“We are now definitely in the final stages (of administration) and, whilst there are a number of outstanding issues to be resolved, we are moving in the right direction.”