On 21 December 2021, accountancy firm, BK Plus, was instructed to assist with the formal process of putting Coventry United Ladies Limited (“the Company”) into creditors’ voluntary liquidation. It was anticipated that the Company would go into liquidation on 4 January 2022 11:59pm.
On 4 January 2022 at 4:52pm, those instructions were terminated, and the Company did not proceed into liquidation.
Since the beginning of December 2021, accountants and business advisors from BK Plus have been working with the Company, initially seeking a buyer for the Company, and, when it appeared that no buyer would be found, commencing the liquidation process.
Richard Tonks, Insolvency Practitioner at BK Plus said: “Notice of the liquidation caused understandable disappointment to everyone connected with the Club, not least the players and staff. Notice of the proceedings also gathered a lot of external interest and concern, and, resulted in offers to try and save the club from parties in the UK and abroad.
It is unusual to be in a position of dealing with parties wanting to a rescue a company that, for all other intents and purposes, is at the point of no return. However, we were happy to work with the Company over the festive period providing information and support to a number of parties who had expressed a desire in preventing the Company from being placed into liquidation.
With a statutory deadline looming, all parties needed to act quickly to avoid the liquidation and we were pleased to be part of the process resulting in the agreement of heads of terms to sell the Company’s shares. Our instructions to place the Company into liquidation could then be terminated. Clearly, a sale still needs to be finalised and we remain on hand to support all of the relevant parties with a view to completing a sale as soon as possible.”