Latics repay debt to Brass Bank
Date published: 12 June 2020
Latics have said they will avoid administration after repaying money owed
Latics have stated that they will avoid the prospect of going into administration after they repaid money owed to Brass Bank Limited.
Documents filed to Companies House confirm the amount owed by the Boundary Park outfit to Brass Bank - owned by former club owners Danny Gazal and Simon Blitz - has been settled.
In a brief official website statement, the club said: "The Club is pleased to announce that it has reached an agreement with Brass Bank Limited to settle the debt owed to it and secured by a debenture.
"The debenture has been removed at Companies House and the Court administration proceedings are now at an end."
Latics had been facing the prospect of having 12-point deduction imposed on them if they were placed into administration.
Planning for next season will now be under way at Latics after clubs in League Two voted to end their 2019/20 season earlier this week.
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