Begbies-Traynor, formally the club’s administrators, have been appointed liquidators after the Valiant 2001 company was wound-up and have pledged to seek to obtain payment from former directors over the nil-paid shares controversy.
We believe that we have grounds to pursue monies from certain individuals…
Directors Perry Deakin and Peter Miller sparked outrage when it was revealed that the duo had not paid for £350,000 worth of shares that had enabled them to join the board.
Administrator Bob Young told the Sentinel: “The letters sent out to former shareholders effectively bring to an end the process of saving the club. That could have been the end of it as far as we’re concerned but we believe that we have grounds to pursue monies from certain individuals.
“As liquidators we have far greater powers and will be looking to recover certain monies which we believe were owed to the club.
“Key to this is the issuing of £500,000 worth of ‘nil-paid’ shares to certain individuals in 2011. We will also be investigating possible misfeasance or breaches of fiduciary duties by some former directors.
“Our investigation is obviously running in tandem with a separate inquiry by Staffordshire Police and we recently passed over a bundle of documentation to them.”