Lawyers for this season’s play-off champions have admitted that the club’s financial plan had been ‘fundamentally flawed’ from the beginning.
Creditors have been asked to accept 20 percent of the Giants' outstanding debts.
UK ice hockey has been hit by mounting financial problems with a number of teams folding which in turn led to the league reforming under a new franchise name.
UK ice hockey team the Belfast Giants have pulled out of next season’s European Continental Cup amid mounting debts.
