Accounts (1 Viewer)

[davebart]

Sorry if I've missed it on another thread but weren't the accounts supposed to be submitted by yesterday to have the transfer embargo lifted?

 

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[Brighton Sky Blue]

The accounts can be submitted at any time, and the embargo will be lifted once the FL are satisfied with them.

 

[davebart]

So there is no pressure on SISU then to file them. As soon as they do there will be no reason why they could not sign players which they obviously also wish to avoid.

 

[Brighton Sky Blue]

I'm not 100% sure, but I think there will come a point when they are legally obliged to open up the books-however, since they won't be punished by the footballing authorities for this incompetence, they're free for now to sit and do nothing under the pretence of the ACL talks.

 

[gouldberg]

I don't know much about business accounts but don't Sisu have to pay a financial penalty for late filing of the accounts? Not sure on the exact figures and I know it's not millions owed but I think it might be about £1,000 (depending on how late they are).

 

[Brighton Sky Blue]

A grand is a pittance when the club already owes £200k in unpaid rent.

 

[gouldberg]

I know it's nothing in terms of what we already owe etc but if I remember correctly if we owe money to 2 seperate entities they can (should they both choose to) place us into administration can't they? Or is that slightly different terms?

 

[Brighton Sky Blue]

To be honest, the club is basically in administration at the moment-ARVO are the creditors with all rights firmly secured on the club's assets, and as they're the masterfund supporting SISU's losses in the club, administration would be pointless. Liquidation however, guarantees that ARVO, and hence SISU, get all of the proceeds from such a move if the plug is pulled.

 

[ccfcway]

To be honest, the club is basically in administration at the moment-ARVO are the creditors with all rights firmly secured on the club's assets, and as they're the masterfund supporting SISU's losses in the club, administration would be pointless. Liquidation however, guarantees that ARVO, and hence SISU, get all of the proceeds from such a move if the plug is pulled.

Said this to a pal last night, we are effectively in administration now, not paying bills, cant sign anyone etc

 

[Steve.B50]

I would accept Administration, its Liquidation that worries me.

Was told that accounts are with accountant and waiting to be signed off over weekend.

 

[Sky Blue Kid]

I know it's nothing in terms of what we already owe etc but if I remember correctly if we owe money to 2 seperate entities they can (should they both choose to) place us into administration can't they? Or is that slightly different terms?

You'll probably find any two seperate entities(When looked into deeply enough) would probably be owned by SISU in some way or another, anyway.:thinking about:

 

[Sky Blue Kid]

You'll probably find any two seperate entities(When looked into deeply enough) would probably be owned by SISU in some way or another, anyway.:thinking about:

Two words that might back up my statement..................Caymen Islands!

 

[Diehard Si]

Was told that accounts are with accountant and waiting to be signed off over weekend.

Who said that?

I imagine the accounts have been with the auditors for months, but they are refusing to sign off the audit report until they get confirmation SISU will support the club for 12 months.

So them actually signing them is a whole different story.