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Transfer Embargo (6 Viewers)

  • Thread starter SuperFred
  • Start date Apr 5, 2021
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skyblueelephant76

Well-Known Member
  • Apr 6, 2021
  • #36
KersleyDigs said:
Says it is in place until February, that's doesn't make any sense...
Click to expand...
It's in place until we file our accounts. February was when they should have been completed by
 
H

HuckerbyDublinWhelan

Well-Known Member
  • Apr 6, 2021
  • #37
I don’t get why this is news? We did this regularly 5 years ago. In fact the club made a big thing about it when they put them in on time
 
Reactions: ccfcmad1

Frostie

Well-Known Member
  • Apr 6, 2021
  • #38
HuckerbyDublinWhelan said:
I don’t get why this is news? We did this regularly 5 years ago. In fact the club made a big thing about it when they put them in on time
Click to expand...

Because it's the Daily Mail.
They want to peddle this "Financial Armageddon" line to generate clicks/sales despite the facts showing it being nothing of the sort.
 

skyblueelephant76

Well-Known Member
  • Apr 6, 2021
  • #39
HuckerbyDublinWhelan said:
I don’t get why this is news? We did this regularly 5 years ago. In fact the club made a big thing about it when they put them in on time
Click to expand...
It's only news because the papers are trying to make a story out of it so it has forced some of the clubs involved to comment to stop the conspiracy theories going crazy. The EFL won't even confirm which clubs it affects even though the embargoes have been in place for weeks
 
M

Magwitch1

Well-Known Member
  • Apr 6, 2021
  • #40
The EFL are simply working within their rules which has been picked up by the national press to make a bullshit story linked loosely to covid
 

Grendel

Well-Known Member
  • Apr 6, 2021
  • #41
Frostie said:
Because it's the Daily Mail.
They want to peddle this "Financial Armageddon" line to generate clicks/sales despite the facts showing it being nothing of the sort.
Click to expand...

Well - we are using the companies house extension and that will be due to financial concerns and getting accounts signed off
 

Frostie

Well-Known Member
  • Apr 6, 2021
  • #42
Grendel said:
Well - we are using the companies house extension and that will be due to financial concerns and getting accounts signed off
Click to expand...

Fairly sure any company in the country who has been impacted by Covid can do the same. As the Luton statement says they have had theirs prepared a while but been unable to get an auditor to sign them off yet. Hardly means "Financial Armageddon" does it?
 
Reactions: mark82

lord_garrincha

Well-Known Member
  • Apr 6, 2021
  • #43
Remember... In this thread, a non performing asset is a loan for which the interest payment has remained overdue for 90 days plus.

It is NOT any of the foreign freebies we've bought in the last two years!
 

Dickie

Well-Known Member
  • Apr 6, 2021
  • #44
fatso said:
Do you feel a little bit silly now the club have confirmed the embargo?
Click to expand...

I mean the overreaction in the whole DM story. Do keep up old chap
 

fatso

Well-Known Member
  • Apr 6, 2021
  • #45
Dickie said:
I mean the overreaction in the whole DM story. Do keep up old chap
Click to expand...
I think you'll find you said they made the story up!
Luckily for you, you can go and re read your post!
And then YOU will be up to date OLD CHAP
 
Reactions: Dickie

oldskyblue58

CCFC Finance Director
  • Apr 6, 2021
  • #46
Nothing to see as far as ccfc are concerned. Companies House have amended their rules, which they can do quite easily. The EFL has a set of regulations that can only be changed by its members approval in AGM or EGM.

CCFC have chosen to take advantage of the Companies House temporary change. They could sign off and file their accounts any time after 01/06/20 but the directors chose not to. They could i assume file their accounts with EFL and then Companies House later

Technically ccfc are in breach of EFL regulations but it is not anything to be concerned about. Ccfc are not in breach of company law

Once accounts filed embargo will be cleared. Which will be well before the transfer window opening.

Bit of a jobs worth all round really
 
Reactions: mark82, Hobo, SBbucks and 7 others

Dickie

Well-Known Member
  • Apr 6, 2021
  • #47
fatso said:
I think you'll find you said they made the story up!
Luckily for you, you can go and re read your post!
And then YOU will be up to date OLD CHAP
Click to expand...

Haha, I saw the article on the CCFC website, then logged on here and saw the link to the DM.

I meant, sorry I should obviously have been clearer, that the DM exaggerated the significance of what’s happened. That’s all. Assume you haven’t read it. Although to be fair I work in PR and deal with the DM a lot so maybe I’m looking for it more.
 

Liquid Gold

Well-Known Member
  • Apr 6, 2021
  • #48
Football finance moron stirring up his followers

 

robbiekeane

Well-Known Member
  • Apr 6, 2021
  • #49
Grendel said:
Well - we are using the companies house extension and that will be due to financial concerns and getting accounts signed off
Click to expand...
Not really, you've just made that up.

Rule applies for all companies in the UK and common in other countires too - they even extended the filing deadline for personal tax returns in the US. Many companies still operating at reduced capacity, reduced admin staff, the tax authorities (HMRC, IRS) have a lower capacity.

It was extended so there was one less thing to worry about as an impact of a virus that's killing people. Ridiculous that the EFL didn't mirror it. Twats.
 
Reactions: Hobo
B

Brighton Sky Blue

Well-Known Member
  • Apr 6, 2021
  • #50
Coventry City chief executive Dave Boddy criticises 'ridiculous' transfer embargoes placed on some Championship clubs - BBC Sport
 

letsallsingtogether

Well-Known Member
  • Apr 6, 2021
  • #51
Pricey1984 said:
Surely the fact that this has affected nearly half of the teams in the division shows this is an EFL clanger right?
Click to expand...
Not really half have been able too file them.
Dont really understand why people or companies leave it to the last minute.
 

jim20

Well-Known Member
  • Apr 6, 2021
  • #52
The fact the EFL won’t comment on clubs under the embargo says it all, they know they fd up and don’t want to admit it
 

SBAndy

Well-Known Member
  • Apr 6, 2021
  • #53
letsallsingtogether said:
Not really half have been able too file them.
Dont really understand why people or companies leave it to the last minute.
Click to expand...

Companies leave it to the last minute so they keep some competitive advantage and don’t let competitors know too much too soon. The difficulty is more to do with accountants/auditors and their capacity as I understand it.
 
Reactions: mark82 and Sky_Blue_Dreamer

letsallsingtogether

Well-Known Member
  • Apr 6, 2021
  • #54
SBAndy said:
Companies leave it to the last minute so they keep some competitive advantage and don’t let competitors know too much too soon. The difficulty is more to do with accountants/auditors and their capacity as I understand it.
Click to expand...
Yes I understand that the thing is we have previous.
 

Sky Blue Pete

Well-Known Member
  • Apr 7, 2021
  • #55
Man City £126m loss. Nothing to see here. That’s ok! ?
 
Reactions: Kneeza

shepardo01

Well-Known Member
  • Apr 7, 2021
  • #56
 
Reactions: wingy, montydon87, Sky Blue Pete and 1 other person

SBAndy

Well-Known Member
  • Apr 7, 2021
  • #57
shepardo01 said:
Click to expand...

And again the clueless gimp strikes. Companies House have automatically bumped this on for everyone and due to the change in financial year for the FL they would have ordinarily had until end of April to file. Absolute non-story of epic proportions.
 
Reactions: mark82 and shepardo01

Nick

Administrator
  • Apr 7, 2021
  • #58
Again you would have thought he would check that before going with headlines and shock stories to get attention?
 

Liquid Gold

Well-Known Member
  • Apr 7, 2021
  • #59
SBAndy said:
And again the clueless gimp strikes. Companies House have automatically bumped this on for everyone and due to the change in financial year for the FL they would have ordinarily had until end of April to file. Absolute non-story of epic proportions.
Click to expand...
Imagine paying £9k a year and being taught by that guy
 
W

wingy

Well-Known Member
  • Apr 7, 2021
  • #60
Are Derby in there?
 

shmmeee

Well-Known Member
  • Apr 7, 2021
  • #61
SBAndy said:
And again the clueless gimp strikes. Companies House have automatically bumped this on for everyone and due to the change in financial year for the FL they would have ordinarily had until end of April to file. Absolute non-story of epic proportions.
Click to expand...

? The EFL haven’t submitted their accounts yet, unlike say Forest who have. So they have done exactly what he says in the tweet: taken advantage of the rule change.
 

oldskyblue58

CCFC Finance Director
  • Apr 7, 2021
  • #62
Comparing law with regulations doesn't really work though.

Efl is governed by company law in so far as submission of accounts. So can legitimately delay until 30/06

The clubs are governed by company law and efl regulations. The law says they don't need to submit yet. The regulations say that by 31/03 each year all clubs must file their accounts with efl and at the same time projections for the following year. Clearly ccfc have not submitted their statutory accounts to anyone. If they can't complete the accounts can they submit the projections ?

Might not be quite what is portrayed.

However it is still heavy handed from efl especially in these strange times
 
Last edited: Apr 7, 2021
Reactions: wingy, Sky Blue Pete and Grendel
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