Transfer Embargo (2 Viewers)

[skyblueelephant76]

Says it is in place until February, that's doesn't make any sense...

It's in place until we file our accounts. February was when they should have been completed by

 

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[HuckerbyDublinWhelan]

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

 

[Frostie]

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

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]

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

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

 

[Magwitch1]

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]

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.

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

 

[Frostie]

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

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?

 

[lord_garrincha]

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]

Do you feel a little bit silly now the club have confirmed the embargo?

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

 

[fatso]

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

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

 

[oldskyblue58]

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

 

[Dickie]

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

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]

Football finance moron stirring up his followers

 

[robbiekeane]

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

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.

 

[Brighton Sky Blue]

Coventry City chief executive Dave Boddy criticises 'ridiculous' transfer embargoes placed on some Championship clubs - BBC Sport

 

[letsallsingtogether]

Surely the fact that this has affected nearly half of the teams in the division shows this is an EFL clanger right?

Not really half have been able too file them.
Dont really understand why people or companies leave it to the last minute.

 

[jim20]

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]

Not really half have been able too file them.
Dont really understand why people or companies leave it to the last minute.

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.

 

[letsallsingtogether]

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.

Yes I understand that the thing is we have previous.

 

[Sky Blue Pete]

Man City £126m loss. Nothing to see here. That’s ok! ?

 

[shepardo01]

 

[SBAndy]

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.

 

[Nick]

Again you would have thought he would check that before going with headlines and shock stories to get attention?

 

[Liquid Gold]

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.

Imagine paying £9k a year and being taught by that guy

 

[wingy]

Are Derby in there?

 

[shmmeee]

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.

? 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]

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