oldskyblue58
CCFC Finance Director
At some point the administrator has to arrive at conclusions on the following (this is only some)
Golden share
Given the amount of public documentation what is it that is so weighty in evidence that causes him problems in making a conclusion. There are paper trails from all the interested parties that provide good evidence. Not to mention the disclosures in the accounts signed by the directors.
Trading activities
Again these are disclosed in the accounts signed by TF 19/06/12 very clearly. CCFC Limited carries on the playing activities of a professional football club. So when did it change and if it was during a period considered for the 2011 accounts why was there no disclosure in those accounts. (remember the auditors & directors have to consider a period of 12 months+ from the date of signing so that means up to at least 19/06/13) If there were a change in status then anyone relying on those 2011 accounts would be misled in my opinion. If the trade and assets were taken out of CCFC Ltd what was the value of the transaction and did ccfc ltd receive credit for it? What was the purose of the change if it happened?
Inter Company accounts
if CCFC Ltd is and always has been a non trading property subsidiary then (irrespective of the accounts being totally wrong) how did it possibly accumulate £60m in debt. The only thing it had to pay out was the rent, but if you read the CCFC H accounts it didnt do that because the lease is disclosed in CCFC H financial statements. In 2007 CCFC Ltd owed CCFCH 14.4m by 2011 it was 52m
ARVO
How much did CCFC Ltd actually receive from ARVO and for what purpose? Why did ARVO pursue CCFC Ltd when they knew all the assets were charged to them and are in CCFC H?.
Lease/Licence
Given that there was a fundamental change in activity of CCFC Ltd did they advise the landlord that it no longer traded? Why is the lease disclosed in CCFC H accounts when it did not actually own the lease? To not make the change clear means to enter in to negotiation not in good faith, and you have to question why not disclose. Got to remember there are people at ACL who over the years have been closely involved directly in the club surely they would know the status and structure of the Club?
Assets
Analysing the creditors would appear reasonably easy but what are the assets? The golden share? the player contracts? manager compensation? the option to purchase 50% of the ACL shares? the rights under the Escrow account? the right to occupy the stadium to fulfill fixtures? etc How are they valued?
Player Contracts
How difficult is it to go back over old contracts to see the which company name is on the paperwork and correspondence? Accounts to 31/05/11 clearly disclose the players as employees of CCFC Ltd. If they were transferred to holdings when ? and at what value?
Directors & shadow directors
If what we are told, CCFC Ltd is and always was, a non trading property subsidiary then the directors over a number of years will have made false declarations to HMRC, Company House, any user of the accounts, any potential purchaser etc. not just on CCFC Ltd but also CCFCH, SBS&L. Should that be proven then the conduct of the directors (inc shadow) is a major issue affecting far more than fit & proper. I know auditors can make errors in judgement but to completely misunderstand the nature, structure and trade of a client I find hard to believe
Dig deep enough, get information from 3rd parties, from the company records etc and the answers are there. Just some of the things the administrator needs to get the truth for
Golden share
Given the amount of public documentation what is it that is so weighty in evidence that causes him problems in making a conclusion. There are paper trails from all the interested parties that provide good evidence. Not to mention the disclosures in the accounts signed by the directors.
Trading activities
Again these are disclosed in the accounts signed by TF 19/06/12 very clearly. CCFC Limited carries on the playing activities of a professional football club. So when did it change and if it was during a period considered for the 2011 accounts why was there no disclosure in those accounts. (remember the auditors & directors have to consider a period of 12 months+ from the date of signing so that means up to at least 19/06/13) If there were a change in status then anyone relying on those 2011 accounts would be misled in my opinion. If the trade and assets were taken out of CCFC Ltd what was the value of the transaction and did ccfc ltd receive credit for it? What was the purose of the change if it happened?
Inter Company accounts
if CCFC Ltd is and always has been a non trading property subsidiary then (irrespective of the accounts being totally wrong) how did it possibly accumulate £60m in debt. The only thing it had to pay out was the rent, but if you read the CCFC H accounts it didnt do that because the lease is disclosed in CCFC H financial statements. In 2007 CCFC Ltd owed CCFCH 14.4m by 2011 it was 52m
ARVO
How much did CCFC Ltd actually receive from ARVO and for what purpose? Why did ARVO pursue CCFC Ltd when they knew all the assets were charged to them and are in CCFC H?.
Lease/Licence
Given that there was a fundamental change in activity of CCFC Ltd did they advise the landlord that it no longer traded? Why is the lease disclosed in CCFC H accounts when it did not actually own the lease? To not make the change clear means to enter in to negotiation not in good faith, and you have to question why not disclose. Got to remember there are people at ACL who over the years have been closely involved directly in the club surely they would know the status and structure of the Club?
Assets
Analysing the creditors would appear reasonably easy but what are the assets? The golden share? the player contracts? manager compensation? the option to purchase 50% of the ACL shares? the rights under the Escrow account? the right to occupy the stadium to fulfill fixtures? etc How are they valued?
Player Contracts
How difficult is it to go back over old contracts to see the which company name is on the paperwork and correspondence? Accounts to 31/05/11 clearly disclose the players as employees of CCFC Ltd. If they were transferred to holdings when ? and at what value?
Directors & shadow directors
If what we are told, CCFC Ltd is and always was, a non trading property subsidiary then the directors over a number of years will have made false declarations to HMRC, Company House, any user of the accounts, any potential purchaser etc. not just on CCFC Ltd but also CCFCH, SBS&L. Should that be proven then the conduct of the directors (inc shadow) is a major issue affecting far more than fit & proper. I know auditors can make errors in judgement but to completely misunderstand the nature, structure and trade of a client I find hard to believe
Dig deep enough, get information from 3rd parties, from the company records etc and the answers are there. Just some of the things the administrator needs to get the truth for
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