Apologies for anyone who has just seen the same thread on GMK but ...
Two points on this
1. This is under Scottish jurisdiction, so the English courts may apply a different ruling
2. The year long embargo wasn't specified in the SPL regulations as a possible sanction, whereas it is there in black and white in the football league regulations, relating to the non filing of accounts
The only encouraging thing for me is that no further sanction (that I can see) is mentioned in relation to the ongoing non filing of accounts by City, in particular points deductions.