The Debt.

[Peter Thompson]

Is the delay not due to the state of the BWFC accounts ?.....apparently they are in such a mess that no one has a clue how much we actually owe & to who we owe, therefore its proving very difficult for whichever consortium that is in the driving seat to get to the bottom of exactly what debt they are taking on.

I don't know. Is that the case? Is that the official line, the club are working out how much debt the new owners must take on before announcing the new owners. Or is it more likely that, as I said above, the club still don't know if we are to have new ownership or voluntary administration in the next fourteen days? I don't know the answer but my gut feeling is that the club is as much in the dark as I am.

It's obviously not the official line as we rarely get told anything from the club (admittedly we've had a few basic updates from Birch but without any detail), I'm not sure how true this is and it may well be a load of bollocks - but I heard it from someone yesterday at the game saying that basically an external team of accountants are currently sifting through the numbers / accounts / books etc trying to get to the bottom of our finances, because apparently they are a mess and a few things don't add up due to some clever accounting....there is apparently a lack of clarity in regards to what the new favoured consortium will be taking on & who is owed what.

[officer_dibble]

Well clearly any prospective owners should be undertaking due dilligence. We've filed all accounts to date and never had any issue with IR so I dont think there can be anything dodgy/illegal. However clearly ED and PG have not been able to sort the sale of the club before the well ran dry. It could be stupidity, illness, head in the sands or just the fact no-one wanted to buy. I think its a combination of the first three cos there are at least 2 buyers out there now (or so we are told).

[Worthy4England]

Well clearly any prospective owners should be undertaking due dilligence. We've filed all accounts to date and never had any issue with IR so I dont think there can be anything dodgy/illegal. However clearly ED and PG have not been able to sort the sale of the club before the well ran dry. It could be stupidity, illness, head in the sands or just the fact no-one wanted to buy. I think its a combination of the first three cos there are at least 2 buyers out there now (or so we are told).

I want to buy the new Ferrari. This is no indication of my ability to afford it...

[Lost Leopard Spot]

Well clearly any prospective owners should be undertaking due dilligence. We've filed all accounts to date and never had any issue with IR so I dont think there can be anything dodgy/illegal. However clearly ED and PG have not been able to sort the sale of the club before the well ran dry. It could be stupidity, illness, head in the sands or just the fact no-one wanted to buy. I think its a combination of the first three cos there are at least 2 buyers out there now (or so we are told).

Sorry, more questions. Have we filed all accounts to date? I thought we were a year behind. I also thought that was why we'd been hit with the transfer embargo. Am I getting mixed up again?

[LeverEnd]

Not a year behind, unable to provide income guarantees for the coming year due to uncertain ownership. The accounts as I understand it are all there, if someone buys us they sign them off and embargo disappears. Absolute least of our worries as I understand it

[officer_dibble]

I think we've filed in accordance with uk legislation, just missed the ffp deadline for 2015, presumably because we went tits up last month. Not sure if the next formal accounting deadline is just april it aint my field...we may well miss that!

[BWFC_Insane]

Is the delay not due to the state of the BWFC accounts ?.....apparently they are in such a mess that no one has a clue how much we actually owe & to who we owe, therefore its proving very difficult for whichever consortium that is in the driving seat to get to the bottom of exactly what debt they are taking on.

The delay is that no prospective buyer has come up with the money yet. Several have walked away.

You can't buy the club if you don't have money and none of the parties interested have been able to produce the cash yet.

We need a lot just to keep running. Sounds to me like a lot of chancers and dreamers rather than anyone who understands the financial commitment.

[Peter Thompson]

Well clearly any prospective owners should be undertaking due dilligence. We've filed all accounts to date and never had any issue with IR so I dont think there can be anything dodgy/illegal. However clearly ED and PG have not been able to sort the sale of the club before the well ran dry. It could be stupidity, illness, head in the sands or just the fact no-one wanted to buy. I think its a combination of the first three cos there are at least 2 buyers out there now (or so we are told).

I want to buy the new Ferrari. This is no indication of my ability to afford it...

See I think that they can afford it, especially if its the Peter Jones (Emerson Group) consortium - the issues (again only rumours nothing official or owt) are that the goalposts are being moved somewhat as they are going through the accounts as part of the due dil process - originally they were told that they needed to pay X, then it was Y and now its Z.

[Worthy4England]

Well clearly any prospective owners should be undertaking due dilligence. We've filed all accounts to date and never had any issue with IR so I dont think there can be anything dodgy/illegal. However clearly ED and PG have not been able to sort the sale of the club before the well ran dry. It could be stupidity, illness, head in the sands or just the fact no-one wanted to buy. I think its a combination of the first three cos there are at least 2 buyers out there now (or so we are told).

Sorry, more questions. Have we filed all accounts to date? I thought we were a year behind. I also thought that was why we'd been hit with the transfer embargo. Am I getting mixed up again?

The Accounts (taxman thing) aren't due until 31 March 2016, looking at Companies House website. Our Accounts are currently up to date, in the sense they were filed on time for the last set that were required. What I don't believe we've filed is our FFP return.

[BWFC_Insane]

Well clearly any prospective owners should be undertaking due dilligence. We've filed all accounts to date and never had any issue with IR so I dont think there can be anything dodgy/illegal. However clearly ED and PG have not been able to sort the sale of the club before the well ran dry. It could be stupidity, illness, head in the sands or just the fact no-one wanted to buy. I think its a combination of the first three cos there are at least 2 buyers out there now (or so we are told).

I want to buy the new Ferrari. This is no indication of my ability to afford it...

See I think that they can afford it, especially if its the Peter Jones (Emerson Group) consortium - the issues (again only rumours nothing official or owt) are that the goalposts are being moved somewhat as they are going through the accounts as part of the due dil process - originally they were told that they needed to pay X, then it was Y and now its Z.

The Jones group being involved is a wild rumour. There is little evidence that is the case. Those that claimed it also claimed a deal would be announced about 2 weeks ago and thus have no credibility.

[Worthy4England]

Well clearly any prospective owners should be undertaking due dilligence. We've filed all accounts to date and never had any issue with IR so I dont think there can be anything dodgy/illegal. However clearly ED and PG have not been able to sort the sale of the club before the well ran dry. It could be stupidity, illness, head in the sands or just the fact no-one wanted to buy. I think its a combination of the first three cos there are at least 2 buyers out there now (or so we are told).

I want to buy the new Ferrari. This is no indication of my ability to afford it...

See I think that they can afford it, especially if its the Peter Jones (Emerson Group) consortium - the issues (again only rumours nothing official or owt) are that the goalposts are being moved somewhat as they are going through the accounts as part of the due dil process - originally they were told that they needed to pay X, then it was Y and now its Z.

I have no doubt that if Emerson wanted to chuck money at it, they could (which is different from should or would). I am, frankly non the wiser as to who's in which consortia. Things always move relative to time in DD - nature of the beast - so there's always going to be a bid price and then the price you eventually settle at. That's different than things not being revealed by the disclosing party and hoping the other party won't find out.

[Lost Leopard Spot]

Well clearly any prospective owners should be undertaking due dilligence. We've filed all accounts to date and never had any issue with IR so I dont think there can be anything dodgy/illegal. However clearly ED and PG have not been able to sort the sale of the club before the well ran dry. It could be stupidity, illness, head in the sands or just the fact no-one wanted to buy. I think its a combination of the first three cos there are at least 2 buyers out there now (or so we are told).

Sorry, more questions. Have we filed all accounts to date? I thought we were a year behind. I also thought that was why we'd been hit with the transfer embargo. Am I getting mixed up again?

The Accounts (taxman thing) aren't due until 31 March 2016, looking at Companies House website. Our Accounts are currently up to date, in the sense they were filed on time for the last set that were required. What I don't believe we've filed is our FFP return.

I clearly got mixed up then. But, however, I was damned sure the last filed taxman accounts were for 2013/14 and not 2014/15. That impression was definitely arrived at due to a series of posts on here somewhere, which I can't find anymore (posted by that poster who disappeared after revealing himself to be Trevor Birch or somebody). It's ok, I'm 60, my doctor warned me I'd have days like today.

[thebish]

^ yeah - like we were going into administration about 10 Fridays ago!

So, technically speaking, are we in limbo or purgatory?

I'm in Torquay...

That's what he said !!

well - you're in wales!

[thebish]

Not a year behind, unable to provide income guarantees for the coming year due to uncertain ownership. The accounts as I understand it are all there, if someone buys us they sign them off and embargo disappears. Absolute least of our worries as I understand it

^ that's what I thought the position was.. I didn't hear that the accounts are a mess - just that the uncertainty of future ownership means we can't give the future guarantees that are needed...

[BWFC_Insane]

Not a year behind, unable to provide income guarantees for the coming year due to uncertain ownership. The accounts as I understand it are all there, if someone buys us they sign them off and embargo disappears. Absolute least of our worries as I understand it

^ that's what I thought the position was.. I didn't hear that the accounts are a mess - just that the uncertainty of future ownership means we can't give the future guarantees that are needed...

This is the case from what has been said by the club.

[LeverEnd]

Not a year behind, unable to provide income guarantees for the coming year due to uncertain ownership. The accounts as I understand it are all there, if someone buys us they sign them off and embargo disappears. Absolute least of our worries as I understand it

^ that's what I thought the position was.. I didn't hear that the accounts are a mess - just that the uncertainty of future ownership means we can't give the future guarantees that are needed...

This is the case from what has been said by the club.

Hence 'as I understand it'! I'll take nothing that shower come out with as fact. I know Birch has been putting stuff out to the press, and it gives Iles something to write about, but as far as I'm concerned it's all part of the haggling process. I'd be very surprised if keeping fans informed is on his agenda, and to be fair that's not his job. Various things have been 'imminent' then gone quiet.
So maybe the accounts are fecked as well? It's hard to be anything other than completely cynical about those that run the club at this point.

[Harry Genshaw]

Could it be possible there's been some fraud/fiddling going on, and the attempts to cover this up is what's making the accounts such a bugger to sort out?

[plymouth wanderer]

Could it be possible there's been some fraud/fiddling going on, and the attempts to cover this up is what's making the accounts such a bugger to sort out?

That's my thinking, there's no smoke without fire. something stinks! and it ain't just LLS transfer thread.

[Peter Thompson]

Could it be possible there's been some fraud/fiddling going on, and the attempts to cover this up is what's making the accounts such a bugger to sort out?

Harry, I don't for one minute think that there has been any serious fraud, but perhaps some 'clever accounting / minor fiddling' and its only hear say & rumour but someone said yesterday that apparently there are other loans or things secured against the club by people that no one has ever heard about which has only just been discovered.

I don't think its anything major, but again 'apparently' this is a one of the reasons why the 'proposed' takeover is taking so long - and is why external independent accountants have been brought in to get to the bottom of what's been going on & who exactly do we owe money to and how much do we owe.

Like I said though it may be complete & utter bollocks.

[thebish]

Could it be possible there's been some fraud/fiddling going on, and the attempts to cover this up is what's making the accounts such a bugger to sort out?

I see no reason to assume that... of course, it's possible - but it's not necessary to explain how it could be tricky to tie up a new buyer!