GFC Holdings Ltd restored to Companies Register | Page 4 | Vital Football

GFC Holdings Ltd restored to Companies Register

Wayne.Kerr said:
But you can't take a company out of a group and look at it in isolation - GFC Ltd is mortgaged up to the hilt and beyond - there's too much at stake to look t the one company. What happens if we get relegated? Do you think Barclays only looked at the one company? I wouldn't have thought so; as the ground is only valued at £4m, I'm sure the bank would have looked elsewhere, eg Scally's home etc
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Wayne - relegation would not make that much difference, a top Div 2 side will be making as much money as a mid table Div 1 side.

It seems that everyone (bank/ auditors / club / law) are all happy with the accounts and IF we have any debts whoever we owe to will also have covered that we are able to fore fill our liability etc

Any investment will be with due diligence which would always be the case - nothing in that aspect has changed and as PS did any new owner would probly take over any debts / liabilities
 
DurhamGills said:
Any investment will be with due diligence which would always be the case - nothing in that aspect has changed and as PS did any new owner would probly take over any debts / liabilities
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I don't think Scally took over any liabilities except the loan from Tony Smith
 
DurhamGills said:
Any investment will be with due diligence which would always be the case - nothing in that aspect has changed and as PS did any new owner would probly take over any debts / liabilities
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Any investor now would be looking at a going concern albeit heavily in debt; Scally bought a club in administration - two quite different scenarios.
 
wxgill said:
Scally said on BBC South East last night "We have no debt, we have no bank debt. We have no overdraft. We're financially in a good place. We own the stadium".
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All we can say at this time is that at May 31, 2017, the group led by GFC Holdings Ltd had long term liabilities of £10,850,000 of which £9,050,000 was owed to Barclays Bank with a charge over all the assets of Gillingham Football Club Ltd and £1,800,000 owed to Three Directors Ltd.

Either Scally will explain how the loans have been discharged, forgiven or written off along with possible tax consequences or we wait until the accounts to May 31, 2018 are filed.

'We' may own the stadium but, as of to-day, the charge on the assets is still outstanding.

Something doesn't ring true like companies being struck off the register by accident.
 
DurhamGills said:
In my view the statement is perfectly clear
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So if it is clear and true, why does he not come out and explain it (like he said he would in his "we must have better communication with our supporters" statement) rather than just making these statements that aren't backed up by the accounts.

Sorry Durham, but debt like GFC had/has doesn't just disappear because Scally says it has.

Also if we have no debt, own our own stadium and have no liabilities, why have we not found the investors he's been looking for for 20 years.

As I said in an earlier post, it is clear, as clear as mud.
 
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Captainreblue said:
So if it is clear and true, why does he not come out and explain it (like he said he would in his "we must have better communication with our supporters" statement) rather than just making these statements that aren't backed up by the accounts.

Sorry Durham, but debt like GFC had/has doesn't just disappear because Scally says it has.

Also if we have no debt, own our own stadium and have no liabilities, why have we not found the investors he's been looking for for 20 years.

As I said in an earlier post, it is clear, as clear as mud.
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Maybe there is a confidentially clause - banks dont like airing their errors after recent events.

His statement was clear and in the public domain
 
DurhamGills said:
Maybe there is a confidentially clause - banks dont like airing their errors after recent events.

His statement was clear and in the public domain
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The problem is there are very few people who believe what Scally says. As rotherhithe says, maybe clear, but is it true. The accounts don't back it up.
 
Scally may strictly be referring to the GFC Ltd accounts ONLY and I presume he is. He's made similar statements several times over the years. I can see why he may say that in relation to bank loans and overdrafts but I cannot see how he can say there are no debts at all. That is ridiculous.
 
DurhamGills said:
Maybe there is a confidentially clause - banks dont like airing their errors after recent events.

His statement was clear and in the public domain
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As are the entries on the Companies House Register and there is no record that the charge on the club's ground and assets has been satisfied.
 
Arthurly said:
Scally may strictly be referring to the GFC Ltd accounts ONLY and I presume he is. He's made similar statements several times over the years. I can see why he may say that in relation to bank loans and overdrafts but I cannot see how he can say there are no debts at all. That is ridiculous.
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As I wrote elsewhere, there is still a charge on the assets of Gillingham Football Club Ltd.
 
As I've also said elsewhere, if that is the case it is a very big nono for it not to be included as a note to the 2017 GFC Ltd financial statements or for the auditors not to have picked it up.

ie if you look at the GFC Ltd 2017 accounts you will find no charge on the assets mentioned even though there was a charge disclosed at Companies House.

You may find that in 2018 everything is sorted and Memoranda of Satisfaction filed appropriately.

In any case Scally is extremely unlikely to go over it with supporters and may have confidentiality agreements with banks re any write offs.
 
In any case Scally is extremely unlikely to go over it with supporters and may have confidentiality agreements with banks re any write offs.

Hence, our confusion :hmmm:
 
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