GFC Holdings Ltd Struck Off | Page 3 | Vital Football

GFC Holdings Ltd Struck Off

Captainreblue

Vital Squad Member
#41
The building of half the stadium was overseen by a photo copier salesman. Scally has control of nearly all things GFC, hence why not many people who come in to work in senior roles last very long.
 
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Wayne.Kerr

Vital Champions League
#42
The building of half the stadium was overseen by a photo copier salesman. Scally has control of nearly all things GFC, hence why not many people who come in to work in senior roles last very long.
The fact that he sold photocopiers is irrelevant especially of you have a good business brain. The problem is that others who fill senior positions usually have good business brains and may well challenge PS' thoughts on different matters and it seems he can't deal with that.
 
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Wayne.Kerr

Vital Champions League
#43
While some of Scally's prior behaviour and decisions open up valid criticism, it is wrong to assume that Scally is involved in every part of the day to day activities of the club and is directly to blame for everything that is judged negative.

Scally might sign off the accounts as chairman but they'd be prepared by accountants and not photocopier salesmen.

For all we know, the delay could be caused by the auditors who have last minute concerns over Michael Anderson's involvement and to what extend additional notes need to be added.
The auditors will not write the notes; all they can do is reort on the adequacy of a significant post-balance sheet event that has to recognised in the financial statements either by way of a note or provision. So, Scally has to be involved if he's going to sign them off.
 

Baghdad_Rob

Vital Squad Member
#44
The auditors will not write the notes; all they can do is reort on the adequacy of a significant post-balance sheet event that has to recognised in the financial statements either by way of a note or provision. So, Scally has to be involved if he's going to sign them off.
It is correct to say the auditors wouldn't write the note although no one claimed that they would. The point I was making was that if the auditors weren't happy with something then they will push it back on the company they are auditing and give them the chance to correct. In the case of Gillingham then I cited Michael Anderson as an example. The actual reason for the delay in publishing the accounts might be a completely different issue.

You are confusing the difference between preparing a set of financial accounts and the act of signing them off. Scally does not have a financial back ground and would not have been involved in their preparation. The preparation would have been done by the finance team and Scally would have signed them off as a matter of trust. As I commented in a prior reply, Mike Quarrington is a qualified certified account and one of the primary reasons that companies hire certified accountants is to prepare the annual account. Personally I think Scally delegated the role of preparing the financial accounts to someone who knew what he was doing and then he added his signature to the relevant sheet when Michael Quarrington put it on his desk.

Long story short, it wouldn't surprise me if the only involvement Scally had was adding his signature in the right box.
 

Wayne.Kerr

Vital Champions League
#45
It is correct to say the auditors wouldn't write the note although no one claimed that they would. The point I was making was that if the auditors weren't happy with something then they will push it back on the company they are auditing and give them the chance to correct. In the case of Gillingham then I cited Michael Anderson as an example. The actual reason for the delay in publishing the accounts might be a completely different issue.

You are confusing the difference between preparing a set of financial accounts and the act of signing them off. Scally does not have a financial back ground and would not have been involved in their preparation. The preparation would have been done by the finance team and Scally would have signed them off as a matter of trust. As I commented in a prior reply, Mike Quarrington is a qualified certified account and one of the primary reasons that companies hire certified accountants is to prepare the annual account. Personally I think Scally delegated the role of preparing the financial accounts to someone who knew what he was doing and then he added his signature to the relevant sheet when Michael Quarrington put it on his desk.

Long story short, it wouldn't surprise me if the only involvement Scally had was adding his signature in the right box.
So what? He signs; he's responsible.
 
#46
delegation or no delegation all directors are jointly responsible under the companies act to meet their duties one of which is to present and file the accounts. yes there might be a dispute re MA and the loan. interesting that 3 directors limited was gonna be struck off before someone saved it. was that MA or the other two?!
 
#47
This whole thread just proves the point that you shouldn't let any accountant/"financial services" person anywhere near a business.

They have absolutely no idea what is going on and end up arguing with each other over what happened/should have happened/should happen next.

String 'em all up I say.
 
#48
Having no accounts filed for over a year the warning notice in the Gazette a couple of months age said that all the assets would become 'bona vacantia' ie belong to the state. Any idea what it means in reality?
GFC Holdings being restored. Accounts available in 5 days. WTF is going on?
 

Wayne.Kerr

Vital Champions League
#50
Having no accounts filed for over a year the warning notice in the Gazette a couple of months age said that all the assets would become 'bona vacantia' ie belong to the state. Any idea what it means in reality?
As the holding company, it had shares in two may be more Gills-related companies. So, no doubt at some stage the financial statements if published will reveal how the 70% holding in GFC has been dealt with along with ownership of a sister company that had a substantial bank loan of over £9m.
 

PhilK66

Vital 1st Team Regular
#51
I have a good medical professional mate who's been struck off for having a one off session with a patient in a moment of madness. All that expensive medical training and dedication wasted.

A wonderful and dedicated practioner and a very fine vet.
 

NickDay85

Vital Youth Team
#52
Scally literally said the other week that it was struck off in error and was due to be restored. There’s nothing going on at all as far as I’m concerned.
 

Wayne.Kerr

Vital Champions League
#53
Scally literally said the other week that it was struck off in error and was due to be restored. There’s nothing going on at all as far as I’m concerned.
How can it be struck off in error if you get notice after notice for failing to file accounts and other returns?
 

Wayne.Kerr

Vital Champions League
#55
Oh I have no doubt that it was an error on our part, but still no scandal. Just (really) poor admin I guess.
Poor admin at that sort of level is bordering on negligence of the highest order and we won't know what has happened until we see the accounts that are long overdue. No, this is not poor admin; if it was why then were the accounts and returns of GFC Ltd filed but not those of a sister company and the parent company?