ian1964 10,720 Posted November 8, 2012 Share Posted November 8, 2012 Lifted from FF: 200000 Heroes 200000 Heroes is online now 1/4 of a million, including those at Ibrox Join Date: 17-06-2008 Location: Watching the Rhat's every Move Posts: 2,966 Default BDO set to pursue SPL & SFA for missing funds I have been in contact with BDO Glasgow, as a concerned creditor of the former plc now in liquidation, and managed to speak with one of the partners involved in the handling of the liquidation of the oldco. I told the partner that I wanted to ask only one simple question. It was this. "As a creditor of the oldco plc, I am a shareholder, can you confirm to me that you will be seeking to gather in all and any funds, from the SPL and SFA, that have been improperly retained, if indeed they have been improperly retained ?" I then went to explain to him that I work in finance, have serious concerns about the role of D&P and have serious concerns that funds that should be available to creditors (like myself) may have been wrongly retained by the SPL and the SFA. The partner confirmed to me that the timing of my request was most appropriate, and further confirmed to me that they had been in discussions with their senior partners in London, earlier today, and had discussed exactly this issue. The partner then went on to explain that they (BDO) obviously can't say too much about this, or about any other aspect of other lines of enquiry that they intend to follow, but the partner 100% assured me that "BDO are definitely going to rigorously explore whether or not funds have been retained by either of these organisations that they were not entitled to retain and which should now properly belong to the creditors of the oldco". Quite frankly, none of this should surprise us, as a great many of us have been speculating that the behaviour of the SPL and SFA in retaining prize monies, transfer funds, UEFA payments, etc must surely be illegal. Well, it looks like BDO may well agree and they seem intent upon finding out if the SPL or SFA had the legal authority to retain these oldco funds. If they didn't, I expect BDO to demand that the funds be returned to the oldco to go into the creditors pot, and rightly so. I did ask for an opinion on the handling of the administration and sale of the club by D&P, but the partner was very reluctant to be drawn on that issue. However, reading between the lines, I got the impression that BDO also have reservations about that and would like to examine all aspects of the D&P involvement. However, this is me speculating. The rest of this post is straight from the horse's mouth. Last thing, don't expect anything overnight on this. The partner also confirmed to me that they are intent upon exploring absolutely every avenue open to them to establish exactly what went on, and who did what, and whether or not any funds that should now belong in the hands of creditors may have been misappropriated. The partner told me this process will not be quick and that they cannot see it being concluded within a 12 month period. They feel it is likely to be "at least 12 months". So, the plot thickens, but I am left singularly reassured that BDO would appear to be about to do the job that D&P should have done and we may yet get to the bottom of who did what. We may also have the added bonus of watching the SPL and SFA squirm, as BDO seek to recover the stolen funds from them. Now, that would be a lovely Christmas present to sit alongside the 31st December (Shhhhhhhh) (Admin - PM me if you need the named source. I am happy to provide it) 0 Quote Link to post Share on other sites More sharing options...
Scott7 6,002 Posted November 8, 2012 Share Posted November 8, 2012 "BDO set to pursue SPL & SFA for missing funds" Not quite yet. They're going to do rigorous exploring first. Then they have to weigh up the expense of further action and the prospect of recovery if successful. 0 Quote Link to post Share on other sites More sharing options...
amms 0 Posted November 8, 2012 Share Posted November 8, 2012 For what it's worth BDO have been 'strictly off the record' briefing some of the press regarding this. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted November 8, 2012 Share Posted November 8, 2012 d&p sold the SPL prize money. they may have a case with the sfa. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted November 8, 2012 Share Posted November 8, 2012 Nothing to get excited about it would be remiss of them if they didn't check this out. 0 Quote Link to post Share on other sites More sharing options...
gisabeer 409 Posted November 8, 2012 Share Posted November 8, 2012 For what it's worth BDO have been 'strictly off the record' briefing some of the press regarding this. thatl be why its all over the papers then! 0 Quote Link to post Share on other sites More sharing options...
Super_Ally 0 Posted November 8, 2012 Share Posted November 8, 2012 Doesn't really say they're going after anything or they believe there is anything to reclaim. Just looking into whether or not this is the case (i.e. monies being withheld "illegally"). 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted November 8, 2012 Share Posted November 8, 2012 their job is to gather in every penny owed. 0 Quote Link to post Share on other sites More sharing options...
Ibrox Street Boy 0 Posted November 8, 2012 Share Posted November 8, 2012 But aren't there rules that say no 3rd party can get involved in SFA/SPL bussiness? Surely the SFA/SPL can just say it's none of BDO's bussiness and say it's our money now and we're keeping it 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,653 Posted November 8, 2012 Share Posted November 8, 2012 But aren't there rules that say no 3rd party can get involved in SFA/SPL bussiness? Surely the SFA/SPL can just say it's none of BDO's bussiness and say it's our money now and we're keeping it Just let them try it. Rhegan, Doncaster & co will be in for one hell of a shock. They've still got the money haven't they???????? 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.