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Chewy24

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About Chewy24

  • Rank
    Sheffield Wednesday Youth Team

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  • Location
    York
  1. Kirksandallowl, I was using the bank as an example. What I mean is that when things happen such as late filing of accounts it can reflect badly on management when a wide range of professionals, suppliers etc look at how to deal with, and if they should deal with the club. Take the bank for example, the club may have no debt but does need the bank to provide the club with facilities that allow us to pay salaries and suppliers etc. I assume certain staff will have company credit cards. These may not be significant facilities in the scheme of things but are needed nonetheless.
  2. As MKowl says. Late filing of accounts can often result in a breach of financial covenants and thus make all debt repayable on demand. Whilst the club may not have any bank debt it still can reflect badly on how a business is managed. Banks often expect audited accounts to be filed within 270 days of the financial year end. Similar to when banks request any information from a customer. If it is not produced in a timely manner or even worse, if there is no response, the confidence in the management of said company is often thought to be weak.
  3. Whilst there may or may not be good reasons for late filing, from a corporate governance point of view it looks poor and impacts on the confidence people, especially professionals such as the bank etc, will have in the management of the club as a business.
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