Tuesday, 26 May 2009
West Ham insolvent as long ago as May 2008? Have the books been cooked?
Today is a day I have been looking forward to for 6 months. Not because it is the end of season but because today is the day our club is due to file its annual accounts for the period to end of May 2008. Yes, that's the year's accounts to end of 2007/8 season which were due to be filed at the end of November 2008!
Our board took a decision to delay that filing for some strange reason and used a little known rule designed to help companies changing their accounting year, to take a 3 months delay. We changed our accounting period by a cynical 3 days from 31st May 2008 to 28th May 2008 which meant the accounts did not have to be filed until 28th February 2009.
For some unknown reason at 28th February 2009 we changed our accounting year again from ending 28th May 2008 to 25th May 2008! Still following this? It meant our revised date allowed us to file another 3 months late on 25th May 2009.
That's why I was looking forward to finding out what had happened with our club's finances during BG's failing business empire's rapid decline. Yes you've guessed it! We have now changed our accounting period a third time and the year ended May 2008 now finishes on 22nd May giving us yet another 3 months delay in filing to 22nd August 2009! That's 1 year and 9 months after the year to May 2008 finished and 9 months overdue.
BG does not want us to see what has happened to the club's finances! Why? There are three possibilities I can think of:-
1) We made a huge profit and BG does not want our creditors to get their hands on it!
2) BG put our club finances in his bank Landsbanki which has failed and is hoping we'll get something back from the Iceland government before the fans find out.
3) BG has taken a lot of money out West Ham to bolster up his failed empire and doesn't fancy being strung up by fans when it comes out.
4) We were technically insolvent at the end of May 2008. By deferring filing our accounts by 9 months it gives the club time to make a profit in the current financial year and get us out of having to go into administration.
Does anyone else have a suggestion why?
Posted by Hammersfan at 19:57