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Birmingham International Holdings Delay Interim Results
Birmingham International Holdings today confirmed that the interim results due on Friday for the six month period up until December 2014 are to be delayed until April at the earliest.
The announcement confirms that the accounts will be delayed pending finalising the interim report due to shareholders. The receivers go on to give a tentative date of April as when the results will be announced.
In honesty, this announcement is unsuprising in the extreme. I have no doubt that the receivers will need time to pick through the accounts and documentation at BIH properly – with a misappropriation of funds allegedly occurring and the previous auditors disavowing accounts it would be extraordinarily remiss not to ensure everything is correct. I think this is a reason why the receivers have also given a tentative date as it’s my opinion that they would not want to commit themselves to something that may not be achievable; the full scale of the task might not yet be apparent.
It is nothing to worry about though. The Football League have confirmed that they have met with the receivers and both BIH and BCFC have funds to keep them going until the end of the season, so that should be okay. The only thing is it means we’ll have to wait a little bit longer to find out a more recent state of affairs of the accounts – but that when we do get them it’s most likely going to be thoroughly checked and looked into. For what it’s worth, I’m happy to wait for the full answers.
Tags: Accounts, BIH, Ernst and Young
17 Responses to “Birmingham International Holdings Delay Interim Results”
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If the end result is a clear and precise picture to enable us to offer any new buyer clarity not cobwebs.
Unlike all the cobwebs the other lot left for Carson to find
Not surprised by this, but then I am surprised that E&Y cant meet the deadline and giving a deadline of approx the end of April seems a long time when you consider the reports should be pretty much done. More than dotting the i’s and crossing the t’s me thinks.
Stevie
I think that there is much work to be done. The previous auditors disavowed the last accounts; there have been questions about misappropriation of funds and there have been allegations of missing documentation. EY have a duty to the court to ensure that the accounts filed are correct and I suspect they’ll want to go through every piece of documentation again before they allow anything to be filed.
Whether that drags skeletons out of the closet who knows – but in the long run I think that will be good for us.
Dan thanks for the reply and agree only good should come out of this. However working for a company that has more financial reviews than you can shake a stick at, preparation goes on long before our deadlines and we do tend to meet them especially the important ones. Another 2 months of prep sort of strikes me that either not a lot has been done or there is something coming out of a closet somewhere.
I am being patient and the focus is on tonite COYBB’s
Stevie W, (Scud) What deadline you referring to, the receiver won`t dance to any one`s tune mate. They are not making (as Dan pointed out) any promises and will take as much time as needed. If you remember I said to you when the receivers were first called in, that we must all be patient and support them and the good guy`s on the board and get the placed deep cleaned, that’s what receivers do. They must geniuses imo if they get through all this lot by April.
It’s one thing having a set of accounts. It’s another having a set of accounts
that are genuine and legit.
No stone will be left unturned by the receivers, I for one can not wait to see
What comes out in the wash. That said everything could be correct and hunky dory.
Did anyone just see that flying pig ?
… did someone mention me?
If CY wins control back, we may NEVER see E&Y audited accounts.
Does this then confirm that the FL are happy and we don’t have to worry about a possible 10 point deduction?
Only the football league will announce their decision of the board meeting to decide if points are to be deducted. The only crumb of hope was that their last announcement did sound quite promising but who is to say what their stance would be when the accounts are published but then that will not effect this season but we could still have a points deduction next season.
EY will be forensically examining everything that is BIH full stop. This isn’t the old chestnut of accounts being delayed that we heard endless times. This is a completely independent review of exactly what’s being going on since day one. With over 3 million being misappropriated,paperwork missing and the main shareholder being a convicted money launderer just to kick off with,it’s nailed on there’s more revelations to come and they can take all the time they like. Hopefully EY will find the golden nugget that blows CY and PP out of the water for good.
Spot on Hillfield. The key word is ‘Forensic’. It’s not a slap-dash bringing together of the accounts to hide the slush funds, appease the authorities, minimise tax etc. It’ll be forensic otherwise why bother for E&Y?
Having seen this in action, I do think they can make the April ‘deadline.’ April 2016!
dan, a massive Thankyou again for all your hard work.
PS: Go the Baggies!
Jammy villa bast%rds win it with penalty in 4th minute of ET. They are going to dodge the drop again. Good set of results for us though in the Championship.
I meant injury time not extra time.