Waterford strike off listed?

[pineapple stu]

Can't register on the BTID forum for some reason.

I see WUFC plc have been strike off listed for not filing accounts since 2005. Anyone know what the story is there? Have they changed entity or are there other problems? Drogheda were threatened with various things (relegation and/or expulsion I think) a few yaers ago when their company was struck off, so this doesn't sound the healthiest of things.

[noby]

Following an EGM in 2005 the PLC was 'parked' and the assets transferred to a new private company.

This is from the official site archives:

Following the AGM, an EGM was held to ratify a proposal that the PLC be effectively parked and the assets transfered to a new private company. Following a discussion this was passed unanimously and it is likely that the new company will be in place for 2006.
Commenting on the proposal, Director Martin Colbert stated that it was the only way forward for the club.
" A lot of work has gone into this proposal and I would like to thank all those involved for their efforts. The financial and reporting requirements for a PLC makes it very difficult for a football club and I believe that this move is in the best interests of Waterford United and the shareholders at the meeting agreed with the board."

[pete]

The financial and reporting requirements for a PLC makes it very difficult for a football club

As opposed to the requirements for FAI licencing? :confused:

[noby]

As opposed to the requirements for FAI licencing? :confused:


Yes, actually. Even simple things like producing accounts to be posted out to all shareholders was a financial burden we could do without.

[pineapple stu]

Makes sense, cheers.

Should have continued filing accounts for the plc obviously rather than let it get struck off (annual return is over a year late, so it doesn't appear to be a voluntary strike off), but at least it's not as bad as long wranglings preventing accounts from getting finalised.