View Full Version : More trouble for Shels?
The Companies Registration Office records for Accolade Limited are showing a form H4 filed by the company's auditors on 18th July 2007.
Basically the H4 states that the company didn't keep proper books of account which is a criminal offence for which the directors of the company can (and usually are) prosecuted and fined.
The H4 doesn't state the period for which proper books weren't kept, presumably it's the period before the fans took over the running of the club.
Sheridan
16/08/2007, 9:52 AM
Jesus wept.
Put your spreadsheets away, Stato. Ollie is never going to be prosecuted for anything. I trust I don't need to explain why.
presumably it's the period before the fans took over the running of the club.
LOL :D
sfc red
16/08/2007, 10:07 AM
The Companies Registration Office records for Accolade Limited are showing a form H4 filed by the company's auditors on 18th July 2007.
Basically the H4 states that the company didn't keep proper books of account which is a criminal offence for which the directors of the company can (and usually are) prosecuted and fined.
The H4 doesn't state the period for which proper books weren't kept, presumably it's the period before the fans took over the running of the club.
:rolleyes:
Yeah cos that's high on his list of worries right now.
Stupid thread.
:rolleyes:
Stato
16/08/2007, 10:09 AM
Jesus wept.
Put your spreadsheets away, Stato. Ollie is never going to be prosecuted for anything. I trust I don't need to explain why.
Maybe not, but you need at least two directors to have a limited company and each and every director is treated the same when it comes to the Companies Acts. You can't use the "I didn't know" or "I thought he was looking after it" defence. Who were the other directors of Accolade while Ollie was there?
joeSoap
16/08/2007, 10:11 AM
Can we not just let the man die in peace, without dragging up all sorts of crap that we've heard thousands of times before?
Honestly...:mad:
razor
16/08/2007, 10:13 AM
Maybe not, but you need at least two directors to have a limited company and each and every director is treated the same when it comes to the Companies Acts. You can't use the "I didn't know" or "I thought he was looking after it" defence. Who were the other directors of Accolade while Ollie was there?Let it go please. :(
Dodge
16/08/2007, 10:25 AM
Can we not just let the man die in peace, without dragging up all sorts of crap that we've heard thousands of times before?
In fairness not everyone is up to spped on the man's health.
There was nothing wrong with the tone of Stato's post. Replying to the thread will not make it disappear...
btid1
16/08/2007, 10:38 AM
In fairness not everyone is up to spped on the man's health.
Ye some of us aren't up to speed.Am I missing something here?Is the state of his health really that bad?
sfc red
16/08/2007, 10:40 AM
Ye some of us aren't up to speed.Am I missing something here?Is the state of his health really that bad?
Yes. And I don't believe threads about Ollie should be kept tbh. AFAIK his family reads the eL forums and this is the last thing they need.
bohs til i die
16/08/2007, 10:41 AM
In fairness not everyone is up to spped on the man's health.
There was nothing wrong with the tone of Stato's post. Replying to the thread will not make it disappear...
As was said, you need two directors, so whoever the other director is [his nephew andy perhaps?] it matters because I would assume Shels are still trading under the name Accolade?
jebus
16/08/2007, 10:41 AM
Ye some of us aren't up to speed.Am I missing something here?Is the state of his health really that bad?
Last I heard he was in a hospice, could be wrong
It's still relevant if this is new information about Shels holding company being in trouble. The mess that is Accolade doesn't die with him.
John83
16/08/2007, 10:52 AM
It's still relevant if this is new information about Shels holding company being in trouble. The mess that is Accolade doesn't die with him.
Can you edit the title? That'd probably calm down the reaction here.
Dodge
16/08/2007, 11:16 AM
Can you edit the title? That'd probably calm down the reaction here.
Just did. Thanks for pointing it out
Who is this Shelbourne that you talk of?
:confused:
Theskinloyal
16/08/2007, 11:46 AM
They are the current Eircom League Champions. Or do you not follow the domestic game?
They have won the Eircom League 13 times and the Cup 7 times. One of the most successful and oldest clubs in the League of Ireland. Unlike teams from Cork once the finances go bit a rye (to say the least) they don't fold, dissapear and start up a new club a la Cork Hibernians, Cork United, Cork Celtic etc.
ciaraa
16/08/2007, 11:55 AM
They are the current Eircom League Champions. Or do you not follow the domestic game?
They have won the Eircom League 13 times and the Cup 7 times. One of the most successful and oldest clubs in the League of Ireland. Unlike teams from Cork once the finances go bit a rye (to say the least) they don't fold, dissapear and start up a new club a la Cork Hibernians, Cork United, Cork Celtic etc.
ha ha...
Zing
ndrog
16/08/2007, 12:02 PM
:D
They are the current Eircom League Champions. Or do you not follow the domestic game?
They have won the Eircom League 13 times and the Cup 7 times. One of the most successful and oldest clubs in the League of Ireland. Unlike teams from Cork once the finances go bit a rye (to say the least) they don't fold, dissapear and start up a new club a la Cork Hibernians, Cork United, Cork Celtic etc.
:D nice
Stato
16/08/2007, 12:06 PM
They are the current Eircom League Champions. Or do you not follow the domestic game?
They have won the Eircom League 13 times and the Cup 7 times. One of the most successful and oldest clubs in the League of Ireland. Unlike teams from Cork once the finances go bit a rye (to say the least) they don't fold, dissapear and start up a new club a la Cork Hibernians, Cork United, Cork Celtic etc.
Ah yes, but even with all that history and success they'll be nothing until they can claim to have been ridden rock solid at least once. :D
Risteard
16/08/2007, 12:30 PM
Unlike teams from Cork once the finances go bit a rye (to say the least) they don't fold, dissapear and start up a new club a la Cork Hibernians, Cork United, Cork Celtic etc.
Fair enough but it would have been interesting to see if City got a First Division licence had they been up to the tricks Ollie was pulling and in your situation at the start of the season.
LeixlipRed
16/08/2007, 4:44 PM
Not sure who the other Director of Accolade is. Ollie owns all the shares bar one afaik. It may be Andy Byrne but my memory is not too clear on that. higgins might know if he's around somewhere
Theskinloyal
16/08/2007, 4:59 PM
Besides everyone knows it wasn't Ollie, it was the one armed man :)
dcfcsteve
16/08/2007, 5:07 PM
Not sure who the other Director of Accolade is. Ollie owns all the shares bar one afaik. It may be Andy Byrne but my memory is not too clear on that. higgins might know if he's around somewhere
Would anyone be shocked if it transpired that there was only one director at Shels.....? :eek:
Anto McC
16/08/2007, 6:05 PM
Andy wasn't a director at Shels when Ollie was there.
Would anyone be shocked if it transpired that there was only one director at Shels.....? :eek:
The second one was his wife. And no, I'm not kidding
Buile Shuibhne
16/08/2007, 8:14 PM
Two former directors of Shels - LO'C & RC - were also directors of Accolade originally.
They handed over their shares in Accolade to Tony Donnelly when he became involved in Shels.
Since TD died in the mid 90's, his family passed a lot of those shares back to Ollie.
Up to last year they retained a very minor token share in Accolade.
None of the present Board of Management are involved in Accolade - although I understand that nephew Andy Byrne is representing Ollie's interests on the board. Not sure if he has official or legal 'Power of Attorney' though?
I found a company search dated July 2003 which names Richard Campbell and Brian Nathan as directors of Accolade along with Ollie. Anyone know them? Campbell owned 5 shares at the time, Theresa Donnelly listed as owning 14985.
LeixlipRed
16/08/2007, 10:35 PM
Don't know Campbell. Nathan was and may still be on the board. Related to Breda Nathan who wrote Footballics Anonymous. Great read btw :D
Dr.Nightdub
16/08/2007, 10:45 PM
Directors needn't be shareholders and vice-versa.
dcfcsteve
17/08/2007, 12:33 AM
The second one was his wife. And no, I'm not kidding
Who's wife ?? I thought Olly didn't marry....!?!
truered
17/08/2007, 5:01 AM
Two former directors of Shels - LO'C & RC - were also directors of Accolade originally.
They handed over their shares in Accolade to Tony Donnelly when he became involved in Shels.
Since TD died in the mid 90's, his family passed a lot of those shares back to Ollie.
Up to last year they retained a very minor token share in Accolade.
None of the present Board of Management are involved in Accolade - although I understand that nephew Andy Byrne is representing Ollie's interests on the board. Not sure if he has official or legal 'Power of Attorney' though?
I believe Brian Nathan and Andy Byrne are both directors of Accolade, the lather was made a Director when he was given power of attorney. Lads ollie isnt married.
paudie
17/08/2007, 8:43 PM
According to the annual return dated 11/7/07 in the Companies office the directors of Accolade Ltd are:
Ollie Byrne
Andrew Byrne
Richard Campbell
Brian Nathan
Ollie Byrne is the company secretary.
A face
17/08/2007, 11:19 PM
Fair enough but it would have been interesting to see if City got a First Division licence had they been up to the tricks Ollie was pulling and in your situation at the start of the season.
Ain't that the truth. And if you know your history you'll know why there were so many Cork clubs too.
The FAI were entrusted with the interests of ALL football teams on this island for many many years.
higgins
18/08/2007, 1:48 AM
........ it matters because I would assume Shels are still trading under the name Accolade?
You know what they say about people who assume ?
pineapple stu
18/08/2007, 8:35 AM
You can easily check it out on the CRO.
dcfcsteve
18/08/2007, 1:39 PM
The FAI were entrusted with the interests of ALL football teams on this island for many many years.
Were they though ? The League ran itself until the recent merger.
pineapple stu
25/08/2007, 2:40 AM
There's a bit about this in the current issue of Phoenix magazine. Apparently E604k of cash is unaccounted for at Shels. The directors are to go up in front of the High Court soon to explain themselves. Apparently Shels spent E3.8m last season - a phenomenal figure. The article notes that they're still dependent on cash advances from Kilkenny, so basically they're still killing themselves, just slower.
The most likely place missing cash has gone to is player wages. If that's the case, Shels would have to pay tax on the cash at 46/54ths (i.e. regross it up). That'd be E500k plus interest plus penalties. A serious amount of money. The straw to break Shels' back can't be too far away at this stage, it seems.
Stu- Why would the figure owed in tax be so high if the 604k was on wages?
pineapple stu
25/08/2007, 2:52 PM
First off, this is all hypothetical, obviously.
But if the missing cash has gone to players for their wages, then they've just been paid nett. Tax is 46% (41% PAYE and 5% PRSI). So to pay someone E54 into their hand, you have to actually pay them E100, and then stop E46 in tax. Similarly, to pay someone E604k cash (which is what's happened in this scenario), you have to actually pay them E1.11m, and then stop E511k tax.
But surely there'd be a significant amount of that taken up by tax credits and lower rate tax, or would that not count in the case that the payments had been hidden?
Not doubting stu at all, here, just asking questions because I'm unclear on what's going on :)
But surely there'd be a significant amount of that taken up by tax credits and lower rate tax, or would that not count in the case that the payments had been hidden?
Its likely this was extra "under the counter money" so the players would already have used up all their tax credits etc... on the legitimate payments.
pineapple stu
25/08/2007, 9:09 PM
Its likely this was extra "under the counter money" so the players would already have used up all their tax credits etc... on the legitimate payments.
Exactly.
robbiesdrogs - cheques wouldn't be "lost cash". That'd be cash you could see coming in and going out. This sounds more like the auditors trying to do verification work on, say, gate receipts compared to bank lodgements, and realising that there's no way all the gate receipts have been lodged. In that case, everything would be cash, not cheques.
OneRedArmy
25/08/2007, 9:30 PM
Ties up with the famous rumours about players being paid in loose notes and coins from time to time a few years back.
incident
26/08/2007, 8:46 AM
But surely there'd be a significant amount of that taken up by tax credits and lower rate tax, or would that not count in the case that the payments had been hidden?
Tax credits, lower rates etc aren't really relevant - if the destination of the money can't be accounted for, then naturally it gets charged at the highest applicable rate.
If Shels were able to prove exactly where the cash had gone, then it'd be a different story.
The Man Himself
26/08/2007, 9:20 AM
They are the current Eircom League Champions. Or do you not follow the domestic game?
They have won the Eircom League 13 times and the Cup 7 times. One of the most successful and oldest clubs in the League of Ireland. Unlike teams from Cork once the finances go bit a rye (to say the least) they don't fold, dissapear and start up a new club a la Cork Hibernians, Cork United, Cork Celtic etc.
totally agree. they had more teams then henry the eight got his hole
Poor Student
26/08/2007, 9:35 AM
I don't think it's inconceivable that Shels could cease to exist in the near future. According to the article they're dependent on Kilkenny's money to survive yet for some insane reason they seem to have increased their expenditure for the second half of this season in spite of being out of both cups and the promotion race in the First Division. They have old debts and current expenditure to pay while being on life support from a developer. The only asset they have they can't release its equity except in drips and drabs and who knows what's left of it for them by this stage anyway.
pineapple stu
26/08/2007, 4:45 PM
In today's Sindo (via the Rovers forum (http://www.srfcultrasforum.com/forum/showthread.php?t=4127)) that Home Farm have refused to allow Shels groundshare.
Direct linky- http://www.independent.ie/sport/soccer/troubled-tolka-1066262.html
Powered by vBulletin® Version 4.2.2 Copyright © 2024 vBulletin Solutions, Inc. All rights reserved.