I think strictly Derry City FC (the FAI registered football club) did the dodgy dealings with the contracts, whilst Wellvan ran up the debts (as the company is the body corporate).
No matter how much people want it not to be true, the club and the operating company are not the same. This is enshrined in corporate law in pretty much every jurisdiction, which is super equivalent to the rules of any football association.
A club is whatever it wants to be and is only bound by the rules of whatever association it maintains membership of.
As proof, everyone who tries to support the view we are somehow not Derry City ends up referring back to the change in operating companies. You're comparing fish and bicycles.
On the basis we own the right to trade as Derry City FC, which we do,and nobody else can be Derry City FC, which they can't, WE ARE DERRY CITY FC.
We can refer to past triumphs, history and the like as we see fit. FFS we were out of senior football for over a decade and nobody other then the IL bigot brigade queried us including those results in our history.
Build a bridge and get over it.....
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