Premier League club Crystal Palace have been threatened with being dissolved and struck off the companies register after being more than two months late filing their annual accounts for the 2016/17 campaign.
The accounts containing details of the Eagles’ financial position in 2016/17 were legally due to be submitted to Companies House by 31 March however, the official register has shown that the accounts have not yet been filed, as reported by the Guardian.
On 4 June, the Registrar of Companies issued a notice to CPFC 2010 Ltd, the company which owns and runs Crystal Palace, stating that it will be “struck off the register and the company will be dissolved” within the coming two months “unless cause is shown to the contrary”.
Subsequently, it is understood that the company will be struck off and will no longer ‘legally’ exist unless their 2016/17 annual accounts are filed by the end of August.
Failure to file accounts can be recognised as a sign the club is either having financial difficulties, administration issues, or that accountants auditing Palace’s books have raised concerns which the CPFC 2010 Ltd’s directors have not resolved to the auditors’ satisfaction.
However, Palace have claimed that the club is having no such issues, and the accounts are set to be filed to Companies House.
Palace are the only Premier League club in this situation, with all other 19 clubs present in the top flight during the 2016/17 season submitting their paperwork in good time.