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Lennoxtown Initiative charity was Insolvent in 2011 yet Celtic SLA continued to be paid for last 4 years. EDC picked up charity’s £500,000 tab.

The above is an extract from The Lennoxtown Initiative annual account for year ending 31 March 2011. As can be seen in the second paragraph: ‘the company’s current liabilities exceeded its total assets by £60,721.’ In the second paragraph it says: ‘Included in current liabilities is an amount of £242,526 due to East Dunbartonshire Council’. The … Continue reading

East Dunbartonshire Council was not legally obliged to pay Celtic SLA payment so why do it?

  As The Lennoxtown Initiative charity incorporation documents show it had no share capital and was Limited by Guarantee. The guarantee is covered by the Members (not shareholders since there are no shares). And as we know the main Members were the 3 public authorities (from the memorandum of association): However the Guarantee is limited … Continue reading

Money flows showing how Celtic got paid back funds they paid for Lennoxtown via The Lennoxtown Initiative charity

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