THE EDITOR: A recent newspaper ad addressed to all creditors of the T&T Football Association (TTFA) is somewhat befuddling to me as a qualified accountant with over six decades of work experience.
What is strange is that this ad requests the creditors of the TTFA to submit proof of their claim and is placed to the back of a newspaper which the creditors may not see. Also, it is a very small advertisement which might hardly be seen by a claimant.
And the TTFA must already know the names and addresses of the creditors, so why isn't this notice sent by mail to them since not everybody reads newspapers these days?
Then the ad requires all creditors to submit proof of their claims against the TTFA on or before April 8 and threatens that a creditor who has not submitted the information before this date will not be paid.
Is there a law in the country which gives someone the legal right, in this case a liquidator, to determine and say that if the documents are not delivered inside ten days then that is the end of the claim and the TTFA’s liability? It doesn’t work like that.
I must also ask: Since the TTFA would have prepared audited accounts over several decades with the supporting documents being already verified by professional auditors and certified to prepare the balance sheet, then why must these documents be resubmitted so suddenly?
This could be a costly and time-consuming exercise for many of the creditors who may not be able to locate their documents after 30 years or more.
Where are the documents and the bills in the TTFA’s office? Someone must find them. Having been audited and already verified, isn’t this proof enough for the liquidator to accept the work of previous professional auditors (which is acceptable practice)?
Is the TTFA playing smart with foolishness and looking for a way to deny creditors their just settlements which have been withheld for years?
SOURCE: T&T Newsday