The Whites have since been promoted back to the Championship and Bates insists the club have prioritised finances to ensure past mistakes are not repeated.
"We made a profit last year. We don't owe anybody any money. We have a little bit in the bank, but not much," he told Sky Sports. "We're paying our bills on time and have no debts. So that's the important thing.
"All football clubs are now realising it that you have to get your balance sheet and your profit and losses right first and then play football, otherwise as you're seeing every week you won't be able to play football.
"I never discuss business in specifics in public. That's a matter for Simon, myself and the rest of the board. Simon's always got what he's asked for so far. But then he's a reasonable man."