Forest already had restrictions placed upon them for breaching Financial Fair Play rules but now they have been automatically hit with a blanket ban on signing any players after missing the due date for the latest instalment on their club-record signing Britt Assombalonga, who moved to the City Ground from Peterborough in a £5.5million deal in the summer
Posh chairman Darragh MacAnthony called the situation a 'disgrace' on Twitter after his club's attempts to bring in new players ahead of Monday night's transfer deadline were undermined, and the 38-year-old Dubliner wants the Football League to take further action
Missing the payment, thought to be due by January 30, meant Forest were unable to bring anybody in on Monday
And as things stand, the Reds will be prohibited from adding to their squad when the loan window opens again next week - unless they pay the League One club.
However, Freedman, appointed on Sunday night following the departure of Stuart Pearce, believes his previous experience of working in difficult circumstances at Crystal Palace and Bolton will stand him in good stead.
"I look at this group of players and it is certainly capable of winning football matches in the Championship.
"I don't need to add anything to it so it is not top of my list to worry about," said Freedman.
"I've worked in these markets before where I've had no money and I'm okay with it. I know the market very well and I'm familiar with this kind of situation."
"I worked when we were in administration at Crystal Palace, which was very difficult. When you're in administration there is only you and a couple of players left."
"With the squad I have now, I'm not frightened of the word embargo."
There is no suggestion that Forest chairman and owner Fawaz Al-Hasawi is experiencing financial difficulties but there have been issues regarding the distribution of money since the Kuwaiti's takeover of the club in the summer of 2012.
The Reds have been late in paying clubs for players, with Hull and Palace thought to have been left waiting for payments owed for the Tom Ince and Jack Hunt loan deals.
Many agents and club suppliers are also understood to have been paid late - or are still awaiting money.
Freedman added: "The chairman seems a very honest and honourable man
"It wouldn't be the first time that kind of thing has happened at a football club and I'm sure it won't be the last time. I don't think we should make a lot out of it."
"The Peterborough chairman was telling us all a while back that he run his club at a profit and he's alright. That's good for him but we all fall on hard times, that's life and that's the way it goes.
"We wouldn't be the first business not to pay on time.
"As I say, the chairman strikes me as an honourable man and I'm sure he'll pay whatever monies he owes."
Meanwhile, Pearce has been offered a senior advisory role at Forest following his sacking at the weekend.
John McGovern, the club's ambassador and former European Cup-winning captain, said: "I'm sure Stuart was surprised initially when offered the role
"He has not accepted it but has not refused it either
"I don't think Stuart will accept but Fawaz has so much respect for him
It's a gesture of humanity."
Source : PA