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| Hearts get the knock from HMRC; Well, it's been coming. | |
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| Tweet Topic Started: Nov 7 2012, 02:02 PM (6,196 Views) | |
| Naebody | Jun 18 2013, 11:36 AM Post #61 |
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Twat
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I'll assume Mr Brown knows that he's accusing the Hearts directors of breaking the law. My understanding of the process is that the administrator establishes at what date the company was balance sheet insolvent. After that date, if there was no realistic prospect for the company's solvency improving yet management continued trading, the directors are personally on the hook to reimburse creditors. So I wonder if Hearts was trading from a technically insolvent position before last week? Or, to put it another way: ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha. |
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| Tom_Boland | Jun 18 2013, 01:00 PM Post #62 |
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Ivan Golac
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Ah yeah, the play-offs - forgot about them. That could work for or against them, even in the SPL, this Season. When are they being brought in to play? I |
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| Morvant's Finest | Jun 18 2013, 01:33 PM Post #63 |
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Tommy McLean
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Looks like it will be season 2013-14 if all goes to plan: http://sport.stv.tv/football/clubs/aberdeen/229144-neil-doncaster-hard-work-starts-now-to-set-up-spfl-for-201314-season/ |
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| Morvant's Finest | Jun 18 2013, 01:35 PM Post #64 |
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Tommy McLean
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Interesting Naebs, in your knowledge has anyone at a football club ever been found guilty of this? |
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| Naebody | Jun 18 2013, 01:37 PM Post #65 |
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Twat
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It's brave to assume Hearts will be playing in any league next season. How up-to-speed are any of us on the minutiae of Lithuanian corporate law? Or, indeed, Lithuanian criminal law? And how much leeway can we expect KPMG to allow Hearts? I note in passing that KPMG (as a firm) has already liquidated Leeds United and Airdrieonians. I also note that, unlike most football grounds, Tynecastle's probably worth more as something other than a football ground. It's an asset with a ~£16m book value that supports a business generating less than £8m in turnover and has failed to break even in twelve of the past 13 years. If administrators really want to protect value for creditors (which is, bear in mind, their jobs) then it's only sensible to start with the property. |
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| Naebody | Jun 18 2013, 01:44 PM Post #66 |
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Twat
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The only example I can think of is Australian businessman and awful cunt John Elliott, who was found guilty of keeping Carlton FC going as if it was the corpse in Weekend at Bernie's. |
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| TheDean | Jun 18 2013, 09:13 PM Post #67 |
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ALLEGEDLY CALICO
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Its stretching the credibility to suggest the insolvency event actually occurred in the close season. The SPL deliberately ignored all the badges of Hearts' insolvency under SPL rule 6.12 whilst the season was still going on. Bomber has a case. Fortunately the Hearts ground is subject to a floating charge (unlike Ibrox) so the UBIG/UKIO reps call the shots on the administration. I honestly can't see past a sale of Tynecastle for flats flats glorious flats and a revival of the SevconianHearts for Murrayfield saga. |
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| Tom_Boland | Jun 18 2013, 09:42 PM Post #68 |
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Ivan Golac
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Hi TheDean. I got my info. from Rule A6.8 about the Insolvency in the "Close Season", but I see what you're meaning in Rule A6.12 where it seems to point the finger at the parent company. If anybody else wants to look, check the Rules and Regs. yourself at http://www.scotprem.com/content/default.asp?page=s43 |
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| Morvant's Finest | Jun 19 2013, 02:25 PM Post #69 |
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Tommy McLean
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Sounds like a right card, interesting to read about his adventures and knew nothing about him until now but this article seems to suggest it was when running another company, and not Carlton AFL, that he got done for trading while insolvent? Either way, that's a Footy club, so it still seems to suggest that Football/Soccer club owners are somewhat immune to this particular legal pitfall.... |
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| Tom_Boland | Jun 19 2013, 04:36 PM Post #70 |
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Ivan Golac
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Their Administration has been confirmed on the BBC. Looks like they'll be in the SPL but start with -15 points. http://www.bbc.co.uk/sport/0/football/22953448 |
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| Morvant's Finest | Jun 20 2013, 11:57 AM Post #71 |
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Tommy McLean
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This thread on Jambos Kickback discusses the situation with regards to the floating charge on Tynecastle (well they mainly pick fights with each other about what the document means and whether it adds anything). Anyone care to explain what it means to the less enlightened.... |
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| reekie | Jul 7 2013, 11:03 PM Post #72 |
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lum raker
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I see Hearts can't "rule out entering a 'newco scenario'. I'm sorry, is this some sort of massive, generic, cognitive behavioural therapy?! A "newco scenario"? If this was Private Eye I'd expect at least a "surely liquidation - Ed?". |
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| Naebody | Jul 8 2013, 02:13 AM Post #73 |
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Twat
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Well. Liquidation would be relatively simple in comparison to what they're proposing, which looks more like confiscating UBIG's assets for the crime of still existing. Is an administrator allowed to do that? |
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| whatsthatonyourback | Jul 8 2013, 08:26 AM Post #74 |
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Waldo Jeffers
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I thought the administrator's priority was to get the most for creditors? Ha ha ha ha. |
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| reekie | Jul 8 2013, 08:32 AM Post #75 |
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lum raker
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I know. For a firm who are administrating a company because they've been a bit naughty financially, using phrases like "circumventing the share issue" seems a little strange. Edited to include Naebody's quote. Wassa, can you check with me before you post to avoid this type of confusion? Ta. Edited by reekie, Jul 8 2013, 08:48 AM.
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