You may be surprised with our services :tee hee:
http://www.ukiobank.co.uk/
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You may be surprised with our services :tee hee:
http://www.ukiobank.co.uk/
New fears for Hearts over effect of crisis at bank
Senior News Reporter
Thursday 14 February 2013
FRESH concerns have been raised over the Vladimir Romanov company that owns Hearts as Lithuanian authorities unravel a key part of the mogul's business empire.
FRESH concerns have been raised over the Vladimir Romanov company that owns Hearts as Lithuanian authorities unravel a key part of the mogul's business empire.
BRIAN DONNELLY Bankers believe that if Romanov's Ukio Bankas goes under, sister company Ukio Banko Investicine Grupe (UBIG) – which owns the Tynecastle club – would be affected.
Hearts said the Ukio Bankas collapse would have little effect on the day to day running of the Edinburgh club.
But a Lithuanian banking source said Ukio's plight could have a "direct impact" on UBIG, of which Romanov is chairman and said to be part owner.
Supporters are expected to have a clearer picture within days of the fate of Ukio, currently in temporary administration.
It is hoped the temporary administrator's report will be completed by Friday and officials are set to work through the weekend to take a decision.
Supporters' groups are said to be working behind the scenes to help "secure the future of the club" .
It was reported that UBIG recently used a new Lithuanian law allowing the company to pledge all of its assets as collateral.
A Hearts source said it was unclear what the long-term effect would be on Romanov's personal wealth, described as "weakened".
Labour peer and Hearts fan Lord Foulkes said: "Hearts are now moving into profitability and represent an asset rather than a liability. It is important that the administrator's action recognises this and protects the club
Am I missing somehing, or is the Honorable George missing something??
A brain :greengrinQuote:
Originally Posted by s.a.m
You mean apart from the ability to voluntarily control his bladder?Quote:
Originally Posted by s.a.m
Bloody phones cut off' wanted to invest my life savings as well :-)Quote:
Originally Posted by poolman
A recollection of the last 8 years?Quote:
Originally Posted by s.a.m
Pretty sure Hearts haven't been anything like profitable in a long time
1) Hearts have not become profitable overnight, they are still a loss making entity. They just are not making as huge a loss as before.Quote:
Originally Posted by s.a.m
2) If a company moves from being loss making to profitability that doesn't mean they become an asset. They still have a negative balance sheet, which is a liability.
These are the words of someone who clearly doesn't have a clue what he is talking about.
George Foulkes is a bellend.
So those cake bakes haven't really been happening because The Hearts are actually running at a profit? Wow. And that guy is a peer of the realm.Quote:
Originally Posted by Ryan91
Or is that a pee-er?
I think the latter of the two terms is appropriate when discussing our auld pal George, but it would appear that George knows something the rest of the world doesn't - in that Hearts are in fact profitable, and that those bake sales are all for the fun of it, not because they were slowly heading up a certain creek without a paddle.Quote:
Originally Posted by clerriehibs
So what about the £22-£24M debt owed to ubig? If UBIG are taken down with UKIO, surely any new bank will either, call in the debt, or agree a debt repayment plan on less favourable terms than at present.
I see Hearts are selling their season tickets as from the start of next month.
GGTTH
http://www.scotsman.com/sport/footba...sale-1-2790911
gearing up to sell some season tickets
"One of its key elements will be the re-introduction of early-bird prices for a fixed period"Quote:
Originally Posted by Gatecrasher
Expect the early-bird deal to be so good that you'd be "mad" not to buy before the end of March. :wink:
From the "comments" ..Quote:
Originally Posted by Gatecrasher
"I would like the club (or Vlad) to make some statement on the potential sale of the club before I part with my hard earned this year"
Errr .. everything is okay .. we have the best young team in the league .. Hearts are not directly affected by the UKIO situation .. we are now a profitable club ..
"Thank you, who do I make the cheque payable to?"
:wink:
Do the auditors have any role here ? Is. Hearts accounts have been qualified for the last few years due to the inability to verify the underwriting guarantees. Surely now it is clear that Hearts have no prospect of being underwritten and despite what the eminent Lord Faukes stats are clearly trading insolvently ? Does Scotland not prevent Directors of companies from knowing doing this ? Does the City of Edinburgh Council and HMRC not have an obligation to follow up their debts immediately in these situations ?
An views on the above ?
The auditors are probably considering their position as we speak, since the 2012 accounts are due for submission to Companies House and HMRC. I would be surprised if they issue the same report as they have done in the past, especially given the latest developments.Quote:
Originally Posted by Hibeesforever
As far as the insolvency question is concerned, once insolvency has been established, it is incumbent on the directors of the company to cease trading immediately and take steps to put the company into administration or liquidation. Any debts incurred after that can be held to be the personal liability of the directors. (good luck with that :greengrin)
HMRC have been quite clever in dealing with their debt; they have, thus far, always managed to get what is due to them. I don't know what measures CEC have taken, but would presume they have their standard procedures.
Will Hector be monitoring this?
I wonder if, in hindsight, they're starting to regret coming to an 'arrangement' for payment.
I wonder how many business, owed money, are gearing up to get it out of Hearts sooner rather than later.
Ukio and UBIG might not be the downfall of hearts at all........ :greengrin
You forgot that bit. :greengrinQuote:
Originally Posted by StevieC
THe 14/15 Season tickets will be in sale in october then. They will call the ultra early bird!Quote:
Originally Posted by StevieC
Or they offer a 3 year season ticket at a heavily discounted price?? :dunno:Quote:
Originally Posted by spike220
New bank takes over.
Want to maximise assets from Ukio ashes so reviews portfolio.
Identifies Tynecastle as valuable real estate that might get them circa £10m from a developer.
Applies charge over stadium and toss Hearts out.
Hearts would beownerless and debt less but stadium less. Consortium could snap them up, council will put them up and Hearts will be debt free and able to continue in the SPL unabashed UNLESS….
SFA/SPL evoke going into adminstration old club / new club scenario boot them out and refuse Newco entry?
What's the possibility of that?
I don't think that HMRC will have many regrets. Thus far, they have been paid all of the ongoing debt. It's only the investigation money that they stand to lose at the moment; had they gone in with all guns blazing to have that paid in a lump sum, HMFC would probably have just closed the doors. The current arrangement at least gives them a chance of recovery.Quote:
Originally Posted by jonty
HMFC wouldn't be debt-less; there would still be the UBIG debt. Liquidation would be the only way out in your scenario.Quote:
Originally Posted by NeilOrrSquareBa
:top marksQuote:
Originally Posted by Ozyhibby
With all this weeks drama I almost forgot that tomorrow is supposed to be payday :-D could be interesting.
I hope tats got his mrs a lovely present for valentines day, might just save him from a savage beating
Hearts fans would have to be mental to buy season tickets next month!
Cannae help but assume the reason they are going out so early is that money will come in before the accounts are submitted to Companies House. Then, we might see admin or liquidation when the realisation hits about insolvency. However, by that time, the jumbos would have given about £4mil in season ticket money to uncle Vlad! :cb
CG or CWG - could they employ the above scenario?
Can you not see the obvious flaw in that line? :greengrinQuote:
Originally Posted by MrSmith
A sell out of all next seasons home games seems inevitable.Quote:
Originally Posted by MrSmith
Yup! Had to say though!! :greengrinQuote:
Originally Posted by JimBHibees
Shouldn't be too hard at Saughton Park.Quote:
Originally Posted by Dashing Bob S
They could, but it would be illegal.Quote:
Originally Posted by MrSmith
Insolvency is not about the accounts, it's about circumstances; it can be established at any time. IMO, HMFC are already insolvent.
A few days ago the Bank of Lithuania Board meeting was attended by Economy bank managers - Edita Karpavičienė, Arnas Žalys who basically admitted that our findings on bank insolvency and the solvency level is correct. Edith Karpavičienė bank had, I think, 19 years old, was the right hand (Farm Bank shareholder Vladimir Romanov - BNS), and the same companion recognized "- LNK TV show" Diagnosis: Government on Wednesday said LB Deputy Chairman Raimondas Kuodis.
Lithuanian Radio on Thursday said that inspections Farm Bank, found that the lack of 500 million. LTL and its leaders claimed that the main shareholder of the bank V.Romanovas did not intend to rescue the bank.
"500 million. Thousand negative equity - the Bank of Lithuania approved the inspection, the international audit company KPMG. Confirmed Tuesday that most bank managers. They agreed that the assessment is more or less correct - minus € 500 million. Thousand. They confirmed that there is no money. They also confirmed that the owner basically has neither the resources nor the desire to help the bank. Mr. Romanov told about the mystical billion, which it is, but probably not "- said R.Kuodis.
He pointed out that the declaration of V.Romanovo parliamentary elections were the following: assets - EUR 170 million. LTL liabilities - 220 million. LTL: "It's either he made a false declaration, or the declaration says that the man himself is basically bankrupt.An A.Žalys was Chairman of the Board, and E.Karpavičienė - Chairman of the Supervisory Board Chairman.
i just popped over to the kickback to see how they are taking the news of their clubs owners financial problems and they are not bothered in the slightest..in fact the main forum doesn't include a thread on the subject at all...you have to go back a page to see any mention of it!...if this was happening at hibs i know this place would be in meltdown so what makes the hearts support so laid back about their future?...i have a good mate who is a s.t. holder at tynie and he is of a similar viewpoint..he is convinced that there isn't a problem...im not a jambo hater on a scale of many on here but i do find their lack of concern regarding their clubs future very puzzling.