Every Hearts fan 'solution' you read about always begins with the same thing.....some form of massive debt forgiveness. They better hope there is a lot of forgiving people out there.:cb:rolleyes:Quote:
Originally Posted by Matty_Jack04
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Every Hearts fan 'solution' you read about always begins with the same thing.....some form of massive debt forgiveness. They better hope there is a lot of forgiving people out there.:cb:rolleyes:Quote:
Originally Posted by Matty_Jack04
Quote:
Originally Posted by Matty_Jack04
There will certainly be some degree of 'debt forgiveness' if they survive their current problems, whether that's by way of an insolvency event or purchase by compromise agreement remains to be seen. They just don't have, and never will have, the wherewithal to settle their debts and UBIG know this, so it's already effectively a bad debt to the extent that it can't be recovered - debt forgiveness in these circumstances is purely a paper exercise.Quote:
Originally Posted by Spike Mandela
A debt of £15m is no more manageable for them than one of £25m, and they would need cash to pay the interest which has previously been added to the debt so that arrangement would probably leave them in a worse situation than they are now. However, as Bajilions points out, 'Mr Romanov' is not in a position to forgive any of the debt right now so the facebook yam's scenario is somewhat fanciful.
Yet more fancy talk and not a peep from the media :confused:
Quote:
Originally Posted by Caversham Green
I'm I not right in say that the Lithuanian Central Bank put up £300,000 just to get the Ukio situation under control!!!... And stressed that all monies that could be pulled back into the pot, would be? :wink:
(£300,000 doesn't sound enough though) Now that I think about it........
Be delighted if Newco Hearts ends up with £15m of 'manageable' debt..cheeky wee £1m or so pa of interest payments, that'll harden them.
Wont happen though.
1. There is no "BBC man in Lithuania", it's too small a country (and too far away) to justify that. Each time that Romanov granted an audience to the Scottish MSM, the BBC and every other outlet had to fly somebody out there. Hence why they usually coincided with games involving Scottish teams there (Lithuania v Scotland twice and Kaunas v Rangers).Quote:
Originally Posted by Matty_Jack04
2. I don't think there's any chance of them being "cut a deal" like that any more. That could (perhaps should) have happened before the collapse of Ukio, but not now. They'll get out of the debt but will have to go through insolvency first, probably at the end of the season.
What is manageable for them ? Surely anything north of £5m is destructive for them long and short term.
It's not the size of the debt that's a problem its whatever it costs to service that debt. Hearts issue just now is they are living hand to mouth so need repayments to be kept low if that's the route this all goes in. As it stands they have more going out than coming in, as long as that continues it doesn't matter if they are £1m in debt or £100m in debt, it'll keep growing until someone doesn't get what they are due and takes them to court.Quote:
Originally Posted by Treadstone
Before anything else happens though, the Lithuanian need to decide what they are going to do with them.
Aye thats it, if Dunfermline can go pop for 134 000 theres no chance when they have to live with the kind of debt they have. Unless as the jambo's seem to believe it just vanishes with forgiveness
http://wck2.companieshouse.gov.uk//compdetails
New proposal to have the Yams struck-off at Companies House web site.
Can't see the reason yet, probably just their late accounts.
Link not working.Quote:
Originally Posted by greenginger
Quote:
Originally Posted by green glory
The Yams companies House page appears when I click the link. :confused:
The " Proposal to Strike-off " is at the top under the Hearts details . Status - Active - Proposal to strike-off.
Here's a different link with the same information.Quote:
Originally Posted by greenginger
http://data.companieshouse.gov.uk/doc/company/SC005863
This is just a proposal.
It's advertised for 90 days and, if there are no objections, the striking off proceeds.
However, anyone can object. HMRC certainly will, since they are owed money. If they do, the striking-off can't proceed.
In layman's terms...what's this all about then? Is it common?Quote:
Originally Posted by greenginger
That's working better. So what does this mean? They now have a limited time to submit accounts to CH?
Maybe being struck off for their conduct over the share issue?
Quote:
Originally Posted by CropleyWasGod
Could the proposal be for anything else than their late accounts ?
They could be doing it voluntarily.Quote:
Originally Posted by greenginger
It's been done before. as a "try-on", by companies who are trying to sneak away from their responsibilities and debts.
It rarely works :greengrin
Unlikely.Quote:
Originally Posted by green glory
That would need legal action, which would have to start with a complaint.
accounts have to be with the SFA by the 31st as well
Thats a possibility, they've been a lot later with their accounts in previous years without this action.Quote:
Originally Posted by CropleyWasGod
Of course it could be some yam supporters with an outstanding payment due and a " Cunning Plan ".
The Baldrick Save Our Hearts Association ! :greengrin
Is there any chance that the Lith administrator is doing this?Quote:
Originally Posted by CropleyWasGod
I don't see why he would. Striking off the company would take all the debt away; UKIO would lose whatever right they had to get some money out of HMFC,Quote:
Originally Posted by JimBHibees
In any event, he couldn't do it alone. Only the officers of the company, or the Registrar, have that power.
Could it be that's what Hearts themselves are attempting? Strike the debt off and transfer ownership to a fans group?Quote:
Originally Posted by CropleyWasGod
My assumption is that none of this affects the security over tynecastle?
I mentioned this earlier.Quote:
Originally Posted by Bajillions
It won't work, as HMRC will object.
In the event that it did, though, the security would lapse. So.... UKIO will also raise an objection. :greengrin
Even if they transferred ownership, they'd have no stadium and would they not have the same problem that The Rangers had, in that they'd need to apply to have the membership transferred to the newco? This would surely be rejected as there is now precedent.Quote:
Originally Posted by CropleyWasGod
If the company is struck off the register, does that mean the company is deid, or does it just mean they can't call themselves a PLC anymore? What are the implications?
Companies House are moving much more quickly to begin strike off and instigate criminal proceedings against officers for late accounts. Mainly admin as a way of getting things moving though.
1. agreedQuote:
Originally Posted by matty_f
2. if the company is struck off ( and it won't be :greengrin), the company is dead. All assets become the property of the State.
What does the State do with large quantities of tin and asbestos these days? :greengrinQuote:
Originally Posted by CropleyWasGod
Ship it to India for recycling. We live in hope :greengrinQuote:
Originally Posted by The Green Goblin
Do they have any Assets? surely they are all liabilities :wink:Quote:
Originally Posted by CropleyWasGod