Thanks Cav - excellent news. Given they're on a payment plan - negotiated after court proceedings - can HMRC proceed directly to liquidation, without passing through the court phase again?Quote:
Originally Posted by Caversham Green
Printable View
Thanks Cav - excellent news. Given they're on a payment plan - negotiated after court proceedings - can HMRC proceed directly to liquidation, without passing through the court phase again?Quote:
Originally Posted by Caversham Green
Probably not liquidation, but I think they could petition for an administration order straight away - IIRC that's what happened to Craig Whyte's Rangers - remember he was chasing around Glasgow trying to appoint his own administrators after HMRC had applied to the court?Quote:
Originally Posted by Liberal Hibby
Which thread? I'm dying to see the replies to this?Quote:
Originally Posted by hoxtonhibby
Indeed I do. Tick tock...Quote:
Originally Posted by Caversham Green
http://www.hmfckickback.co.uk/index....a-week-merged/Quote:
Originally Posted by green glory
Beware! Some of these jokers you wouldn't even give the remote control to.
Although the Sun article talks about it being PAYE that is overdue, I think VAT is the likelier suspect. Their monthly payment would be due at each month end (in this case last Friday); HMRC often give a bit of latitude on VAT payments (switchover from cheque to electronic payments) and a back of a fag packet calculation suggests £100K wouldn't be far short of their monthly VAT liability (annual turnover of £7M x 20% VAT / 12 months = £117K).Quote:
Originally Posted by Caversham Green
It wouldn't be the first time the MSM has muddled up VAT with PAYE.
OK so they agreed a plan with the Taxman over unpaid tax back in March/April, this would be paid in installments over a 18 month period.
In May they have missed PAYE by £100k which is due to the taxman .
I was under the impression that the deal was no defaulting or else .........
Come on Hector administartion/liquidation and lets get this party started because as much as I am enjoying this I have to admit my champagne is ready to pop !
Quote:
Originally Posted by green glory
post 321 on the ''tax-casewages-hearts-bust-in-a-week-merged'' thread, although they've not really responded to his post, more heads in the sand stuff? fuds.
PAYE is monthly. VAT is quarterly.Quote:
Originally Posted by Part/Time Supporter
Or just whenever you want / have the cash......Quote:
Originally Posted by underscore
Monthly payments on account are made for VAT if your turnover is >£2.3MQuote:
Originally Posted by underscore
Like what all the big teams do? Not paying your bills is standard practice, don't you know?Quote:
Originally Posted by Craig_in_Prague
#nothingtoseehere
#allisbarry
#1-5
...etc etc...
#whistlinginthedark
Oh aye...I'm just under that. :wink:Quote:
Originally Posted by Part/Time Supporter
Hearts board seem to have gotten all their financial experience from playing monopoly, thus far they've been lucky with the Community Chest cards.
http://i39.tinypic.com/n1cpic.jpg
But we all know you can't rely on these to help with cashflow because whilst Hearts may be hoping for
http://i43.tinypic.com/2zoby13.jpg
They are far more likely to end up with
http://i40.tinypic.com/35lrsj4.jpg
Makes you wonder how Craig Whyte got away with not paying for 9 months.:wink:Quote:
Originally Posted by Part/Time Supporter
Best one for me is "is there any news of the share certificates yet?"
:hilarious
best thing about that is that everyone else just ignores it like 'la la la I can't hear you'Quote:
Originally Posted by HIBERNIAN-0762
Quote:
Originally Posted by Baader
Crumbs :worried:
"The club has money in place to fund all bills due over the summer so please give it a rest. Do you really think the club has offered Wilson a three year contract with no funds in place to his firsr wage. Unbelievaible"
....eh.......yeah!
Honestly. Its like some of them have no concept of what has been going on since 2006.
Do the hmrc add costs for these incessant trips to court for unpaid homfc tax?
I love that website:
'People actually though we were signing goodwillie and Boyd'
'Im not believing a word the board says from now on'
Board come out with an 'allisbarry' statement and it's all hail king vlad again.. Are they off their nuts?
I'm not a financial guy and don't pretend to understand much of this. However what I am curious about is why they are hanging on so long? By them I mean Sergejus Fedotovas and his ilk. Seemed like Vlad gave up pretty quick on Kanuas, basketball team etc etc. Not to mention the aluminium plant etc. Why are they trying so hard to keep Hearts alive? What will it gain for them in realistic terms?Quote:
Originally Posted by Caversham Green
1. HMFC can survive as a separate business. It traded without them for 130 years before they arrived, whereas FBK Kaunas (for example) basically had no history of running as a professional club without Romanov.Quote:
Originally Posted by HoboHarry
2. HMFC are now paying salaries to the (Lithuanian) directors.
Doesn't really answer the question in my mind. They still have the on-going costs like wages, stadium, taxes etc to pay out and all the while they are staring liquidation in the face. As to their salaries - loss of personal income certainly but I don't doubt for a second they have other forms of incomeQuote:
Originally Posted by Part/Time Supporter
"2. HMFC are now paying salaries to the (Lithuanian) directors.":greengrin:greengrin.
Thats it in a nutshell! Romanov has had all his assets frozen and half his families, explaining why Rodney was re-elected to the board at Tincastle. He's probably sending his wages home to feed his folks
They need to milk every last penny from that place before it goes pop.
http://www.bbc.co.uk...otball/22771793
Apologies if posted already.
British football clubs are entities which are very hard to kill - many are amongst the oldest companies in existence. Even if a club is in a desperate financial position, the fans will generally put their hands in the pockets again and provide enough for the club to survive. Businesses in other industries which had their finances would have gone bust a long time ago (eg nobody would have bought into the share issue as a rational investment). Now that they are paying salaries to them and any liquidation proceeds would go to the Lithuanian government, there is no incentive for Fedotovas et al to shut them down.Quote:
Originally Posted by HoboHarry
Just guessing here but in the UBIG 'stratosphere' Hearts income is probably the highest in relevance to the simplicity in actually gaining the income.Quote:
Originally Posted by HoboHarry
ST money due in now – a cert of 7,000 at least, the share money and new ‘membership’ scheme and any other scam they’d like to pull (they know fans will bite and bite to the tune of £1mill plus as share issue shows - this separates them from a 'business') and with the fact outgoings can be easily neglected (‘no wages’ as seen previous, abuse of tax bill as we have now), I’d be guessing Vlad etc. will see sucking Hearts dry as the last ‘big’ pay off before complete obliteration of the UBIG universe. Factor in the big amounts of a potential sale and the securities over land and its easy to see why they’d use Hearts as their last sing song.
They wouldn’t have garnered such income in such a short period of time so easily from Kaunas, Žalgiris, The Bosnian plant, Ukio (big bucks here but collapse into Admin takes out of their hands).
But again, all guesswork/hope/assumption :agree:
of sun, winding up orders, lquidation, administration and bankruptcy. And I thought it was going to be empty without the fitba!