Share Transfers Agreed/Cooling off period

Quote:

---

Originally Posted by The Green Goblin

Ross Caldwell. 90th minute. When all is said and done, he who laughs last...etc.

---

Young Ross will go down as a true Hibs legend.

Quote:

---

Originally Posted by Dunderhall

Far from knowledgeable in this area, isn't it also to do with where proceedings are opened?
I'm looking at this EU reg 1346/2000, is it relevant and have I got the wrong end of the stick?


Even if they had time, could they afford the legal team....

---

EU regulations mean proceedings must take place in country where company does majority of its business.

Quote:

---

Originally Posted by Bajillions

From my source:

As of today consensus is Liquidation is the only way forward as current bids are still nowhere near what is needed so unless one of them increases it significantly Hearts will "be split up and sold for scrap". Expect the process to be started as early as next week as BDO want it started before the season starts (I've heard separately they've been warned by the SPL)

---

You missed the last bit.............

"They were just waiting for Mikey to get back" :tee hee:

Quote:

---

Originally Posted by Seveno

Young Ross will go down as a true Hibs legend.

---

Already is for me

Quote:

---

Originally Posted by desantos0773

EU regulations mean proceedings must take place in country where company does majority of its business.

---

Fair enough, so I've misinterpreted article 4 as to the applicable law?
As I said, on a learning curve for me.

Quote:

---

Originally Posted by Dunderhall

Far from knowledgeable in this area, isn't it also to do with where proceedings are opened?
I'm looking at this EU reg 1346/2000, is it relevant and have I got the wrong end of the stick?


Even if they had time, could they afford the legal team....

---

Leaving aside the insolvency law, if we're talking about the sale of the assets, I still think that UK law (Scots Law, indeed) would prevail, no?

The PBS Is worth sod all:na na:

Quote:

---

Originally Posted by CropleyWasGod

Leaving aside the insolvency law, if we're talking about the sale of the assets, I still think that UK law (Scots Law, indeed) would prevail, no?

---

Steady now, see the posts above, I'm the one asking the questions mainly through ignorance.
If I have looked at the right EU regs then I think it defines that in article 4.2.(i.) which would be as you say.

Stands back for slap down. :greengrin

Quote:

---

Originally Posted by Dunderhall

Steady now, see the posts above, I'm the one asking the questions mainly through ignorance.
If I have looked at the right EU regs then I think it defines that in article 4.2.(i.) which would be as you say.

Stands back for slap down. :greengrin

---

Sorry, heat's getting to me. Wrong poster quoted.

I'll take my slap too :greengrin

Quote:

---

Originally Posted by Mikey

You missed the last bit.............

"They were just waiting for Mikey to get back" :tee hee:

---

Is that you back yet?

Quote:

---

Originally Posted by CropleyWasGod

Leaving aside the insolvency law, if we're talking about the sale of the assets, I still think that UK law (Scots Law, indeed) would prevail, no?

---

The men in grey suits from both countries will argue their case and this will drag on for some time (time that our pour friends over-by simply don't have).

This could run-and-run for the foreseeable and there won't be any quick 'get-out' for them. They're either in admin for the long-haul or they're liquidated.

I don't see a middle ground for negotiation.

I could be wrong - but I'll back myself with my own cash.

Quote:

---

Originally Posted by Sergey

The men in grey suits from both countries will argue their case and this will drag on for some time (time that our pour friends over-by simply don't have).

This could run-and-run for the foreseeable and there won't be any quick 'get-out' for them. They're either in admin for the long-haul or they're liquidated.

I don't see a middle ground for negotiation.

I could be wrong - but I'll back myself with my own cash.

---

I know that I have long said that this would be a relatively quick administration, and it has been thus far. However, I'm wavering now.

If, as I'm starting to think, the SPFL demand a guarantee about the fixtures, it will end soon. That would back up what Bajillions is hearing. If they don't.... yeah, I'm with you on the long-haul theory.

Quote:

---

Originally Posted by CropleyWasGod

I know that I have long said that this would be a relatively quick administration, and it has been thus far. However, I'm wavering now.

If, as I'm starting to think, the SPFL demand a guarantee about the fixtures, it will end soon. That would back up what Bajillions is hearing. If they don't.... yeah, I'm with you on the long-haul theory.

---

Where does the working capital come from for a long admin?

The 100k they Turned Down... apparently.. The administration team at Hearts couldnt even accept the offer.... :wink:

Quote:

---

Originally Posted by Fat Penlon

Where does the working capital come from for a long admin?

---

It won't last for ever, of course.

Birch has said that they have enough to last until Christmas. That would give them time to buy some new ovens, or to try to generate some alternative funding.

Quote:

---

Originally Posted by Fat Penlon

Where does the working capital come from for a long admin?

---

Quote:

---

Originally Posted by CropleyWasGod

It won't last for ever, of course.

Birch has said that they have enough to last until Christmas. That would buy them time to buy some new ovens, or generate some alternative funding.

---

Could BDO cancel ST sales (two acronyms in there already) and ask for cash payments at the turnstile to see them by?

Makes me wonder what BDO and Zebra have agreed with the CC scheme. That doesn't sit right, unless Zebra are holding back the monies and drip-dripping it to them.

Either way - things are grim and I'm starting to sway towards the comical farce that will see them start on -15 points.

Quote:

---

Originally Posted by CropleyWasGod

It won't last for ever, of course.

Birch has said that they have enough to last until Christmas. That would give them time to buy some new ovens, or to try to generate some alternative funding.

---

And if it all goes pear shaped the ovens will still have a use ;)

Quote:

---

Originally Posted by CropleyWasGod

It won't last for ever, of course.

Birch has said that they have enough to last until Christmas. That would give them time to buy some new ovens, or to try to generate some alternative funding.

---

And some new light bulbs and maybe a 5 Ltr tin of concrete paint for the steps

Jambos. This demands an immediate bake-sale, maybe even a facepainting/bouncy castle fun day. C'Mon, I know you have one last effort in you before the end.

Quote:

---

Originally Posted by CropleyWasGod

Leaving aside the insolvency law, if we're talking about the sale of the assets, I still think that UK law (Scots Law, indeed) would prevail, no?

---

I'm not sure that one set of laws would 'trump' the other here as there is no direct conflict. UK/Scots Law is passive on the subject - i.e. it doesn't prevent sale of the assets but it doesn't force it either - but if EU/Lith Law is capable of preventing it the Brit version is in no position to dispute that.

It's a bit like the SPL and SFA each imposing a signing embargo over a club. The SPL might lift their ban, but the club still can't sign players because of the SFA rule.

I'm not sure the EU/Lith laws would extend that far though.

Tick tock as the bidders drop like flies :http://www.heraldscotland.com/mobile...under.21602831

Quote:

---

Originally Posted by Caversham Green

I'm not sure that one set of laws would 'trump' the other here as there is no direct conflict. UK/Scots Law is passive on the subject - i.e. it doesn't prevent sale of the assets but it doesn't force it either - but if EU/Lith Law is capable of preventing it the Brit version is in no position to dispute that.

It's a bit like the SPL and SFA each imposing a signing embargo over a club. The SPL might lift their ban, but the club still can't sign players because of the SFA rule.

I'm not sure the EU/Lith laws would extend that far though.

---

Under EU regulations the law of the country where the company does the majority of its business prevails.

Quote:

---

Originally Posted by DoonTheSlope

Tick tock as the bidders drop like flies :http://www.heraldscotland.com/mobile...under.21602831

---

so all thats left is massone and the foh talk about being between a rock and a hard place.:greengrin

Quote:

---

Originally Posted by sidneyhibbie

so all thats left is massone and the foh talk about being between a rock and a hard place.:greengrin

---

Liquidation beckons me thinks!

Is there disciplinary hearing today?

Quote:

---

Originally Posted by bingo70

Is there disciplinary hearing today?

---

What's this for Bingo?? Wages etc?

Quote:

---

Originally Posted by desantos0773

Under EU regulations the law of the country where the company does the majority of its business prevails.

---

But what I'm saying is there's no actual conflict between the two regimes so prevalence needn't apply.

In my SPL/SFA analogy the SPL (after they've lifted their ban) don't disallow the signing of players but neither can they force it through in defiance of the SFA ruling. I think it might be similar with these circumstances - UK Commercial Law doesn't prevent the sale of assets, but International Criminal Law might. UK Commercial Law doesn't prevent me from driving my car at 100mph either - that doesn't mean I'm allowed to do it.

Their end is nigh.

We need to start preparing ourselves.























For the party!!!!!!!!

I suggest the car park behind the West, with behind the East as an overflow.

We need volunteers for the following jobs;

We need a bake sale, stuff like victorious sandwich should go down well. Any other suggestions?

We could have face painting stalls for the kids.

Does anyone have a contact that might donate a lend o a bouncy castle?

Folk could donate stuff for raffles. Maybe get the players would be up for going for a meal?

Get the players to pose for to have their pictures taken at £5 a pop. Can someone get a lifesize cardboard cut out of Sparky?

Talking about Sparky. You know them big foam pointy fingers? Does anyone have a contact that could do big foam thumbs?

Maybe someone with the required skills could make some home brew champagne. If we don't have time to brew this up we can just put some white wine through a sodastream.

We could sell tickets for a coach trip somewhere but not bother to book a coach - we don't have to tell anyone we've not booked a coach until its too late for them to do anything else!

We could charge an entry fee. I suggest either a bowl of jelly or a tub of ice cream which we can then sell on for cash.

Any other ideas guys and gals?

Oh, the Hibs are having a party
The Hibs are having a party
The Hibs are having a party
The hearts are nearly dead.
The hearts are nearly dead.
The hearts are nearly dead.
The Hibs are having a party ....

Quote:

---

Originally Posted by Jack

Their end is nigh.

We need to start preparing ourselves.























For the party!!!!!!!!

I suggest the car park behind the West, with behind the East as an overflow.

We need volunteers for the following jobs;

We need a bake sale, stuff like victorious sandwich should go down well. Any other suggestions?

We could have face painting stalls for the kids.

Does anyone have a contact that might donate a lend o a bouncy castle?

Folk could donate stuff for raffles. Maybe get the players would be up for going for a meal?

Get the players to pose for to have their pictures taken at £5 a pop. Can someone get a lifesize cardboard cut out of Sparky?

Talking about Sparky. You know them big foam pointy fingers? Does anyone have a contact that could do big foam thumbs?

Maybe someone with the required skills could make some home brew champagne. If we don't have time to brew this up we can just put some white wine through a sodastream.

We could sell tickets for a coach trip somewhere but not bother to book a coach - we don't have to tell anyone we've not booked a coach until its too late for them to do anything else!

We could charge an entry fee. I suggest either a bowl of jelly or a tub of ice cream which we can then sell on for cash.

Any other ideas guys and gals?

Oh, the Hibs are having a party
The Hibs are having a party
The Hibs are having a party
The hearts are nearly dead.
The hearts are nearly dead.
The hearts are nearly dead.
The Hibs are having a party ....

---

Steady there Jack, we're not a big club.

Quote:

---

Originally Posted by Caversham Green

But what I'm saying is there's no actual conflict between the two regimes so prevalence needn't apply.

In my SPL/SFA analogy the SPL (after they've lifted their ban) don't disallow the signing of players but neither can they force it through in defiance of the SFA ruling. I think it might be similar with these circumstances - UK Commercial Law doesn't prevent the sale of assets, but International Criminal Law might. UK Commercial Law doesn't prevent me from driving my car at 100mph either - that doesn't mean I'm allowed to do it.

---

It will be UK law that prevails but nothing can be sold/agreed upon without the say so of Ukio Bankas and UBIG or their administrators as the are the major creditors and shareholders.

So.....
Should no one want to buy our neighbours, or manage to put together an adequate bid, what happens next? Would BDO have to advise moving to liquidation at that stage? Or would they manage their affairs until the money runs out / someone with more money than sense eventually feels sorry for them / the Liths decide they want to cash in their securities? This is assuming that the football authorities don't force the issue in some way or other before then.