Share Transfers Agreed/Cooling off period

[Craig_in_Prague]

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after the cost of staff(if they decide to pay them) undersoil heating, stewards and floodlights if its a night game then surely they will make a loss as i can't see too many people attending that, unless its £100 a ticket, they are great at chucking money away

c'mon remember the sale of cakes, soup and face painting etc.
Just bitter hobos

[robinp]

Some trumpet on Kickback who attended the Inverness Fans meeting last night posted this ditty......Big Team Big Spend

Asked about the largesse of the Romanov years Southern came up with an interesting nugget from the 2007-08 season saying there were three players from that squad who cost Hearts £100,000 a game (Pinilla obviously, Kingston..any other takers?!)

[R'Albin]

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Out of interest where does the tenner for PM membership go?

How else do you expect the admins to fund their holidays?

[7062]

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no offence meant, but if you have been a long term reader then pretty sure you will understand people being suspicious re: you wanting private membership ? 'many years' of reading and all of a sudden jumping to PM i don't think it's anything to do with proving your 'hibbyness' and no, i'm certainly NOT suggesting you are anything but a hibby

None taken and I've read the posts for long enough to expect a new member to initially be met with with a tad suspicion. I actually tried to sign up a while ago, but something went wrong with my password or something along those lines.

The reason I'm jumping straight to private membership is cos I'm dying to read whatever info is on the PM board regarding them. I'll bide my time though as I'm sure it'll come out eventually.

[poolman]

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makes common sense, it means they will be able to sell their state of the art world famous mini bus, i bet they would get a few quid for it has anyone got a photo of said mini bus

No problem

[cabbageandribs1875]

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Some trumpet on Kickback who attended the Inverness Fans meeting last night posted this ditty......Big Team Big Spend

obua maybe he was on a fair whack iirc

[MUPPET]

It gets better in today's Scotsman Fedotovas says "supporters who purchase shares should know that CASH sales will see the club in receipt of the money faster than other methods" oh and "any cheques should be made out to Come And Save Hearts (CASH) for ease of administration. They are getting royally pumped right in front of our eyes!

[H1bs6H3arts2 FC]

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Please keep the info posted to oneself

I'll raise your Talisker with a wee Highland Park

I will see your highland park with a glenfiddich 12 & raise it with a Lagavulin 16 - I'm signed up now too, i will also keep the info to the PM board!

My only question is will Hibs.net put in a bid for 'The Hertz'??? ...we could keep Webster & let the young laddies use swiney as their home pitch!

[cabbageandribs1875]

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No problem

Mmmmm nah that's not it, i was positive i had a photo of the run-down rust-laden piece of junk...alongside the pristine condition hibs bus

[weonlywon6-2]

Found this link which puts it all into simple English

http://www.mlmsolutions.co.uk/Blog/i...ext-steps.html

the last line is good

Liquidation

Liquidation is in the news this week following yesterday’s revelation that Hearts Football Club is facing possible closure following the presentation of a petition for winding up to the court by HMRC. So why is this different from the situation faced by Rangers FC in February of this year?Why was the statement which was issued by the Hearts’ board yesterday pitched in such dark terms?

The answer is really in the difference between the purposes of Administration –which was the process originally entered into by Rangers – and liquidation, which is the prospect facing Hearts. Administration is a rescue process. Its primary purpose is to save a company, or at least save the underlying business, which is what happened at Rangers. The old Rangers PLC is now in liquidation but the business of the football club continues.

Liquidation, on the other hand, is a process which is designed to bring about the closure of a business and to ensure that its affairs are brought to an orderly conclusion. There are 2 ways of doing this but the procedure in the news this week is Winding up by the Court.

Winding Up by the Court

This procedure involves the presentation of a petition to the sheriff court nearest to where the company has its main business interest. However, if the share capital of the company is greater than £120,000, the petition has to be presented in the Court of Session in Edinburgh. Petitions can be presented by any of the following:

1. The directors

2. The company (the shareholders)

3. A creditor

Procedure for winding up by the court

In the case of Hearts Football club, the petition has been presented by HMRC.For the petition to succeed, HMRC must demonstrate that the club is insolvent. Usually that’s done by proving to the satisfaction of the court that the company can’t pay its debts as they fall due.In this case, there is a substantial sum outstanding to the Inland Revenue in respect of PAYE and NIC payments due on staff wages.A company is required to pay these deductions over to HMRC on a monthly basis.Given that the bill here is over£450,000, it suggests that several months’ payments have been missed. Technically then Hearts FC is insolvent.

Presentation of a petition may or may not involve the appointment of a provisional liquidator.A provisional liquidator’s main function is to find out what assets and liabilities a company has and to establish what its true financial position is.He tries to maintain the status quo while the court considers whether or not it should grant a winding up order. Because the provisional liquidator is there to preserve the status quo, he normally allows trading to continue, at least in the short term. However, if the court action continues and a winding up order is granted, trading can only continue with the specific consent of the court.

Before consenting, the court will have to be satisfied that continued trading is in the best interests of the creditors.In other words, by keeping the business together, the liquidator will get a better return for creditors by obtaining a higher price for the assets. In Hearts’ case, the problem is a cash flow one.A liquidator would not want to incur losses while trading the business and he would want to be satisfied that there was enough cash in the short to medium term to meet the costs of continued trading.

The other problem the club will face if the order is granted is that a winding up order has the effect of terminating contracts, including employment contracts.It is likely that the footballing authorities would allow players to walk away under these circumstances and their value would be lost to the club. In addition, since the footballing authorities consigned Rangers to Division 3, they could not allow a newco Hearts to continue in the SPL either.

So what can be done?

Ubig Investments, Vladimir Romanov’s company, could make a decision to appoint an administrator.This appointment would‘trump’ the liquidation and would allow continued trading as happened with Rangers.However, any administrator would be wise to take a couple of weeks to plan his strategy before taking on an appointment of this size and there is no indication that Ubig has made any move in this direction at the moment.

Alternatively, Hearts could try to reach agreement with HMRC about payment of the outstanding debt.The petition for winding up could be sisted (put aside or put to sleep) while installments are paid.We believe that Hearts are due money from transfers within the next week or so, and, if the fans fall behind their team, gate receipts should be substantial.This may be enough to persuade HMRC to wait.

If they will not, there is an outside chance that the court could be persuaded to appoint a provisional liquidator in the short term, before granting a winding up order.The provisional liquidator could then make an assessment of the overall financial position of Hearts FC and decide whether to continue trading meantime.Appointment of a provisional liquidator would avoid the unwelcome effects of a winding up order on contracts (including employment contracts) and would avoid the need for the court to be addressed in detail on the merits of short term trading.A provisional liquidator can also sell the business and assets of a company, provided he has the consent of the court.So if there are any buyers in the wings, sale could be achieved before a winding up order was granted.Whatever happens, the next few days will be amongst the most important in the club’s history.

Maureen Leslie-Corporate Insolvency Director, MLM Solutions CPS

[BroxburnHibee]

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Just joined after many years of reading, however when I tried to become a private member I got a message saying that there were no paid subscriptions available?? Do I need to first prove that I'm not a delusional yam with my head buried in the sand?

To be honest we usually expect people to have reached 200 posts before we'll let them join the PM board as that usually weeds out the yams . However if you know any of the admin team or another PM can vouch for you then we'll consider it.

[s.a.m]

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Found this link which puts it all into simple English

http://www.mlmsolutions.co.uk/Blog/i...ext-steps.html

the last line is good

....although this bit is less so:

Alternatively, Hearts could try to reach agreement with HMRC about payment of the outstanding debt.The petition for winding up could be sisted (put aside or put to sleep) while installments are paid.We believe that Hearts are due money from transfers within the next week or so, and, if the fans fall behind their team, gate receipts should be substantial.This may be enough to persuade HMRC to wait.

[7062]

Was just laughing at the thought of some of the pathetic fund raising attempts they're up to eg bake sales and the club must be raging that they really missed an opportunity to raise funds over Halloween via guising:

Christmas is coming
John Robertson is fat
Please put a penny into Mad Vlad's hat
If you haven't got a penny, your life savings will do
If you've got no life savings then please consider clubbing together with your mates and investing in the share scheme. It's not to pay THAT tax bill, it's for general running costs eg a big tax bill that we know about and really should have paid a while ago.

[Baldy Foghorn]

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To be honest we usually expect people to have reached 200 posts before we'll let them join the PM board as that usually weeds out the yams . However if you know any of the admin team or another PM can vouch for you then we'll consider it.

Any daft yam stupid enough to give hibs.net their money is fair game IMO......

You think they would want to keep their monies to buy lots of worthless shares

[weonlywon6-2]

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....although this bit is less so:

Alternatively, Hearts could try to reach agreement with HMRC about payment of the outstanding debt.The petition for winding up could be sisted (put aside or put to sleep) while installments are paid.We believe that Hearts are due money from transfers within the next week or so, and, if the fans fall behind their team, gate receipts should be substantial.This may be enough to persuade HMRC to wait.

yep, but the bit in bold says a lot

[Pretty Boy]

I see Edinburgh Capitals ice hockey team are offering 25% dicscount to Hearts season ticket holders and donating any revenue to the 'cause'.

Seems a good way to piss off the Hibbies in their support. Oh aye and it will raise about £250.

[green is good]

Have the SPL said anything about the yams unpaid tax? I thought one of the new rules brought in during the summer was that tax payments had to be up to date.

[mglancy23]

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I see Edinburgh Capitals ice hockey team are offering 25% dicscount to Hearts season ticket holders and donating any revenue to the 'cause'.

Seems a good way to piss off the Hibbies in their support. Oh aye and it will raise about £250.

It has, a few us are not going today because of it!

[Part/Time Supporter]

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Found this link which puts it all into simple English

http://www.mlmsolutions.co.uk/Blog/i...ext-steps.html

the last line is good

The problem with waiting for future cash flows (such as the Hibs games or the January window) is that they are incurring more tax liabilities as they go on. The PAYE and NIC for the October pay run will be due on the 19th. A business the size of Hearts should be making monthly VAT payments on account.

[rossevenil]

Would have thought Edinburgh Capitals would be better looking after their own finances than worrying about hertz

[Kaiser1962]

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The problem with waiting for future cash flows (such as the Hibs games or the January window) is that they are incurring more tax liabilities as they go on. The PAYE and NIC for the October pay run will be due on the 19th. A business the size of Hearts should be making monthly VAT payments on account.

Its not looking good yet the deluded ones are still arguing with those in their midst that are trying to show them the nose on their face. There is a very large portion of them in complete denial even to the point of thinking its allm a ruse by Vlad.

It appears that their ST money this season has been used to pay last years bills and its still not covered.

[bingo70]

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The problem with waiting for future cash flows (such as the Hibs games or the January window) is that they are incurring more tax liabilities as they go on. The PAYE and NIC for the October pay run will be due on the 19th. A business the size of Hearts should be making monthly VAT payments on account.

cheers, think you've just answered what i was trying to ask but couldn't get the right words out.

Right now there's a massive shortfall in there income so surely these future 'windfalls' may allow them to pay bills on time for a couple of months but it doesn't answer HMRC how they can make up the amount they've fallen behind?

Does that even make sense what i've just typed?

[The_Sauz]

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I see Edinburgh Capitals ice hockey team are offering 25% dicscount to Hearts season ticket holders and donating any revenue to the 'cause'.

Seems a good way to piss off the Hibbies in their support. Oh aye and it will raise about £250.

What size of crowds do the Caps get (not been since the Racers played)

[Pretty Boy]

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What size of crowds do the Caps get (not been since the Racers played)

Last time I was there was a couple of years back and it was the mid hundreds, think they do a bit better now though.

[I'm_cabbaged]

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Sergey has asked us to keep his info to the PM board and we'll respect that.

IMO private membership is worth every penny anyway but it's even better when we get wee snippets of info like this

£10 a year is hardly a massive sum of money to keep this site running smoothly and every penny that we raise ends up going back to Hibs in some form or other.

I've said it before but it works out at less than 3p per day to support the site.

Perhaps we should look at a payment plan

Right, where do I sign up?

[Saorsa]

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Right, where do I sign up?

there's a link on the forum homepage under the main forum link.

[Suburban Hibby]

Sergeys teaser was too much so I signed up.....it was Ssssssoooooooo worth it!!!!!

[tbfhibs]

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To be honest we usually expect people to have reached 200 posts before we'll let them join the PM board as that usually weeds out the yams . However if you know any of the admin team or another PM can vouch for you then we'll consider it.

. Christ it's taken me years to do 98 posts

[The_Sauz]

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. Christ it's taken me years to do 98 posts

Must try harder

[hibIBZ]

have to say that even if the yams dont go down the pan this thread alone has brought hours of fantastic entertainment ar their expense