Share Transfers Agreed/Cooling off period

[Mikey]

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Stop it you tease!

They'll pay up in time.

Just be patient because there's a lot more mileage and fun in this. The next crisis is just around the corner.

Put yourself in Vlad's shoes.

You've got £200k in your paw. If you give it to HMRC you'll never see it again. If you keep it then............... erm................ you get to keep it

He has the final say on whether it gets paid or not

Two final words...........

Kaunas

Minsk

[Eric]

Have Hearts not by now proved to everyone's satisfaction that they are trading while insolvent? What are the legal implications of so doing? Cav, CWG, PTS?

[#FromTheCapital]

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Put yourself in Vlad's shoes.

You've got £200k in your paw. If you give it to HMRC you'll never see it again. If you keep it then............... erm................ you get to keep it

He has the final say on whether it gets paid or not

Two final words...........

Kaunas

Minsk

[DC_Hibs]

Never underestimate the workings of the mad one's mind.

He will have the serious hump with the British Hearts Foundation boys an girls (also known as the timewasting society) trying to buy the club and also with the former players group who are trying to divert fans donations away from the club.

He has already lost *****loads he invested in this basket case and is being offered the square root of fek all to sell up. It would not surprise me if he is now so hacked off that he is ready just to pull the plug after pulling a few more puppets strings along the way. They have been dancing to his tune for 7 years already.

This is the guy who sacked George Burley when the Saviles were in their best ever position (well for c20 years) to challenge the old firm so why would he do them any favours now......

Set of phannies.

[Bostonhibby]

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Aye they all turned out for this one. The ticket office was that inundated they had to go out and give tickets alway in schools......

Mates nephew got his hands on one through his school and I know he ain't going, being of the Hibs persuasion! Still be a full ground though as they have lots of pictures of happy smiling Yams in the Wheatfield............well the ones with teeth are definitely smiling.

[CropleyWasGod]

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Have Hearts not by now proved to everyone's satisfaction that they are trading while insolvent? What are the legal implications of so doing? Cav, CWG, PTS?

As I understand the law, there are no implications for the company of "wrongful trading" (which I think is the latest term). It is the directors of the company who, once insolvency has been established, should stop the company's trading and take the necessary steps to put it into administration or liquidation. Not to do so is illegal.

Once insolvency has been established (and one would argue that that occurred once Vlad said that he would no longer support the club), the law says that any debts incurred after that date can be held to be the personal liability of the directors.

Having said all that, it's up to the liquidator to prove those issues. And, as Cav has rightly said, .... for the most part, we are talking about non-UK nationals here.... and it could be a problem to prosecute them.

[Phil D. Rolls]

Surely there is a group of Yams that can take a punt on this, pay off the bill and keep Hearts alive? They might not get the chance to buy their club later, even if they do pay. But if they don't, then there won't be a club to buy.

I'd really hate it if they went to the wall without a fight.

[cabbageandribs1875]

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Aye they all turned out for this one. The ticket office was that inundated they had to go out and give tickets alway in schools......

i feel uneasy/concerned nowadays when i hear that hertz players/staff are going around schools

[hibs0666]

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Have Hearts not by now proved to everyone's satisfaction that they are trading while insolvent? What are the legal implications of so doing? Cav, CWG, PTS?

Don't think there are any legal implications whilst the yams continue to trade - it's only when the administrators pick over the bones that the legal implications start to kick in.

[Eric]

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As I understand the law, there are no implications for the company of "wrongful trading" (which I think is the latest term). It is the directors of the company who, once insolvency has been established, should stop the company's trading and take the necessary steps to put it into administration or liquidation. Not to do so is illegal.

Once insolvency has been established (and one would argue that that occurred once Vlad said that he would no longer support the club), the law says that any debts incurred after that date can be held to be the personal liability of the directors.

Having said all that, it's up to the liquidator to prove those issues. And, as Cav has rightly said, .... for the most part, we are talking about non-UK nationals here.... and it could be a problem to prosecute them.

Thanks CWG but how is isolvency established prior to an organisation being in liquidation? Would it for instance require a creditor to sue for payment and it be declined?

[7062]

The thought of them paying some of that HMRC bill today conjures up images of them pitching up somewhere with all the loose change collected from face painting etc in big jars and the folk at the HMRC having to count it all out.

Sort of like when you see the 'unfortunates' in the shops scraping their change together for a 2 litre bottle of white lightening.

[Mikey]

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Surely there is a group of Yams that can take a punt on this, pay off the bill and keep Hearts alive? They might not get the chance to buy their club later, even if they do pay. But if they don't, then there won't be a club to buy.

I'd really hate it if they went to the wall without a fight.

That's what they think they've been doing, but their hard earned dole money has gone straight to the club, which in turn goes into a bank account that aint in this country

[Kaiser_Sauzee]

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The thought of them paying some of that HMRC bill today conjures up images of them pitching up somewhere with all the loose change collected from face painting etc in big jars and the folk at the HMRC having to count it all out.

Sort of like when you see the 'unfortunates' in the shops scraping their change together for a 2 litre bottle of white lightening.

Coinstar FC

[Pedantic_Hibee]

Oppa Bankrupt Style.....

[CropleyWasGod]

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Thanks CWG but how is isolvency established prior to an organisation being in liquidation? Would it for instance require a creditor to sue for payment and it be declined?

Insolvency is defined as either:-

1. Where a company's liabilities exceed its assets. That should be established internally, either by management accounts, or when the year-end accounts are prepared or audited.

2. When a company is unable to meet its debts as they fall due. That is the situation you describe, and similar to the Hearts case. If a company can't pay its bills, and Court action has no effect, it is insolvent.

[Mikey]

Just had an update to say that Hearts are playing hardball with HMRC over the terms of the payment plan and still haven't coughed.

I wonder what makes them think they've got any sort of bargaining position??

[Pedantic_Hibee]

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Just had an update to say that Hearts are playing hardball with HMRC over the terms of the payment plan and still haven't coughed.

I wonder what makes them think they've got any sort of bargaining position??

Will someone *please* think of the cakes?!?!?

[CropleyWasGod]

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Will someone *please* think of the cakes?!?!?

Some over-excited Hibbies have just added to the icing.....

[Eric]

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Insolvency is defined as either:-

1. Where a company's liabilities exceed its assets. That should be established internally, either by management accounts, or when the year-end accounts are prepared or audited.

2. When a company is unable to meet its debts as they fall due. That is the situation you describe, and similar to the Hearts case. If a company can't pay its bills, and Court action has no effect, it is insolvent.

Thanks again. So all we need is a creditor to sue and be declined. Any takers?

[green glory]

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Just had an update to say that Hearts are playing hardball with HMRC over the terms of the payment plan and still haven't coughed.

I wonder what makes them think they've got any sort of bargaining position??

Source?

[Jones28]

Just another Jambo fundraiser - have they coughed up yet Mikey?

[The_Sauz]

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That's what they think they've been doing, but their hard earned dole money has gone straight to the club, which in turn goes into a bank account that aint in this country

They used to have an account with BOS/HBOS in Ardmillan Terrace

[s.a.m]

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Coinstar FC

[Hibee87]

VLADIMIR ROMANOV was today urged to hand over control of Hearts to supporters in an open letter from the Save Our Hearts fans’ group. They are asking the Russian businessman to give his majority shareholding to Alex Mackie’s Foundation of Hearts consortium, which aims to run the club on behalf of its playing public.
Foundation of Hearts had a bid for control rejected by Romanov on Tuesday, but will not give up in their quest for fan-based ownership. They want to implement a membership scheme, similar to that used by Barcelona, to fund the running of the Edinburgh club. The Foundation of Hearts website is already asking supporters how much they would contribute to a monthly membership, from £10 to £100.
Save Our Hearts have endorsed the plan in their open letter to Romanov. The group were heavily involved in ousting former Hearts chairman Chris Robinson from Tynecastle in 2004 and now want his successor to choose a “dignified exit” and give the club to its supporters.
The letter reads: “Dear Vladimir, when you swept into Edinburgh eight years ago, surrounded by mystery, we were really grateful to you for rescuing our club from the dastardly plans of Chris Robinson. We still remember that sunny day in September 2004 when we heard the good news that you had purchased Robinson’s share holding. We were in the central square of the town of Braga as we awaited the UEFA Cup tie between Braga & Heart of Midlothian. The original Save Our Hearts campaign had three main aims: 1. The removal of the (then) chief executive. 2. To remain playing at Tynecastle. 3. The long-term survival of the football club.
“At that time, and for the last seven years, we thought we had achieved all of these aims. As a group of activists, the SOH guys have been ‘dormant’, for want of a better expression, over that period. There had been no need to be otherwise.
“We’ve been doing what we love to do – having a few beers and watching the best football team (in our eyes) in world football. We’ve had a great time and wouldn’t change it for the world. We have witnessed two Scottish Cup wins – one a “squeak” against a so-called lesser team and the other a canter against our fiercest and closest rivals. We made it to the qualifying rounds of the Champions League, and who could forget our experiences against Tottenham and, more recently, Liverpool?
“Then, last Wednesday, the ‘rollercoaster’ that is Heart of Midlothian FC very nearly came off the rails. The club released a statement indicating that the St Mirren game could be our very last due to a winding up order from HMRC. That is when the ride got a little bit too scary. I now think that both parties – the fans and you – want to get off. The constant cashflow troubles at the club do not provide a stable enough environment for us to be convinced the club is financially safe and sound. Vladimir, you have done some great things since you arrived – debt for equity swaps of significant amounts for example, and we know that, unlike the aforementioned Robinson, you hold the traditions and history of this club in the highest regard.
“That is why we are now asking you to work together with the Foundation of Hearts so that 138 years of history can be preserved. We will give this group our backing and you can be provided with the fantastic legacy both of leaving the club in a stronger position than when you arrived, and in the hands of the supporters. We believe it’s now time for a dignified exit and to allow a new chapter in the history of Hearts to unfold. Thank you for all you have done for us – we will never forget you. Please do the right thing and Save Our Hearts.”

[Mikey]

Any confirmation that they've stumped up yet?

I'm thinking they haven't

[jonty]

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Will someone *please* think of the cakes?!?!?

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Some over-excited Hibbies have just added to the icing.....

Cream. Special Cream.

[hibs0666]

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Any confirmation that they've stumped up yet?

I'm thinking they haven't

Still sifting out the buttons and old drachma coins from the real stuff apparently. In situations as bad as this you'd think that people would buy home-made victoria sponge slices with real wedge.

[Cabbage East]

I'm sure they'll the first to tell us if they do make the payment. They (and their fans) like to celebrate things like this for some reason.

[Pedantic_Hibee]

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I'm sure they'll the first to tell us if they do make the payment. They (and their fans) like to celebrate things like this for some reason.

The only fans that congratulate their owners for paying wages on time. The rest of the footballing world take this for granted, silly buggers that we are.

[Hibbyradge]

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VLADIMIR ROMANOV was today urged to hand over control of Hearts to supporters in an open letter from the Save Our Hearts fans’ group. They are asking the Russian businessman to give his majority shareholding to Alex Mackie’s Foundation of Hearts consortium, which aims to run the club on behalf of its playing public.
Foundation of Hearts had a bid for control rejected by Romanov on Tuesday, but will not give up in their quest for fan-based ownership. They want to implement a membership scheme, similar to that used by Barcelona, to fund the running of the Edinburgh club. The Foundation of Hearts website is already asking supporters how much they would contribute to a monthly membership, from £10 to £100.
Save Our Hearts have endorsed the plan in their open letter to Romanov. The group were heavily involved in ousting former Hearts chairman Chris Robinson from Tynecastle in 2004 and now want his successor to choose a “dignified exit” and give the club to its supporters.
The letter reads: “Dear Vladimir, when you swept into Edinburgh eight years ago, surrounded by mystery, we were really grateful to you for rescuing our club from the dastardly plans of Chris Robinson. We still remember that sunny day in September 2004 when we heard the good news that you had purchased Robinson’s share holding. We were in the central square of the town of Braga as we awaited the UEFA Cup tie between Braga & Heart of Midlothian. The original Save Our Hearts campaign had three main aims: 1. The removal of the (then) chief executive. 2. To remain playing at Tynecastle. 3. The long-term survival of the football club.
“At that time, and for the last seven years, we thought we had achieved all of these aims. As a group of activists, the SOH guys have been ‘dormant’, for want of a better expression, over that period. There had been no need to be otherwise.
“We’ve been doing what we love to do – having a few beers and watching the best football team (in our eyes) in world football. We’ve had a great time and wouldn’t change it for the world. We have witnessed two Scottish Cup wins – one a “squeak” against a so-called lesser team and the other a canter against our fiercest and closest rivals. We made it to the qualifying rounds of the Champions League, and who could forget our experiences against Tottenham and, more recently, Liverpool?
“Then, last Wednesday, the ‘rollercoaster’ that is Heart of Midlothian FC very nearly came off the rails. The club released a statement indicating that the St Mirren game could be our very last due to a winding up order from HMRC. That is when the ride got a little bit too scary. I now think that both parties – the fans and you – want to get off. The constant cashflow troubles at the club do not provide a stable enough environment for us to be convinced the club is financially safe and sound. Vladimir, you have done some great things since you arrived – debt for equity swaps of significant amounts for example, and we know that, unlike the aforementioned Robinson, you hold the traditions and history of this club in the highest regard.
“That is why we are now asking you to work together with the Foundation of Hearts so that 138 years of history can be preserved. We will give this group our backing and you can be provided with the fantastic legacy both of leaving the club in a stronger position than when you arrived, and in the hands of the supporters. We believe it’s now time for a dignified exit and to allow a new chapter in the history of Hearts to unfold. Thank you for all you have done for us – we will never forget you. Please do the right thing and Save Our Hearts.”

Thank you for all you have done for us – we will never forget you.

My good god!!!