Share Transfers Agreed/Cooling off period

[VickMackie]

If ubig go into admin are hearts automatically deducted 18 points?

[Mikey]

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If ubig go into admin are hearts automatically deducted 18 points?

Yes.

[VickMackie]

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Yes.

Tremendous!

[WindyMiller]

http://www.youtube.com/watch?v=P3ALwKeSEYs

[Saorsa]

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With Fedotovas and Vlad leaving UBIG, I assume now that there's absolutely no chance of the auditors signing-off last years accounts as they're certainly not a going concern.

What's the penalty for the non-submission of Y/E accounts?

chop g.gif

[blackpoolhibs]

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Yes.

Its getting harder.

[Col2]

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Has Fedotavas also fled the Wongadome I wonder?

Does seem like the rats are all fleeing overboard, wouldn't be surprised if there's nobody left in a position of real power over the road.


It's all just f***ing hilarious really isn't it?

Fedatovas remains on Hertz board. After all it needs someone to redirect the cup final cash, St Johnstone home game takings and tickets for Easter road away end. I fear amongst other things Rod won't see that cash..

[CropleyWasGod]

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With Fedotovas and Vlad leaving UBIG, I assume now that there's absolutely no chance of the auditors signing-off last years accounts as they're certainly not a going concern.

What's the penalty for the non-submission of Y/E accounts?

It's a couple of hundred quid initially, rising as the default period lengthens. However, the moment administration happens, it's frozen.

It's a drop in the Baltic.

[The_Todd]

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Its getting harder.

TMI.jpg

[Killiehibbie]

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Fedatovas remains on Hertz board. After all it needs someone to redirect the cup final cash, St Johnstone home game takings and tickets for Easter road away end. I fear amongst other things Rod won't see that cash..

£560 we're getting bumped for going by their ticket sales up to this morning.

[Sergey]

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It's a couple of hundred quid initially, rising as the default period lengthens. However, the moment administration happens, it's frozen.

It's a drop in the Baltic.

Actually - what I meant to ask was what the SPL/SFA penalties are. I'm certain that accounts had to be submitted by all clubs by a pre-agreed date.

[Hibercelona]

It's looking very grey for our pinkoid chums across the city.

Still, I won't believe it until it actually happens.

[CropleyWasGod]

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Actually - what I meant to ask was what the SPL/SFA penalties are. I'm certain that accounts had to be submitted by all clubs by a pre-agreed date.

They could lose their SFA licence.

By the letter of the rules, they shouldn't have been granted a licence to play in Europe this season, as their accounts were late. I assume, though, that the SFA took a lenient view as this is the first year of the new licensing regime.

[The_Todd]

Across on Sickbag, it seems all is still barry.

It just means it's more likely that the money they owe themselves won't go anywhere and they'll be debt free in no time. That's what I'm getting from there, anyway.

[Oscar T Grouch]

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Fedatovas remains on Hertz board. After all it needs someone to redirect the cup final cash, St Johnstone home game takings and tickets for Easter road away end. I fear amongst other things Rod won't see that cash..

I thought the 'football' monies were a sure thing, coming fi the SPL prize money if they fail to pay (which they will) not sure though, I cannae imagine Rod would let it go.

[Seveno]

What shoddy reporting by Dougie Vipond on Reporting Scotland in his 10 second report.

' But Romanov still owns Hearts'. No he doesn't you muppet. UBIG own Hearts and their shares will soon be worthless. The creditors own Hearts !

[Sanger]

The net closes in on Hearts. State rescue fund through bankruptcy proceedings will recover assets that were part of loans from UB and UBIG.

Lithuania Moves Ahead With Bank-Closure Process Praised by S&P

Lithuania’s smooth closing of insolvent lender Ukio Bankas AB (UKB1L) moved ahead as rival Siauliu Bankas AB (SAB1L) bought state debt to fund the deposit-insurance fund and said it was reopening some of Ukio’s former branches.

Siauliu will reopen 25 former Ukio branches, starting with six tomorrow, the bank based in the city of Siauliai said in an e-mailed statement today. Separately, Siauliu said today it purchased 799 million litai ($301 million) of government debt to help the state deposit-insurance fund finance a deal in which Siauliu is taking over 2.7 billion litai of Ukio deposits.

The Baltic nation has managed to renew service to most clients of the former sixth-largest bank less than three weeks after the central bank suspended the lender, saying risky lending to related parties led it to insolvency. Standard & Poor’s Rating Service last week praised Lithuania for resolving Ukio’s woes without destabilizing the country’s other banks.

“The authorities’ response serves as a demonstration of strength,” S&P said in a report on Feb. 27. “We expect the sale of Ukio’s stronger assets and guaranteed deposits to Siauliu Bankas to be managed without causing a major disruption in the sector, nor resulting in significant system-wide withdrawals of deposits.”

EBRD Support

The European Bank for Reconstruction and Development, Siauliu’s largest shareholder with a 19.6 percent stake, helped strengthen Siauliu for the partial takeover by granting it a 20 million-euro ($26 million) subordinated loan.

The deal with Siauliu allowed the deposit-insurance fund to reduce payouts related with Ukio’s collapse to 800 million litai, instead of 2.7 billion litai. The fund will seek to recover its money through bankruptcy proceedings for the Ukio assets not taken over by Siauliu, the Finance Ministry has said.

Among those assets are loans that Ukio Bankas had made to a sister investment company, Ukio Banko Investicine Grupe, or UBIG, which is controlled by Ukio Bankas majority owner Vladimir Romanov and owns 79 percent of Scottish soccer club Heart of Midlothian as well as property in other countries.

UBIG’s entire board of directors resigned last week and hasn’t been replaced, Baltic News Service reported today, citing the company registry in Vilnius. That includes both Romanov, who was chairman of UBIG, and Hearts’ Director Sergejus Fedotovas, who was also on the board, BNS said.

Fedotovas declined to comment on the board situation at UBIG in an e-mailed response to Bloomberg questions today.

To contact the reporter on this story: Bryan Bradley in Vilnius atl [email protected]

To contact the editor responsible for this story: Balazs Penz at [email protected]

Find out more about Bloomberg for iPhone: http://m.bloomberg.com/iphone/

[Gus Fring]

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What shoddy reporting by Dougie Vipond on Reporting Scotland in his 10 second report.

' But Romanov still owns Hearts'. No he doesn't you muppet. UBIG own Hearts and their shares will soon be worthless. The creditors own Hearts !

He should never have given up the Deacon Blue gig.

[Aldo]

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Its getting harder.

Your a bad man BH.

[Sergey]

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They could lose their SFA licence.

By the letter of the rules, they shouldn't have been granted a licence to play in Europe this season, as their accounts were late. I assume, though, that the SFA took a lenient view as this is the first year of the new licensing regime.

If...and it's a big IF, they were to lose their licence, then the club would be utterly worthless to any new investor regardless of any agreed sale price.

SFL 3 as per Der Hun.

[hibeesdude]

too soon for this to reappear?

[Barney McGrew]

Oh ma sides.

You're not laughing about 'tick tock' and the countdown clocks now are you ya Jambo welts

[Mon Dieu4]

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Actually - what I meant to ask was what the SPL/SFA penalties are. I'm certain that accounts had to be submitted by all clubs by a pre-agreed date.

It gets even better, it's actually in 27 days time, I just found this on the SFA website

A club is required to submit a summary of financial information covering the reporting year for 2012 and the previous two years i.e. 2011 and 2010 as detailed below.
Clubs will provide this information as follows -
 SPL clubs – by 31 March 2013
 All other clubs – by 30 April 2013
Unless the 2010 & 2011 figures have not previously been provided the club only requires to provide the 2012 figures.

[Up The Bracket]

As much as I hate them, I don't want them to go. Would miss the derby and the rivalry etc. Would like to see admin and Hearts in the First Division for a year or two though.

[Mikey]

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It gets even better, it's actually in 27 days time, I just found this on the SFA website

A club is required to submit a summary of financial information covering the reporting year for 2012 and the previous two years i.e. 2011 and 2010 as detailed below.
Clubs will provide this information as follows -
 SPL clubs – by 31 March 2013
 All other clubs – by 30 April 2013
Unless the 2010 & 2011 figures have not previously been provided the club only requires to provide the 2012 figures.

Good spot. Just in case they needed reminded

[adhibs]

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As much as I hate them, I don't want them to go. Would miss the derby and the rivalry etc. Would like to see admin and Hearts in the First Division for a year or two though.

Similar to me. Im taking far too much enjoyment from seeing them get beat every week, dunno who id laugh at if they weren't here

[BroxburnHibee]

Is this really it????

I'll believe it when I see it..........

[Saorsa]

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As much as I hate them, I don't want them to go. Would miss the derby and the rivalry etc. Would like to see admin and Hearts in the First Division for a year or two though.

Then you dinnae hate them enough

​**** h****s

[The_Todd]

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As much as I hate them, I don't want them to go. Would miss the derby and the rivalry etc. Would like to see admin and Hearts in the First Division for a year or two though.

Try harder, then. You can do it!

[Mon Dieu4]

Hopefully this link works, this is the SFA rules for accounts etc, maybe one of our more educated financial wizards can find something else I missed, page 11 onwards

http://www.scottishfa.co.uk/resource...20Criteria.pdf