Share Transfers Agreed/Cooling off period

[Spike Mandela]

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This little beauty has appeared from one yam acquaintance on my Facebook....

Romanov will be writing off £10million on the debt and transferring ownership to the foundation of hearts leaving them a more manageable debt of £15million, there's a bbc man in Lithuania and he's expecting on announcement this week.

Heads still stuck in the sand then

Every Hearts fan 'solution' you read about always begins with the same thing.....some form of massive debt forgiveness. They better hope there is a lot of forgiving people out there.

[Caversham Green]

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This little beauty has appeared from one yam acquaintance on my Facebook....

Romanov will be writing off £10million on the debt and transferring ownership to the foundation of hearts leaving them a more manageable debt of £15million, there's a bbc man in Lithuania and he's expecting on announcement this week.

Heads still stuck in the sand then

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Every Hearts fan 'solution' you read about always begins with the same thing.....some form of massive debt forgiveness. They better hope there is a lot of forgiving people out there.

There will certainly be some degree of 'debt forgiveness' if they survive their current problems, whether that's by way of an insolvency event or purchase by compromise agreement remains to be seen. They just don't have, and never will have, the wherewithal to settle their debts and UBIG know this, so it's already effectively a bad debt to the extent that it can't be recovered - debt forgiveness in these circumstances is purely a paper exercise.

A debt of £15m is no more manageable for them than one of £25m, and they would need cash to pay the interest which has previously been added to the debt so that arrangement would probably leave them in a worse situation than they are now. However, as Bajilions points out, 'Mr Romanov' is not in a position to forgive any of the debt right now so the facebook yam's scenario is somewhat fanciful.

[HIBERNIAN-0762]

Yet more fancy talk and not a peep from the media

[Leithenhibby]

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There will certainly be some degree of 'debt forgiveness' if they survive their current problems, whether that's by way of an insolvency event or purchase by compromise agreement remains to be seen. They just don't have, and never will have, the wherewithal to settle their debts and UBIG know this, so it's already effectively a bad debt to the extent that it can't be recovered - debt forgiveness in these circumstances is purely a paper exercise.

A debt of £15m is no more manageable for them than one of £25m, and they would need cash to pay the interest which has previously been added to the debt so that arrangement would probably leave them in a worse situation than they are now. However, as Bajilions points out, 'Mr Romanov' is not in a position to forgive any of the debt right now so the facebook yam's scenario is somewhat fanciful.

I'm I not right in say that the Lithuanian Central Bank put up £300,000 just to get the Ukio situation under control!!!... And stressed that all monies that could be pulled back into the pot, would be?

(£300,000 doesn't sound enough though) Now that I think about it........

[ano hibby]

Be delighted if Newco Hearts ends up with £15m of 'manageable' debt..cheeky wee £1m or so pa of interest payments, that'll harden them.
Wont happen though.

[Part/Time Supporter]

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This little beauty has appeared from one yam acquaintance on my Facebook....

Romanov will be writing off £10million on the debt and transferring ownership to the foundation of hearts leaving them a more manageable debt of £15million, there's a bbc man in Lithuania and he's expecting on announcement this week.

Heads still stuck in the sand then

1. There is no "BBC man in Lithuania", it's too small a country (and too far away) to justify that. Each time that Romanov granted an audience to the Scottish MSM, the BBC and every other outlet had to fly somebody out there. Hence why they usually coincided with games involving Scottish teams there (Lithuania v Scotland twice and Kaunas v Rangers).

2. I don't think there's any chance of them being "cut a deal" like that any more. That could (perhaps should) have happened before the collapse of Ukio, but not now. They'll get out of the debt but will have to go through insolvency first, probably at the end of the season.

[Treadstone]

What is manageable for them ? Surely anything north of £5m is destructive for them long and short term.

[Gus Fring]

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What is manageable for them ? Surely anything north of £5m is destructive for them long and short term.

It's not the size of the debt that's a problem its whatever it costs to service that debt. Hearts issue just now is they are living hand to mouth so need repayments to be kept low if that's the route this all goes in. As it stands they have more going out than coming in, as long as that continues it doesn't matter if they are £1m in debt or £100m in debt, it'll keep growing until someone doesn't get what they are due and takes them to court.

Before anything else happens though, the Lithuanian need to decide what they are going to do with them.

[147lothian]

Aye thats it, if Dunfermline can go pop for 134 000 theres no chance when they have to live with the kind of debt they have. Unless as the jambo's seem to believe it just vanishes with forgiveness

[greenginger]

http://wck2.companieshouse.gov.uk//compdetails

New proposal to have the Yams struck-off at Companies House web site.

Can't see the reason yet, probably just their late accounts.

[green glory]

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http://wck2.companieshouse.gov.uk//compdetails

New proposal to have the Yams struck-off at Companies House web site.

Can't see the reason yet, probably just their late accounts.

Link not working.

[greenginger]

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Link not working.

The Yams companies House page appears when I click the link.

The " Proposal to Strike-off " is at the top under the Hearts details . Status - Active - Proposal to strike-off.

[Lurks]

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The Yams companies House page appears when I click the link.

The " Proposal to Strike-off " is at the top under the Hearts details . Status - Active - Proposal to strike-off.

Here's a different link with the same information.

http://data.companieshouse.gov.uk/doc/company/SC005863

[CropleyWasGod]

This is just a proposal.

It's advertised for 90 days and, if there are no objections, the striking off proceeds.

However, anyone can object. HMRC certainly will, since they are owed money. If they do, the striking-off can't proceed.

[matty_f]

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The Yams companies House page appears when I click the link.

The " Proposal to Strike-off " is at the top under the Hearts details . Status - Active - Proposal to strike-off.

In layman's terms...what's this all about then? Is it common?

[green glory]

That's working better. So what does this mean? They now have a limited time to submit accounts to CH?

Maybe being struck off for their conduct over the share issue?

[greenginger]

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This is just a proposal.

It's advertised for 90 days and, if there are no objections, the striking off proceeds.

However, anyone can object. HMRC certainly will, since they are owed money. If they do, the striking-off can't proceed.

Could the proposal be for anything else than their late accounts ?

[CropleyWasGod]

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Could the proposal be for anything else than their late accounts ?

They could be doing it voluntarily.

It's been done before. as a "try-on", by companies who are trying to sneak away from their responsibilities and debts.

It rarely works

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That's working better. So what does this mean? They now have a limited time to submit accounts to CH?

Maybe being struck off for their conduct over the share issue?

Unlikely.

That would need legal action, which would have to start with a complaint.

[Mon Dieu4]

accounts have to be with the SFA by the 31st as well

[greenginger]

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They could be doing it voluntarily.

It's been done before. as a "try-on", by companies who are trying to sneak away from their responsibilities and debts.

It rarely works

Thats a possibility, they've been a lot later with their accounts in previous years without this action.

Of course it could be some yam supporters with an outstanding payment due and a " Cunning Plan ".

The Baldrick Save Our Hearts Association !

[JimBHibees]

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Unlikely.

That would need legal action, which would have to start with a complaint.

Is there any chance that the Lith administrator is doing this?

[CropleyWasGod]

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Is there any chance that the Lith administrator is doing this?

I don't see why he would. Striking off the company would take all the debt away; UKIO would lose whatever right they had to get some money out of HMFC,

In any event, he couldn't do it alone. Only the officers of the company, or the Registrar, have that power.

[Gus Fring]

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I don't see why he would. Striking off the company would take all the debt away; UKIO would lose whatever right they had to get some money out of HMFC,

In any event, he couldn't do it alone. Only the officers of the company, or the Registrar, have that power.

Could it be that's what Hearts themselves are attempting? Strike the debt off and transfer ownership to a fans group?

My assumption is that none of this affects the security over tynecastle?

[CropleyWasGod]

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Could it be that's what Hearts themselves are attempting? Strike the debt off and transfer ownership to a fans group?

My assumption is that none of this affects the security over tynecastle?

I mentioned this earlier.

It won't work, as HMRC will object.

In the event that it did, though, the security would lapse. So.... UKIO will also raise an objection.

[matty_f]

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I mentioned this earlier.

It won't work, as HMRC will object.

In the event that it did, though, the security would lapse. So.... UKIO will also raise an objection.

Even if they transferred ownership, they'd have no stadium and would they not have the same problem that The Rangers had, in that they'd need to apply to have the membership transferred to the newco? This would surely be rejected as there is now precedent.

If the company is struck off the register, does that mean the company is deid, or does it just mean they can't call themselves a PLC anymore? What are the implications?

[Andy74]

Companies House are moving much more quickly to begin strike off and instigate criminal proceedings against officers for late accounts. Mainly admin as a way of getting things moving though.

[CropleyWasGod]

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Even if they transferred ownership, they'd have no stadium and would they not have the same problem that The Rangers had, in that they'd need to apply to have the membership transferred to the newco? This would surely be rejected as there is now precedent.

If the company is struck off the register, does that mean the company is deid, or does it just mean they can't call themselves a PLC anymore? What are the implications?

1. agreed

2. if the company is struck off ( and it won't be ), the company is dead. All assets become the property of the State.

[The Green Goblin]

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All assets become the property of the State.

What does the State do with large quantities of tin and asbestos these days?

[Jack Hackett]

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What does the State do with large quantities of tin and asbestos these days?

Ship it to India for recycling. We live in hope

[Moulin Yarns]

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All assets become the property of the State.

Do they have any Assets? surely they are all liabilities