Share Transfers Agreed/Cooling off period

[Green Man]

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http://www.scotsman.com/edinburgh-ev...orts-1-2913863

Tick Tock, clock never stops!!!

I like how BAnderson's put bold text on the bit where they don't deny administration is possible.

[IWasThere2016]

Let Us Pray

[Glesgahibby]

Sounds like something is stirring
thursday must be a concern
if this doesn't go down,one bonus would be the lith fax
demanding no more points to add to next seasons deduction.
win win win!!!!!!

[Gus Fring]

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The bit in bold is the green light for every small business owed money by them to get on the phone to Blacklocks and get legal proceedings moving. There's only one way they're going to get their money and sitting about waiting for it isn't the answer.

But Barry says all the businesses have been paid Mikey? Well, I suppose what he actually said was payments were up to date, but he didn't say what date

[Caversham Green]

As I've said before a 'traditional' administration ending with a CVA is unlikely to benefit any of the parties who would initiate one - UBIG/Ukio would not have a vote in a CVA, so it would be cheaper to liquidate, and the unsecured creditors would get nothing because all the assets are covered (and them some) by securities. However, the circumstances are such that an insolvency event seems almost inevitable. Events in Lithuania would indicate that the debt is likely to be pursued very soon and the one get-out they had - possible sale of the shares to new owners - has been closed off by the freezing of UBIG's assets. Their only hope as far as I can see is that those assets get unfrozen, and that strikes me as highly unlikely.

I can think of three factors that could produce an immediate insolvency event:

• HMRC's fist instalment is due in May - which is tomorrow. I'm firmly of the belief that it will be in three lump sums rather than the monthly instalment arrangement that has been suggested and if they can't find £500k on the due date it's game over.
• The auditors should be working on finalising the accounts but they will have great difficulty in giving any sort of audit opinion - none of the audit firms I've worked with would sign an audit report in the current circumstances. Meanwhile, Companies House are agitating for the accounts and have probably threatened criminal proceedings against the directors.
• It looks like Ukio's insolvency proceedings are coming to a head and UBIG must be struggling massively following the freezing of their assets.

It would not surprise me at all if they were to suffer an insolvency event very soon and the timing is unlikely to be of their choosing.

[Treadstone]

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I like how BAnderson's put bold text on the bit where they don't deny administration is possible.

As Mikey says that probably won't be there too much longer once Southern sees it.

[green glory]

@ddb1893: Tom Hughes of Gerber, Landa, and Gee for any worried jambos looking in ;)

Info from our man in Dundee. Quite brazen now, yesterday I had to rely on a DM from him for this info.

[Sergey]

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The bit in bold is the green light for every small business owed money by them to get on the phone to Blacklocks and get legal proceedings moving. There's only one way they're going to get their money and sitting about waiting for it isn't the answer.

Mikey - I've picked up another point, while only minor, it's an oxymoron.

Quote:

The Edinburgh club are in debt to the tune of around £25million

That's different to the £22M that was being banded about as their debt as per their last set of published accounts (remember those things that are now almost 2 years out of date?)

and then this....

The club’s debt has reduced in recent years as it continues on its path to self-sustainability...

Yes indeed - a reduction from £22M to £25M is impressive.

[JimBHibees]

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FEARS were growing last night that Hearts are set to plunge into administration.

The Jambos owe Vladimir Romanov’s crippled Ukio Bankas and its parent company UBIG £25MILLION.
SunSport understands a Glasgow-based auditing firm is on standby to act if the worst nightmare of Tynecastle staff and fans is realised — possibly even as soon as the next week.
And that scenario would hand current SPL bottom side Dundee a potential reprieve from relegation.
Second bottom St Mirren, still chasing the win to secure their top-flight status, would also be cheered.
Hearts, presently 10th and 11 points clear of John Brown’s men, would be hit with a 17-point deduction going into the last fortnight of the season.
Depending on this weekend’s results it could instantly relegate Gary Locke’s side.
It is believed that the February crash of Ukio Bankas — owed £15m by the Scottish Cup holders — immediately left Hearts in a precarious position.
Supremo Romanov and right-hand man Sergejus Fedotovas, also a Jambos director, quit the board of Kaunas-based parent company and effective club owners UBIG soon after.
Hearts — who late last year rushed out a share issue to raise £1m-plus to cover an HMRC bill plus running costs which threatened to kill them off — are also in debt to UBIG to the tune of £10m.
UBIG have a 79 per cent stakeholding in Hearts, who are desperate to stave off any possible administration until at least June 1 when it’s understood their ‘golden’ SPL share would be formally confirmed again for 2013-14.
In that event they would not be relegated but would start the new season with a minimum minus 12 points.
Last night a Tynecastle source insisted: “As far as we’re concerned it’s business as usual.”

Read more: http://www.thesun.co.uk/scotsol/home...#ixzz2RtlVcS1I

[Sergio sledge]

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[*]The auditors should be working on finalising the accounts but they will have great difficulty in giving any sort of audit opinion - none of the audit firms I've worked with would sign an audit report in the current circumstances. Meanwhile, Companies House are agitating for the accounts and have probably threatened criminal proceedings against the directors.

Is this not pretty key for them getting an SFA licence for next season also?

If they can't get their accounts signed off then they will be getting a letter from the SFA to attend a hearing pretty soon I would imagine.

[Mon Dieu4]

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Is this not pretty key for them getting an SFA licence for next season also?

If they can't get their accounts signed off then they will be getting a letter from the SFA to attend a hearing pretty soon I would imagine.

if they haven't done it already which i don't think they have then its already a month late, the cut off for giving the SFA your accounts was March 31st

[Craig_in_Prague]

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As I've said before a 'traditional' administration ending with a CVA is unlikely to benefit any of the parties who would initiate one - UBIG/Ukio would not have a vote in a CVA, so it would be cheaper to liquidate, and the unsecured creditors would get nothing because all the assets are covered (and them some) by securities. However, the circumstances are such that an insolvency event seems almost inevitable. Events in Lithuania would indicate that the debt is likely to be pursued very soon and the one get-out they had - possible sale of the shares to new owners - has been closed off by the freezing of UBIG's assets. Their only hope as far as I can see is that those assets get unfrozen, and that strikes me as highly unlikely.

I can think of three factors that could produce an immediate insolvency event:

• HMRC's fist instalment is due in May - which is tomorrow. I'm firmly of the belief that it will be in three lump sums rather than the monthly instalment arrangement that has been suggested and if they can't find £500k on the due date it's game over.
• The auditors should be working on finalising the accounts but they will have great difficulty in giving any sort of audit opinion - none of the audit firms I've worked with would sign an audit report in the current circumstances. Meanwhile, Companies House are agitating for the accounts and have probably threatened criminal proceedings against the directors.
• It looks like Ukio's insolvency proceedings are coming to a head and UBIG must be struggling massively following the freezing of their assets.

It would not surprise me at all if they were to suffer an insolvency event very soon and the timing is unlikely to be of their choosing.

Nice summary - thanks.

[CropleyWasGod]

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Is this not pretty key for them getting an SFA licence for next season also?

If they can't get their accounts signed off then they will be getting a letter from the SFA to attend a hearing pretty soon I would imagine.

Removing the licence is the ultimate step that the SFA can take. There are a range of penalties that can be applied.

[Mikey]

And if they do pick up the 18 point penalty there are plenty of us who will almost certainly be getting a windfall from the bookies

[blackpoolhibs]

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And if they do pick up the 18 point penalty there are plenty of us who will almost certainly be getting a windfall from the bookies

[MSK]

****ing please ..please ..please !!!

[JimBHibees]

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@ddb1893: Tom Hughes of Gerber, Landa, and Gee for any worried jambos looking in ;)

Info from our man in Dundee. Quite brazen now, yesterday I had to rely on a DM from him for this info.

Yep he sounds emboldened. Sounds like his info is probably accurate.

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Chemical Barry??

Comical Barry more like.

[Treadstone]

Barry currently greetin' on Twitter "Rivalry is good but no-one should want a club in admin/go bust."

Wasn't aware Barry was in a coma last year.

[IWasThere2016]

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And if they do pick up the 18 point penalty there are plenty of us who will almost certainly be getting a windfall from the bookies

Lump on the Dees at ER beforehand also

[JimBHibees]

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Barry currently greetin' on Twitter "Rivalry is good but no-one should want a club in admin/go bust."

Wasn't aware Barry was in a coma last year.

When they have been benefiting from a clear sporting advantage because of their financial shenanigans for years then of course rivals should be wanting them to be punished appropriately.

[MSK]

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Barry currently greetin' on Twitter "Rivalry is good but no-one should want a club in admin/go bust."

Wasn't aware Barry was in a coma last year.

Thinking Barry's bum is squeaking big time noo !!!

[Treadstone]

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When they have been benefiting from a clear sporting advantage because of their financial shenanigans for years then of course rivals should be wanting them to be punished appropriately.

Try telling that to Barry.

[JimBHibees]

If Hearts manage to get to the end of the season however are aware they will go into admin prior to next season what is the motivation for them to pick up points??

[Geo_1875]

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Barry currently greetin' on Twitter "Rivalry is good but no-one should want a club in admin/go bust."

Wasn't aware Barry was in a coma last year.

I don't want them in admin or bust. I just want them to ****ing die.

[Gus Fring]

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If Hearts manage to get to the end of the season however are aware they will go into admin prior to next season what is the motivation for them to pick up points??

I doubt the playing/coaching staff will be privvy to that information.

[Jack Hackett]

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If Hearts manage to get to the end of the season however are aware they will go into admin prior to next season what is the motivation for them to pick up points??

More cash for finishing higher in the league..... Every penny is a straw on the path to self sufficiency

[happiehibbie]

On good authority todays reports in the scotsman re Admin is the biggest threat yet!!

people on the inside, and the diehard media now really worried

[Milandinho]

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Barry currently greetin' on Twitter "Rivalry is good but no-one should want a club in admin/go bust."

Wasn't aware Barry was in a coma last year.

Yeah Barry you're right. Cos the savilles would be very magnanimous if the shoe was on the other foot wouldin't they...........go take your face for a pish ya stupid yam fud!

:fenlon!

[happiehibbie]

Just been told they need to get to the 1st of June without Admin to stay in SPL with a points deduction

[Mikey]

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Just been told they need to get to the 1st of June without Admin to stay in SPL with a points deduction

Yep, that's officially the end of the season.