Share Transfers Agreed/Cooling off period

[Hibercelona]

Glorious news.

[The Sea-gull]

The Hibs are having a party, the Hibs are having a party, the hibs are having a pppppppaaaaaaarrrrrrrrrrrrrrrrrrtttttttttttttttttt ttttttyyyyyyyyyyyyyyy, because the Hearts are dead!

[Mikey]

Chaps, the gifs are slowing things down quite a bit at the moment

[SteveHFC]

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Chaps, the gifs are slowing things down quite a bit at the moment

Sorry Mikey. All of us just got carried away

[Glorious]

Gif post removed (sorry!)

[Andy74]

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Just posted this on the PM forum:

This is extracts from the english version of the Lithuanian Governments Bankruptcy and Insolvency website:
I think we are reading the same document and I quote.......splurrrrrt:

5.2. Grounds for Filing with the Court of a Petition for Initiation of Enterprise Bankruptcy Proceedings Persons mentioned at point 5.1 may file with the court a petition for the initiation of bankruptcy proceedings if at least one of the following conditions is present:
1) the enterprise fails to pay salaries and other employment-related payments in due time;
2) the enterprise fails, in due time, to pay for the goods received, work performed or services provided, defaults on the repayment of credits and fails to discharge other property obligations assumed under transactions;
3) the enterprise fails to pay, in due time, taxes and other compulsory contributions prescribed by law and/or the awarded amounts;
4) the enterprise has publicly announced or notified the creditor (creditors) in any other manner of its inability or lack of intent to discharge its obligations (publication of such information on the website (www.bankrotodep.lt) of the Department of Enterprise Bankruptcy Management under the Ministry of Economy is also considered as public announcement);

Then:
The head or owner (owners) of an enterprise must file with a court a petition for the initiation of bankruptcy proceedings if:• the enterprise is and/or will be unable to settle with the creditor(s), and the latter has (have) not filed with a court a petition for the initiation of bankruptcy proceedings;
• the enterprise has publicly announced or otherwise notified a creditor(s) that it cannot or does not intend to discharge its obligations.

So it has the same effect as filing for administration or such like then?

Looks like it may be up to the SPL now whether it attaches this to the football club.

[Humo]

I'm getting goosebumps


http://www.bbc.co.uk/sport/0/football/22560806

Fedotovas is a former board member of UBIG as well as being a member of the Tynecastle club's board.The Lithuanian investment company has been placed on a list of companies "unable to meet their obligations".
The list is published on the Lithuanian government's Enterprise Bankruptcy Management Department website.
UBIG and their sister company Ukio Bankas, which has collapsed with debts of £380m, own 79 per cent of Hearts' shares.
The Scottish Premier League has been monitoring the situation with some clubs having raised questions as to whether Hearts were in danger of suffering an insolvency event.
If that should happen before Sunday, there could be a risk Hearts would incur a 17-point penalty and thus be relegated.
As things stand, bottom club Dundee are on their way to the First Division and there is a 13-point gap between the Dens Park side and Hearts

[Hibercelona]

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Chaps, the gifs are slowing things down quite a bit at the moment

That and about 500 members trying to post at once.

[Heisenberg]

Aye, but just wait till they sign Boyd and Goodwillie!!!! :fenlon

[EdinMike]

I missed why it has to happen before Monday for the point deduction to occur this season, anyone fancy rehashing this point ?

[kdhibees1]

Posted on keekcack
Anyone else forked out for a season ticket yet?
Absolutely effing amazing!!

[Andy74]

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I'm getting goosebumps


http://www.bbc.co.uk/sport/0/football/22560806

Are they not missing the more imediate point that the parent company event itself could trigger the deduction?

[Craig_in_Prague]

Good things come to those who wait.

We have waited, but known this would come, when and not if. Now its time to light that expensive cigar, open a quality malt, pour a nice glass of red wine, or whatever helps you sit back & enjoy this!!

One city one team? Mercer was right, just wrong colour!

GGTTH

[Mon Dieu4]

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Aye, but just wait till they sign Boyd and Goodwillie!!!! :fenlon

They will easily win the Sunday leagues with that pair upfront

[Aldo]

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Would love them to go to admin on the 19th of May

So would I cos its ma eldests birthday and it would erase the memory of her last birthday

[I'm_cabbaged]

http://www.youtube.com/watch?v=U2EVL...e_gdata_player

[kdhibees1]

The Hibs are having a party, the Hearts are full of Dread!!!!!!!

[Gatecrasher]

They're going bust
They're going bust
They're going
Hearts are going bust
:fenlon

[WestEndHibee]

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Pity it wasn't a night match.Sabotage our own floodlights? not us eh.

Surely it's down to us as fans? Maybe an accidental roadblock from Dundee to Edinburgh?

[Westie1875]

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We should postpone it then, give the spl longer to deduct points!

It would be a shame if there was a power cut or something at ER on sat which would prevent the game going ahead......

[Kaiser1962]

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I agree but during the Rangers fiasco it was constantly argued that club and company were two separate entities and that the company was the owner and operator. As far as company law and common sense are concerned the company is the club and in HoMFC's case UBIG were the operator - that's where there might be wriggle room if they feel that way inclined.

My view is that HoMFC have benefitted massively from being owned by UBIG and have contributed to UBIG's downfall so they are more deserving of the penalty than any other club in Scotland, including Rangers.

But if you are Dundee you produce numerous copies of the accounts and point to the repeated references to continued financial support by UBIG being pre requisite for their continued existence. M'Lud....

[Fred Perry]

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Surely it's down to us as fans? Maybe an accidental roadblock from Dundee to Edinburgh?

I knew we'd find a use for Shefki Kuqi

[TrinityHibs]

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Would love them to go to admin on the 19th of May

Karma.

The Brauhaus wont be going to waste on the 19th. They're gonna be having a wake.

[Hermit Crab]

This had to happen before Sunday or points deduction would not happen according to the BBC.

[joe breezy]

This rule seems to state that Hearts are goosed already simply through this event

https://twitter.com/CelticResearch/s...579201/photo/1

[JeMeSouviens]

Pish Man looks to Pie Man ...

http://www.heraldscotland.com/sport/...out.1368702825

[HFC 0-7]

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This had to happen before Sunday or points deduction would not happen according to the BBC.

I think they may be wrong, the points deduction probably won't have to happen before Sunday, it's the even that triggers it that needs to be before Sunday surely?

[CraigHibee]

poor hearts

[Purehibee_MYB]

[JeMeSouviens]

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This rule seems to state that Hearts are goosed already simply through this event

https://twitter.com/CelticResearch/s...579201/photo/1

I posted the definition of "group undertaking" above as per Companies Act 2006.

If UBIG is deemed insolvent, they're down.