Share Transfers Agreed/Cooling off period

[hibby rae]

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That's exactly how I see it. Anyone know how long we can expect the Lithuanian courts to confirm bankruptcy?

What if the court rules that the event did take place last week? Do the spl have to vote again regarding relegation this season?

[Danderhall Hibs]

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im raging like everyone else! but surely bankruptcy is in the post

Maybe if we keep saying it over and over it'll happen?

[Skanko79]

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Please close this thread. It's gone on long enough and it's clear they aren't going down. In fact they will dodge admin if a owner is comes in soon and gets the club for sweets.

[hibeedonald]

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511 pages of complete and utter ***** then.

This.

[Gus Fring]

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Please close this thread. It's gone on long enough and it's clear they aren't going down. In fact they will dodge admin if a owner is comes in soon and gets the club for sweets.

They still can't be sold, UBIG assets are still frozen.

A new owner doesn't make ANY of the debt go away! It doesn't matter if its Romanov, Massone or Santa Claus thats running them, A lot of the debt is secured!

[CropleyWasGod]

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Please close this thread. It's gone on long enough and it's clear they aren't going down. In fact they will dodge admin if a owner is comes in soon and gets the club for sweets.

Elucidate.

[HFC 0-7]

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Silly thread title now. They haven't bottled it. UBIG haven't been legally declared insolvent. The courts have to decide not the SPL, unless they want a law suit of their own on their hands.

Change the thread title surely, makes hibs fans sound like pedants and there's many of us that aren't.

Have a look at the spl rules, they make reference of an intention of insolvency, I would say that ubig asking to be made insolvent is an intention?

[steakbake]

It would have to be water tight. We can't have another summer of wrangling like last year. I think the phrase 'on the evidence they have available'...

At the moment there's still a way to go. Anyway, the turkeys get a temporary reprieve but Christmas is just around the corner.

[YehButNoBut]

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Please close this thread. It's gone on long enough and it's clear they aren't going down. In fact they will dodge admin if a owner is comes in soon and gets the club for sweets.

No chance they are still in the financial mire and this only delays the inevitable, in many ways it's going to make it more enjoyable and will keep us entertained throughout the summer.

Also think they are likely to lose Tynie very soon as well, it's not going to end up good for them in any shape or form.

[Gus Fring]

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It would have to be water tight. We can't have another summer of wrangling like last year. I think the phrase 'on the evidence they have available'...

At the moment there's still a way to go. Anyway, the turkeys get a temporary reprieve but Christmas is just around the corner.

Just recieved the following text from my mole/source/birdie

"Arse covering, that's all, this isn't over yet though, awaiting events in Lithuania"

[Oscar T Grouch]

So they get to stay in the SPL. that is not a bad thing, you see they've sold 5k season tickets and are skint, I doubt they will make it to the new season, if they do and then go bust, it will more than likely lead to liquidation, which in my opinion is a better option than administration. The SPL and SFA will be shown up as the idiots they truly are the league will be a bit feked for a year while the bombsite that was hertz get sorted out, maybe we'll get some proper changes to the game, that it really needs.

Any one looking at the hertz situation can see it's a bomb waiting to go off, maist people would chuck said item oot the nearest windae, not the SPL, they hold onto it, just in case the fuse goes oot on its own. Brilliant

[Twa Cairpets]

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Please close this thread. It's gone on long enough and it's clear they aren't going down. In fact they will dodge admin if a owner is comes in soon and gets the club for sweets.

Fret not.

I promise you that they are ******. Like the steam rising of a newly deposited toley, today is but a moment of fleeting warmth before they are laid bare as being as worthless as a dead turd.

They are to all practical intents and purposes a twitching corpse

[JollyGreenGiant]

So if the Lithuanian courts declares UBIG insolvent/bankrupt can the SPL not relegate them retrospectively?

[HibeeMG]

Whatever happened today didn't really matter although relegation would've been funny.

The whole process is already mapped out.

The Lith courts rubber stamp UBIG's insolvency.

SPL give Hearts a 14 point deduction before the season starts.

Hearts go into voluntary admin.

Secured assets are recalled by Lith government/administrator.

Hearts without a stadium and on negative points.

[CropleyWasGod]

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Just recieved the following text from my mole/source/birdie

"Arse covering, that's all, this isn't over yet though, awaiting events in Lithuania"

Agreed.

The SPL have to tread very carefully here. They are liable to legal action from HMFC, Dundee or even Morton if they get it wrong.

[Saorsa]

I preferred the thread title when it said SPL bottle it because that's the ****in' truth, shower of *****

[hibeedonald]

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So they get to stay in the SPL. that is not a bad thing, you see they've sold 5k season tickets and are skint, I doubt they will make it to the new season, if they do and then go bust, it will more than likely lead to liquidation, which in my opinion is a better option than administration. The SPL and SFA will be shown up as the idiots they truly are the league will be a bit feked for a year while the bombsite that was hertz get sorted out, maybe we'll get some proper changes to the game, that it really needs.

Any one looking at the hertz situation can see it's a bomb waiting to go off, maist people would chuck said item oot the nearest windae, not the SPL, they hold onto it, just in case the fuse goes oot on its own. Brilliant

Seen posts like that for the last few years, all turned out to be pish.

[Bishop Hibee]

SPL washing their hands of this will only delay the inevitable points deduction for next season.

No huge list of buyers willing to buy the club is there?

The countdown continues.

[Ryan91]

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Please close this thread. It's gone on long enough and it's clear they aren't going down. In fact they will dodge admin if a owner is comes in soon and gets the club for sweets.

Romanov is currently majority shareholder in Hearts, his assets have been frozen by Lith govt so no sale can take place at moment and it's unlikely his assets are going to be unfrozen any time soon. Ukio Bankas currently hold Tynie and the admins in Lith would probably see more value from selling the ground to a property developer than they would by selling it to someone who might come in and buy Hearts unless they are offering silly money.

The biggest question for me at them moment is, will they even survive to the start of next season? Even if they do they are likely to be sitting on -15 points at the start and will have lost most of their current 1st team squad as cost cutting and will probably be favourites to go down or at the very least be in the relegation play-off spot.

[Gus Fring]

Jamie Borthwick has his eye on the ball

Jamie Borthwick @jamiekborthwick
Interesting bit of precedence from Feb last year. SPL confirmed no 'sporting sanctions' until court appointed administrators to Rangers.

Jamie Borthwick @jamiekborthwick
"A notice of the intention to appoint administrators alone does not trigger the sporting sanctions..."

Jamie Borthwick @jamiekborthwick
"...it is the actual appointment of administrators which does."

This is not over and anyone who thinks it is, is kidding themselves. Once something actually happens at UBIG the SPL will​ be right back on this

[CentreLine]

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Romanov is currently majority shareholder in Hearts, his assets have been frozen by Lith govt so no sale can take place at moment and it's unlikely his assets are going to be unfrozen any time soon. Ukio Bankas currently hold Tynie and the admins in Lith would probably see more value from selling the ground to a property developer than they would by selling it to someone who might come in and buy Hearts unless they are offering silly money.

The biggest question for me at them moment is, will they even survive to the start of next season? Even if they do they are likely to be sitting on -15 points at the start and will have lost most of their current 1st team squad as cost cutting and will probably be favourites to go down or at the very least be in the relegation play-off spot.

And its a number they seem very keen on too

[Keith_M]

This is exactly what I thought (and posted) would happen last week.

The legal and business systems in each country are very different, so what happened in Lithuania has no exact equivelant here. The SPL have taken the easiest option, that they do not have enough evidence at this time that there was an equivelant to what would be considered under Scottish Law as an 'insolvency event'.


I think a lot of people on here that are so upset got what they wanted to happen mixed up too much with what the likely outcome would be. There's a lot still in the Hearts story yet, so no need to throw yourselves off the rooftops.

[Thecat23]

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No chance they are still in the financial mire and this only delays the inevitable, in many ways it's going to make it more enjoyable and will keep us entertained throughout the summer.

Also think they are likely to lose Tynie very soon as well, it's not going to end up good for them in any shape or form.

Been saying that since page 5 I think. I'll believe it now when I see it.

[Mikey]

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511 pages of complete and utter ***** then.

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Please close this thread. It's gone on long enough and it's clear they aren't going down. In fact they will dodge admin if a owner is comes in soon and gets the club for sweets.

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Seen posts like that for the last few years, all turned out to be pish.

Well don't read it then.

[JeMeSouviens]

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Have a look at the spl rules, they make reference of an intention of insolvency, I would say that ubig asking to be made insolvent is an intention?

The rules say:

the lodging of a Notice of Intention to Appoint an
Administrator or Notice of Appointment of an
Administrator at the Court in accordance with paragraph
29 of Schedule B1 to the Insolvency Act,

It's a UK insolvency act, so they had to decide if the situation in Lithuania was equivalent. I am guessing that they are hanging the decision on the lack of court involvement at this point. UBIG's intention to bump their creditors was posted on a Lithuanian government website and, as far as we know, there haven't been any court proceedings yet.

It's a bit of a technicality but I can see why the SPL have let them off for now.

They're still absolutely ****ed though.

[Baldy Foghorn]

Disappointed at Today's ruling, however, this is the start of the merrick's demise.....UBIG will be declared insolvent sometime soon in Vlad land, and there is not a snowball's chance in hell, of the merrick's being able to repay £15million big ones, by the end of next year......

Going to be interesting watching events unfold in Lithuania, and the ramifications for the Merrick's, IMO this has only just started....

[Leithenhibby]

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im raging like everyone else! but surely bankruptcy is in the post

Chill man, it's just the start

[Sylar]

I'd like to take back what I said earlier about Angelo Massone never being allowed near any other football club again.

He should be given the Tynecastle helm so he can run the *******s into the ground with no dubiety or uncertainty so the serial cheats are finally dealt with.

[Gus Fring]

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This is exactly what I thought (and posted) would happen last week.

The legal and business systems in each country are very different, so what happened in Lithuania has no exact equivelant here. The SPL have taken the easiest option, that they do not have enough evidence at this time that there was an equivelant to what would be considered under Scottish Law as an 'insolvency event'.


I think a lot of people on here that are so upset got what they wanted to happen mixed up to much with what the likely outcome would be. There's a lot still in the Hearts story yet, so no need to throw yourselves off the rooftops.

Agreed mate, people are forgetting that this particular chapter only opened on Thursday. Not getting a points deduction for "last" season doesn't change ANYTHING that happened before Thursday.

Christ, the way some posters are pooing the bed you'd think they had been declared debt free and had just signed Messi who agreed to play for free.

Hearts are still on death row, they just haven't gotten to the chair yet.

[1two]

It was never going to happen today

The only precedent set during the the rangers saga was the amount of time it took to get the decision made

Anyone who convinced themselves they were getting relegated tonight was far too optimistic

I don't doubt for a second there is more to come though, and its going to get a lot worse before it gets better from them