Share Transfers Agreed/Cooling off period

[Hermit Crab]

"The small matter of two Scottish cups and loads of other memories over the last ten years make it all worthwhile."


This just shows you how deluded they are. The above is part of a post from kickback.

[fat freddy]

hearts have changed the words to their official anthem....

Away down in Gorgie at Tynecastle Park
There's a wee squad of painters that aye leave their mark

They've painted the stairs, the railings, the fence
Next thing they'll paint is the sign for The Gents

S.H.A.R.E.S. if you huvnae got yours, it's too late to protest

Vlad Vlad Glorious Vlad, its down in Russia he hides
The Talk of the Toon is the debt is due soon
And Auld Reekie is splitting its sides

[greenginger]

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Is this new - it explains the £100k

Kind of contradicts what was said at their AGM ie, that the payments for the £ 1.5 million due to Hector were to be made in monthly installments

But the Yam management never seem to know what day of the week it is anyway.

[Saorsa]

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Is this new - it explains the £100k

THE Foundation of Hearts is ready to make “a realistic bid”

Two fairy cakes and a chocolate eclair


Ian Murray The Member of Parliament for Edinburgh South slavered a load of pish. Did anybody on here actually vote for this plum? Is this the best way for an elected member of parliament tae be spending his time? I wonder if he spends as much time on issues of concern tae his constituents who lack the extra digits or those who have nae interest in fitba at all.

[bodoglimt]

http://www.scotsman.com/sport/footba...onth-1-2961125

check it out

[Springbank]

If labour mp's at London parliament have enough time to run takeover bids for football clubs then it's time to get rid of Westminster. How much taxpayer money does this part timer trouser?
Too much!

[The Green Goblin]

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http://www.scotsman.com/sport/footba...onth-1-2961125

check it out

How strange...he mentioned the 5-1 game. Ah well, I suppose the current mess was worth it eh?

[Andy74]

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http://www.scotsman.com/sport/footba...onth-1-2961125

check it out

If is part of the £1.5 m I'm sure that one of he conditions of the payment plan was that no more payments should be missed. The winding up order should therefore be for £1.5 m.

[EdinMike]

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If is part of the £1.5 m I'm sure that one of he conditions of the payment plan was that no more payments should be missed. The winding up order should therefore be for £1.5 m.

This ! They can't get away with this surely ! They are taking the piss now...

[Boydyhfc]

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That is an absolute stoater of a thread and the best 20 mins I've spent in ages Haha

Same here mate, comedy gold!

[monktonharp]

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One small step for yam, one giant leap for yamkind.

excellent

[DC_Hibs]

According to this - http://www.scotsman.com/edinburgh-ev...ture-1-2938201 - "UBIG must submit a formal application for insolvency to Lithuanian courts within 30 days of Thursday’s (16th May) announcement. During that period, they can withdraw the application at any stage and return to normal trading".

Hopefully we will have news later in the week.

[Ozyhibby]

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Same here mate, comedy gold!

Their tax case thread is the same.
It's just as well they are going to the wall as the last thing this lot will want to do by the end of the summer is all sit beside each other in a pink bus shelter.

[Mark1875]

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http://www.scotsman.com/sport/footba...onth-1-2961125

check it out

Is it just me or does every bloody news report on that shambles of a club always throw up more questions than answers.

1. After going a week reporting 100k due for paye(questioned on here all week) it's now reported that it is a shortfall in the 1st payment of the 1.5m that was agreed for paye/nic's agreed in dec.

2. It's reported that the payment that was due was for 0.5m, which would indicate that the settlement was 3 yearly payment of that amount. However as recently as last week the payment plan has been said to be monthly instalments of between 40-50k. Which is it, it can't keep changing whenever it suits them.

3. Suddenly the payment deadline has moved back 24hrs. Why wait till now to release this news? (Rhetorical question btw I already know the answer.)

I for the life of me can't understand why the yams aren't being more proactive in demanding answers from the board. I know for a fact if the boot was on the other foot and we were in their situation there would be a demo outside Easter road demanding the truth. These stupid ****ers just seem to be accepting their fate and seriously deserve everything that is coming to them.

Almost forgot to say have a look at the responses to that news report. The 2nd reply to the first post is a beauty. Compares the FoH scheme to the fan ownership/membership that Barcelona have. What a bunch of fuds.



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[Mixu62]

[QUOTE=Mark1875;3637752]I for the life of me can't understand why the yams aren't being more proactive in demanding answers from the board. I know for a fact if the boot was on the other foot and we were in their situation there would be a demo outside Easter road demanding the truth. These stupid ****ers just seem to be accepting their fate and seriously deserve everything that is coming to them.


Simple - ask no questions and you'll be told no lies. And they wouldn't like the truth.

[The Green Goblin]

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I for the life of me can't understand why the yams aren't being more proactive in demanding answers from the board.

These stupid ****ers just seem to be accepting their fate and seriously deserve everything that is coming to them.

What a bunch of fuds.

This

This

And this.

[Part/Time Supporter]

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Hearts are registered as a PLC whereas Hibs are a limited company.

Does that make any difference how a new share issue should be managed ?

They delisted after Romanov fully took over.

http://www.scotsman.com/sport/footba...today-1-688911

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Latest scotsman report states that the £110k is a shortfall in the 1st £500k tranch in payments to HMRC

Well, it makes some sense that the payment would be due for the tax case, unlike PAYE. It was reported when the first payment was made in early May, therefore the next payment would have been due in early June. It also makes sense that the SPL haven't punished them yet, because their rules relate to ongoing PAYE whereas this case relates to taxes that should have been paid 5-6 years ago.

BUT the report contradicts their own accounts, which states that the amounts are due monthly. Therefore it isn't a case of them being due to pay £500K and being £100K short with the payment. If that had been the case they would have been chased for the shortfall weeks ago, because the debt would have arisen in early May.

http://www.scribd.com/doc/140824200/...counts-2011-12

Note 3

Since the year end [30 June 2012] the company has settled a dispute with HMRC. The company has therefore recognised the settlement of £1,190K, interest due on this settlement of £227K and the related costs of £159K, in the current year. The amount due is payable in monthly instalments from May 2013 to April 2015 and interest of £85,000 will be added to the outstanding balance over the three years of repayment. Of the total of £1,576K, £242K is due within one year [before 30 June 2013] and £1,335K in greater than one year [after 30 June 2013] at the balance sheet date.

BTW, I'm not convinced that HMRC will chase for the full balance of the tax case (up to £1.5M) in any petition rather than just the £100K outstanding. They know full well that if they chase for the full amount that will be the equivalent of a head shot because there is no way they would be able to pay that. Further to that HMRC know that if the petition then proceeds they would get nothing because all the proceeds of liquidation would go to Ukio, as security holder. Whereas a petition for just the £100K is likely to succeed in that Hearts will make every effort to pay that, even at the expense of missing the payroll due later this week (which would result in football sanctions from the SPL). Legally HMRC may be entitled to chase for the full amount but it wouldn't make great business sense to do so.

[lord bunberry]

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They delisted after Romanov fully took over.

http://www.scotsman.com/sport/footba...today-1-688911



Well, it makes some sense that the payment would be due for the tax case, unlike PAYE. It was reported when the first payment was made in early May, therefore the next payment would have been due in early June. It also makes sense that the SPL haven't punished them yet, because their rules relate to ongoing PAYE whereas this case relates to taxes that should have been paid 5-6 years ago.

BUT the report contradicts their own accounts, which states that the amounts are due monthly. Therefore it isn't a case of them being due to pay £500K and being £100K short with the payment. If that had been the case they would have been chased for the shortfall weeks ago, because the debt would have arisen in early May.

http://www.scribd.com/doc/140824200/...counts-2011-12



BTW, I'm not convinced that HMRC will chase for the full balance of the tax case (up to £1.5M) in any petition rather than just the £100K outstanding. They know full well that if they chase for the full amount that will be the equivalent of a head shot because there is no way they would be able to pay that. Further to that HMRC know that if the petition then proceeds they would get nothing because all the proceeds of liquidation would go to Ukio, as security holder. Whereas a petition for just the £100K is likely to succeed in that Hearts will make every effort to pay that, even at the expense of missing the payroll due later this week (which would result in football sanctions from the SPL). Legally HMRC may be entitled to chase for the full amount but it wouldn't make great business sense to do so.

In your last sentence you said it wouldn't make great business sense to demand the full 1.5m, but hmrc were prepared to take the financial hit when they knocked back the cva from rangers and other clubs down south. Is there no chance that hmrc would just say that enough is enough and go for the full amount.

[bingo70]

Surely if there's indications that hearts couldn't either stick to the instalment plan or meet future tax bills then it doesn't make sense to allow them to trade as eventually the debt will just get worse again?

[Hibby70]

"£242k due before 30 June 2013." My take on that is that £121k is due for May and hasn't been paid.

[Part/Time Supporter]

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In your last sentence you said it wouldn't make great business sense to demand the full 1.5m, but hmrc were prepared to take the financial hit when they knocked back the cva from rangers and other clubs down south. Is there no chance that hmrc would just say that enough is enough and go for the full amount.

I think the difference there is that Rangers (under Whyte) were undertaking a deliberate course of not paying their taxes, effectively using (and abusing) HMRC as a line of credit. Hearts have obviously had a poor record of paying HMRC on time, but I think it is fair to say that when they have had the cash available to pay HMRC they have done so.

[Kaiser1962]

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BTW, I'm not convinced that HMRC will chase for the full balance of the tax case (up to £1.5M) in any petition rather than just the £100K outstanding. They know full well that if they chase for the full amount that will be the equivalent of a head shot because there is no way they would be able to pay that. Further to that HMRC know that if the petition then proceeds they would get nothing because all the proceeds of liquidation would go to Ukio, as security holder. Whereas a petition for just the £100K is likely to succeed in that Hearts will make every effort to pay that, even at the expense of missing the payroll due later this week (which would result in football sanctions from the SPL). Legally HMRC may be entitled to chase for the full amount but it wouldn't make great business sense to do so.

In the Scotsman article they are telling us they expect that this £100k will be paid by the "end of the week". There is also the small matter of the wages to be paid.

[Www1875hfc]

Jane Lewis‏@JaneLewisSport
#Hearts are unlikely to pay a £100,000 tax bill by a deadline or 5 O'Clock tonight, so HMRC will issue club with a winding up order.

[ronaldo7]

http://www.thescottishsun.co.uk/scot...or-Jambos.html


Love this bit...It is understood that club chiefs still have high hopes of making the payment in time — despite the expected surge in season ticket sales having failed to materialise.

[Kato]

If this thread moves a bit slowly for you this is quite a decent read in between jambo banana skins.

http://www.fatf-gafi.org/media/fatf/...l%20Sector.pdf


There's quite a few scenario's painted that might seem familiar and it's fun teasing them out.

Very important information for anyone interested in football, so any Jamtard "5-1" looking in can pass on it.

[bingo70]

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Jane Lewis‏@JaneLewisSport
#Hearts are unlikely to pay a £100,000 tax bill by a deadline or 5 O'Clock tonight, so HMRC will issue club with a winding up order.

Will this be enough to trigger a transfer ban?

[DaveF]

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I think the difference there is that Rangers (under Whyte) were undertaking a deliberate course of not paying their taxes, effectively using (and abusing) HMRC as a line of credit. Hearts have obviously had a poor record of paying HMRC on time, but I think it is fair to say that when they have had the cash available to pay HMRC they have done so.

Is it? If that was the case, they wouldn't be £1.5million in debt to HMRC now if they had played by the rules like the rest of us do. Yet HMRC still get dicked about by Hearts with late payments and extended deadlines. Yes, they might eventually get their (our) money but there is also a good chance they will get 0 if Hearts take the Admin route.

[DaveF]

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Will this be enough to trigger a transfer ban?

Unlikely, since (as PTS says above) this £100,000 relates to their tax case and not PAYE. IE, it's a legacy bill and not your day to day sort of thing.

[Kaiser1962]

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BUT the report contradicts their own accounts, which states that the amounts are due monthly. Therefore it isn't a case of them being due to pay £500K and being £100K short with the payment. If that had been the case they would have been chased for the shortfall weeks ago, because the debt would have arisen in early May.

While I confess to not being the brightest I would point out that note three talks of "monthly installments from May 2013 till April 2015" then later in the same sentence refers to "the three year period of repayment".


I am quite sure I am missing something blindingly obvious but May 2013 till April 2015 is only two years in my book.


Anyone?

[Mac]

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Is it? If that was the case, they wouldn't be £1.5million in debt to HMRC now if they had played by the rules like the rest of us do. Yet HMRC still get dicked about by Hearts with late payments and extended deadlines. Yes, they might eventually get their (our) money but there is also a good chance they will get 0 if Hearts take the Admin route.

This is my take also, the amount owed is a drop in the ocean for HMRC and I think losing face or being seen to be weak/lenient with a company clearly unable to be run properly while still spending money they don't have, they must at some point take decisive action and with the latest breach of the payment plan they may well say enough is enough and call in the money, lets face it we all know they ain't ever going to get the full amount as admin is inevitable with the UBIG case this week.