Share Transfers Agreed/Cooling off period

[malcky]

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And I'm sure we will have one of our resident Financial experts along soon to tell you how that can't happen (IMHO)

im just back from holiday and trying to catch up, was the fact that the shares were frozen been a problem or is it another hurdle for them to overcome?

[greenginger]

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Good points made there !
The club isn't really debt free as they have to reimburse Mrs B before the fans can " take control"
Have had the impression over the last few weeks that this lady is adept at pushing out the spin !
Nothing really new being said just old statements " tarted up"

Think there may well be bit more water to flow under the bridge before the end of may !!

It is just a new version of we owe it to ourselves. Ann Budge, the new UBIG.

as in Ukio Budgie Investment Groupie.

[EK_Hibs]

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im just back from holiday and trying to catch up, was the fact that the shares were frozen been a problem or is it another hurdle for them to overcome?

It would appear the shares have defrosted unfortunately.

[Keith_M]

This thread was interesting up until last week.

It's all over now.

[Waxy]

It was none of our business anyway.:o

[CropleyWasGod]

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This thread was interesting up until last week.

It's all over now.

You are Bobby Womack

[Spike Mandela]

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This thread was interesting up until last week.

It's all over now.

[Keith_M]

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You are Bobby Womack

If he's the guy married to Samantha Womack, then I really wish I was.



SamanthaWomack.jpg

[GlasgowHibee]

I'm hoping Sergey has been conjuring up another story for us all to believe in, it's about all we've got.

[The Falcon]

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Hearts don't owe HMRC any money.

Their bill will be settled at 0p in the pound out of the 2.5 million CVA. It's the way business works.

It is. But football clubs have to agree to honour football debts in order to continue. I feel sure that someone, at some time, is going to challenge this through a court. The club that goes bust agrees to selectively pay certain creditors of the old club so that they can continue to play football. Perhaps they should also be obliged to pay back the unpaid rates, income tax and public services before they can access further public resources or amenity's.

[Weststandwanab]

Far too sensible.

[brog]

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It is. But football clubs have to agree to honour football debts in order to continue. I feel sure that someone, at some time, is going to challenge this through a court. The club that goes bust agrees to selectively pay certain creditors of the old club so that they can continue to play football. Perhaps they should also be obliged to pay back the unpaid rates, income tax and public services before they can access further public resources or amenity's.

It's already been challenged through the courts, HMRC lost. The football authorities are clever, they insist football debts have to be honoured ( I know thats a strange word for Yams ) in order for their registration to continue. As football is ( supposedly ) their ( Yams ) reason for existing thats why they, in this case football debts have priority. The real problem is the CVA process, the principle of trying to keep businesses alive is laudable but it was never intended for football clubs, public laundries or fantasists.

[CropleyWasGod]

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It is. But football clubs have to agree to honour football debts in order to continue. I feel sure that someone, at some time, is going to challenge this through a court. The club that goes bust agrees to selectively pay certain creditors of the old club so that they can continue to play football. Perhaps they should also be obliged to pay back the unpaid rates, income tax and public services before they can access further public resources or amenity's.

...in which case all those individuals who go bankrupt, whether by their own fault or not, should be denied public resources until they pay their Council Tax. Yeah?

[brog]

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Bidco 1874 and Foundation of Hearts are two completely separate companies with different company numbers and no common directors.

Also, I wonder if the Liths are aware they won't be seeing any cash any time soon if the paper work is going to take as long as we hope.

not that it matters, it will all go to BDO anyway for fees.

As I thought GG so this means either the CVA was amended after it was accepted ( unlikely ) or F of H were out of the picture & Ann Budge was involved long before it became public. Something rotten in the state of Gorgie I think.

[Phil D. Rolls]

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I'm hoping Sergey has been conjuring up another story for us all to believe in, it's about all we've got.

Sounds a wee bit sarcastic mate. The stories were believable because they were true. Unlike what was written in the press.

Anyway, in the words of the Big O, "it's over".

[The Falcon]

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...in which case all those individuals who go bankrupt, whether by their own fault or not, should be denied public resources until they pay their Council Tax. Yeah?

That might be the downside admittedly but how many continue on like football clubs?

Just dosent feel right thats all.

[The Falcon]

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It's already been challenged through the courts, HMRC lost. The football authorities are clever, they insist football debts have to be honoured ( I know thats a strange word for Yams ) in order for their registration to continue. As football is ( supposedly ) their ( Yams ) reason for existing thats why they, in this case football debts have priority. The real problem is the CVA process, the principle of trying to keep businesses alive is laudable but it was never intended for football clubs, public laundries or fantasists.

[CropleyWasGod]

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That might be the downside admittedly but how many continue on like football clubs?

Just dosent feel right thats all.

Many businesses do. That's the point of administration.

[Ronniekirk]

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Sounds a wee bit sarcastic mate. The stories were believable because they were true. Unlike what was written in the press.

Anyway, in the words of the Big O, "it's over".

Agree about comment re Sergey some folk happy to put the boot in when it's not warranted or necessary .

[The Falcon]

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Many businesses do. That's the point of administration.

Seems that some folk lose everything, and others just stick two fingers up and administration appears a mere, and minor, inconvenience.

[HFC 0-7]

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...in which case all those individuals who go bankrupt, whether by their own fault or not, should be denied public resources until they pay their Council Tax. Yeah?

For businesses, specifically football clubs there needs to be investigation into the nature of why they entered administration. Choosing NOT to pay taxes, council / government funded initiatives, small businesses in the pursuit of success in such a way that there was never going to be a way to pay it all back, even if it meant success is very very different to businesses falling on hard times because of the recession etc. In the case of hearts, and probably a lot of other football clubs, its easy to see that this was the case.

[CropleyWasGod]

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For businesses, specifically football clubs there needs to be investigation into the nature of why they entered administration. Choosing NOT to pay taxes, council / government funded initiatives, small businesses in the pursuit of success in such a way that there was never going to be a way to pay it all back, even if it meant success is very very different to businesses falling on hard times because of the recession etc. In the case of hearts, and probably a lot of other football clubs, its easy to see that this was the case.

The story of HMFC avoiding their public and social liabilities is repeated all too often in mainstream businesses. When money is tight, the first debt that gets bumped is the rates, or the wee tradesman, and then HMRC. "I'll catch up when things are better" is the normal story.

Sadly, though, there are many businesses who don't care, and wilfully don't pay. That's fraud. The law is there..... but proving "intent" is the problem.

In HMFC's case, I would expect that any complaint of fraud would be laid against the directors, rather than the company itself.

[southsider]

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Hearts don't owe HMRC any money.

Their bill will be settled at 0p in the pound out of the 2.5 million CVA. It's the way business works.

Then that is all wrong. The normal hardworking people of the UK are being fleeced by spives, chancers and crook "football clubs" like sevco and hear7s. We need a change in the law to stop this happening. No one gives a flying jot down there about the people they have conned.

[Ozyhibby]

The ' it's not fair' brigade need to realise that the owners of Hearts lost everything when they went into admin.
The new owners can't and shouldn't be held liable for pre admin debts.
It's the business's customers that I suspect you want to see punished but that can't happen. If DFS go bust, nobody comes round and repossess your sofa. That's life.

[Onceinawhile]

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The ' it's not fair' brigade need to realise that the owners of Hearts lost everything when they went into admin.
The new owners can't and shouldn't be held liable for pre admin debts.
It's the business's customers that I suspect you want to see punished but that can't happen. If DFS go bust, nobody comes round and repossess your sofa. That's life.

Yup. The problem many have is that hmfc are a football club and as such there's emotion involved. I can understand why people are getting upset, but it is what it is an people need to get over it.

[Nando™]

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Yup. The problem many have is that hmfc are a football club and as such there's emotion involved. I can understand why people are getting upset, but it is what it is an people need to get over it.

And as such, in a sporting environment it is seen as cheating. For there to be real financial fair play, the powers need to apply proper punishments to clubs that enter administration.

My suggestions;
Instant relegation to the 3rd tier (at the highest)
Banned from representing Scotland in Europe for 10 years
Signing ban until the club starts to make operating profit, with the signing ban renewed every year they make a loss or the wages/turnover ratio goes above a certain number (say 80%).

[GordonHFC]

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And as such, in a sporting environment it is seen as cheating. For there to be real financial fair play, the powers need to apply proper punishments to clubs that enter administration.

My suggestions;
Instant relegation to the 3rd tier (at the highest)
Banned from representing Scotland in Europe for 10 years
Singing ban until the club starts to make operating profit, with the signing ban renewed every year they make a loss or the wages/turnover ratio goes above a certain number (say 80%).

Stopping them singing is taking it a little too far don't you think ?

[Nando™]

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Stopping them singing is taking it a little too far don't you think ?

The worst thing is that I even proof read it.

[AltheHibby]

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The worst thing is that I even proof read it.

According to Word "proofread" is one word.

Yes, you're right, I have got nothing useful to add.

[southsider]

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The ' it's not fair' brigade need to realise that the owners of Hearts lost everything when they went into admin.
The new owners can't and shouldn't be held liable for pre admin debts.
It's the business's customers that I suspect you want to see punished but that can't happen. If DFS go bust, nobody comes round and repossess your sofa. That's life.

I disagree. The new owners should be made to repay the unpaid tax. The previous owner was Vlad and he is/was a crook and a conman. Someone needs to pay these debts, that is why we all pay more. Your sofa thing is just daft.