Share Transfers Agreed/Cooling off period

[greenginger]

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Why are they still in admin ? Should they not be out by now ? And what is stopping them doing so ? And why is there no media coverage of the fact there still in admin ? Mildly confused as to reason , anyone shed any light on it please

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I think it will be the UBIG shares they are waiting on, but they must be pretty confident or Budge will be peeved.

[Gmack7]

Any reason why season tickets aren't on sale yet? as I'm sure they sold 3000 in admin last season after the begging bowl was passed around

[calumhibee1]

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Pretty sure it took 3 months for Dumfy to exit admin after everything was settled. Just a matter of time, tying up loose ends and the such.

If that's the case, it won't be far off being the start of next season before they're out of admin. I presume while in admin they've still got a transfer ban, and if they were to start the next season having not exited admin, would they then be in a position where they should be docked points again?

[CropleyWasGod]

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Any reason why season tickets aren't on sale yet? as I'm sure they sold 3000 in admin last season after the begging bowl was passed around

They probably won't until they are out of admin.

[CropleyWasGod]

[QUOTE=calumhibee1;4021816]If that's the case, it won't be far off being the start of next season before they're out of admin. I presume while in admin they've still got a transfer ban, and if they were to start the next season having not exited admin, would they then be in a position where they should be docked points again?[/QUOTE]

Yup and yup.

[Ozyhibby]

The longer they wait before selling season tickets, the less they will sell. People will find other uses for the cash over the summer and they have no payment plan option.

[calumhibee1]

[QUOTE=CropleyWasGod;4021822]

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If that's the case, it won't be far off being the start of next season before they're out of admin. I presume while in admin they've still got a transfer ban, and if they were to start the next season having not exited admin, would they then be in a position where they should be docked points again?[/QUOTE]

Yup and yup.

That would be hilarious.

[Weststandwanab]

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I think it will be the UBIG shares they are waiting on, but they must be pretty confident or Budge will be peeved.

Waiting on shares well I never.

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Any reason why season tickets aren't on sale yet? as I'm sure they sold 3000 in admin last season after the begging bowl was passed around

The difference last year was that season tickets were o sale when they went into Administration so BJ just kept selling them and said they needed another 3,000 sold to survive that summer.

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If that's the case, it won't be far off being the start of next season before they're out of admin. I presume while in admin they've still got a transfer ban, and if they were to start the next season having not exited admin, would they then be in a position where they should be docked points again?

Whilst in Administration they cannot register any players so if they are not out of Administration by late June they are going to be ..... strugglin

[greenginger]

[QUOTE=Weststandwanab;4021982]Waiting on shares well I never.




Now that Budge has clear off the Ukio Bankas floating charge on the Yam assets would it not be hilarious if Vlad's niece turns up with a document showing the 49.47% shares had been transferred to her Quantum Holdings Group just before the assets were frozen.

And, she wants substantially more than the £ 100,000 UBIG were prepared to accept.

[Weststandwanab]

[QUOTE=greenginger;4022039]

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Waiting on shares well I never.




Now that Budge has clear off the Ukio Bankas floating charge on the Yam assets would it not be hilarious if Vlad's niece turns up with a document showing the 49.47% shares had been transferred to her Quantum Holdings Group just before the assets were frozen.

And, she wants substantially more than the £ 100,000 UBIG were prepared to accept.

Now that would be funny !

Chances are if the charge has been been satisfied that the shares will be delivered but there is just a chance there may be a hiccup.

[Alfred E Newman]

I would not be surprised if they are waiting till Monday to keep us of the back page.

[Keith_M]

Does anyone know categorically if Hearts are not allowed to sign players while still in Administration?

I've read people say it a few times but would like to know for definite one way or the other.

A reference to the specific rule would be nice, instead of the usual speculation and 'trust me, I know what I'm talking about'

[wazoo1875]

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Does anyone know categorically if Hearts are not allowed to sign players while still in Administration?

I've read people say it a few times but would like to know for definite one way or the other.

A reference to the specific rule would be nice, instead of the usual speculation and 'trust me, I know what I'm talking about'

It's no exactly what you're looking for but I'm almost certain that they can sign anyone they like(within reason) but they can't register them with spfl.

[CropleyWasGod]

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It's no exactly what you're looking for but I'm almost certain that they can sign anyone they like(within reason) but they can't register them with spfl.

In essence, there is no difference.

If they "sign" (ie employ) players, they have to pay them. They don't have the money to do that whilst they are in admin. And why would they employ players when they're not playing them?

They definitely can't register them, which means they can't play them.

[wazoo1875]

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In essence, there is no difference.

If they "sign" (ie employ) players, they have to pay them. They don't have the money to do that whilst they are in admin. And why would they employ players when they're not playing them?

They definitely can't register them, which means they can't play them.

Aye true enough!! But it's hearts we're talking about here ;-D

[Mathias Jack]

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Does anyone know categorically if Hearts are not allowed to sign players while still in Administration?

I've read people say it a few times but would like to know for definite one way or the other.

A reference to the specific rule would be nice, instead of the usual speculation and 'trust me, I know what I'm talking about'

http://spfl.co.uk/docs/067_324__ther...1375800603.pdf

Here it is, the SPFL rule book straight from the horses mouth!

[CropleyWasGod]

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http://spfl.co.uk/docs/067_324__ther...1375800603.pdf

Here it is, the SPFL rule book straight from the horses mouth!

where a Club has taken, suffered or has been subject to an Insolvency Event or Events or a Group Undertaking of a Club has taken, suffered or has been subject to an Insolvency Event or Events and the Board has determined that Rule E6 shall apply, that Club shall not be entitled or permitted to register any Player with the League and the League shall not register such a Player until the Board is satisfied that such Insolvency Event or events shall no longer continue or subsist

[Hibby70]

Have the got the ability to accept credit/debit card payments yet?

[linlithgowhibbie]

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Have the got the ability to accept credit/debit card payments yet?

No:tbgwa:

[Leithenhibby]

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where a Club has taken, suffered or has been subject to an Insolvency Event or Events or a Group Undertaking of a Club has taken, suffered or has been subject to an Insolvency Event or Events and the Board has determined that Rule E6 shall apply, that Club shall not be entitled or permitted to register any Player with the League and the League shall not register such a Player until the Board is satisfied that such Insolvency Event or events shall no longer continue or subsist

So, they could sign, but can't register them? Is that how it may pan out.....

[CropleyWasGod]

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So, they could sign, but can't register them? Is that how it may pan out.....

But why would they?

If they sign them, they would have to pay them, at a time when they don't have the cash to pay them, and when there's no income.

The likelihood is that they will do a Sevco, and get players lined up on promises.... to be signed and registered the moment they are allowed to.

[Hibby70]

We've got print at home whilst they'll have jam jar exchange and raffle ticket stubs.

[Keith_M]

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http://spfl.co.uk/docs/067_324__ther...1375800603.pdf

Here it is, the SPFL rule book straight from the horses mouth!

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where a Club has taken, suffered or has been subject to an Insolvency Event or Events or a Group Undertaking of a Club has taken, suffered or has been subject to an Insolvency Event or Events and the Board has determined that Rule E6 shall apply, that Club shall not be entitled or permitted to register any Player with the League and the League shall not register such a Player until the Board is satisfied that such Insolvency Event or events shall no longer continue or subsist

Thanks Guys

[greenginger]

A few new documents posted on Companies House web site.

HOMFC ( in Administration ) granting Standard Security over everything at the PBS to Budge's Bidco and a Floating Charge in favour of Foundation of Hearts.

The documents describe Heart of Midlothian plc ( in administration ) as " the borrower ".

What happened to the bit about companies in administration being unable to create new creditors ?

Is Jackson playing fast and loose with the rules again ?

[Leithenhibby]

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But why would they?

If they sign them, they would have to pay them, at a time when they don't have the cash to pay them, and when there's no income.

The likelihood is that they will do a Sevco, and get players lined up on promises.... to be signed and registered the moment they are allowed to.

It could be done though, IF, they find the money

[CropleyWasGod]

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A few new documents posted on Companies House web site.

HOMFC ( in Administration ) granting Standard Security over everything at the PBS to Budge's Bidco and a Floating Charge in favour of Foundation of Hearts.

The documents describe Heart of Midlothian plc ( in administration ) as " the borrower ".

What happened to the bit about companies in administration being unable to create new creditors ?

Is Jackson playing fast and loose with the rules again ?

As I understand it, the loan will be drawn down once they are out of admin.

[greenginger]

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As I understand it, the loan will be drawn down once they are out of admin.

Then the loan will be from HOMFC not HOMFC ( in administration ) so there was not much point in recording the FoH floating charge if its not going to be used.

Fair enough Budge's security ,she has paid off the Ukio Bankas security and is entitled to some security of her own.

Looking at the FoH MR01 Form recording their floating charge, it has not been signed by anyone from the Foundation, just a blank box and the Solicitor's cross indicating where it should have been signed.

Could be some fun if the Foundation ever take control.

[HibeesLA]

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where a Club has taken, suffered or has been subject to an Insolvency Event or Events or a Group Undertaking of a Club has taken, suffered or has been subject to an Insolvency Event or Events and the Board has determined that Rule E6 shall apply, that Club shall not be entitled or permitted to register any Player with the League and the League shall not register such a Player until the Board is satisfied that such Insolvency Event or events shall no longer continue or subsist

Although the originally highlighted portion does state that the 'league shall not register such a player', the next part is the most important to me - 'until the Board is satisfied that such Insolvency Event or events shall no longer continue or subsist". To me that means that it is the Board of the SPFL's interpretation that counts, not necessarily the legal status of the entity. HOMFC could have shown enough proof to the Board that they will exit Administration that the Board are satisfied enough to allow registration to take place.

[RIP Bestie]

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Although the originally highlighted portion does state that the 'league shall not register such a player', the next part is the most important to me - 'until the Board is satisfied that such Insolvency Event or events shall no longer continue or subsist". To me that means that it is the Board of the SPFL's interpretation that counts, not necessarily the legal status of the entity. HOMFC could have shown enough proof to the Board that they will exit Administration that the Board are satisfied enough to allow registration to take place.

That's the way I see it too, although I'm surprised they haven't made the marquee signings their dans are expecting up until now if that's the case. I would have imagined that they would gave wanted to counter all the bad news regarding Locke and the senior players with something positive at the earliest opportunity.

[Geo_1875]

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That's the way I see it too, although I'm surprised they haven't made the marquee signings their dans are expecting up until now if that's the case. I would have imagined that they would gave wanted to counter all the bad news regarding Locke and the senior players with something positive at the earliest opportunity.

But they've got Stevie Crawford. Surely that'll keep them happy.