Ukio look to appoint own administrator.

[Geoff Kilpatrick]

If the Directors of a business know that it is trading insolvently, then they have no choice but to call in administrators. Otherwise they will be personally liable for the debts.

The main definition is that they cannot afford to pay liabilities as they fall due and have no reasonable means of being able to do so.

Given ST money has dried up, and there isn't a serious white knight in discussions with the board, and obviously nothing from the owners, there seems little choice. Presumably DS knows this....

Yep

 

I wonder if Fed and Gareth know it though. Gareth as a prison bitch in Saughton does amuse me though!

[Mr Romanov Saviour of HMFC]

Massive conclusions being jumped to all over the gaff.

[Tiberius Stinkfinger]

Could be good could be bad.

 

Could mean someone has contacted the board with funds ?

 

Might not though.

[Footballfirst]

Been reading up on Blair Nimmo at Airdrie and elsewhere and have received feedback that he may not be the best option for Hearts.

 

However, the decision is out of our hands, so we will have to hope for the best whoever ends up being appointed.

[TheMaganator]

We get approx 8 days from the date they lodge the order

 

True, but we've got no cash so it'd be up to FoH or AN Other to stump up the cash.

[Jezza]

Uh oh.

 

What does uh oh mean lad elaborate please?

[Jezza]

Could be good could be bad.

 

Could mean someone has contacted the board with funds ?

 

Might not though.

 

Are you honestly for real?

[shaun.lawson]

What does uh oh mean lad elaborate please?

 

It means they have to sign the papers off. If they refuse to, HMRC will wind us up.

[Tiberius Stinkfinger]

Are you honestly for real?

 

What does "Are you honestly for real?" mean lad elaborate please?

[Diego10]

 

 

It means they have to sign the papers off. If they refuse to, HMRC will wind us up.

There is no winding up order atm.

 

I still wonder about the timing of this administration tbh. What changed to make us seek it voluntarily? There was no imminent threat in the form of a winding up order and v we've clearly been touting players and STs to raise cash. So why the haste?

[Geoff Kilpatrick]

 

There is no winding up order atm.

 

I still wonder about the timing of this administration tbh. What changed to make us seek it voluntarily? There was no imminent threat in the form of a winding up order and v we've clearly been touting players and STs to raise cash. So why the haste?

If Southern has done it off his own bat he has probably covered his arse because, while he isn't a director, he knows about trading while insolvent and the penalties that apply.

[Fraggle]

There is no winding up order atm.

 

I still wonder about the timing of this administration tbh. What changed to make us seek it voluntarily? There was no imminent threat in the form of a winding up order and v we've clearly been touting players and STs to raise cash. So why the haste?

 

Probably because like everything else, it has been back of a fag packet maths or more likely, the same old bull5hit lies from the monkeys in charge.

[Footballfirst]

There is no winding up order atm.

 

I still wonder about the timing of this administration tbh. What changed to make us seek it voluntarily? There was no imminent threat in the form of a winding up order and v we've clearly been touting players and STs to raise cash. So why the haste?

 

It may simply be another red bill coming in from HMRC. We don't have the money to pay it, therefore we have to go into voluntary administration.

[Hagar the Horrible]

IF????? UBIG want their own Administrator i.e. BDO is this a good thing right? it at least states that there is somebody at UBIG making decisions and its not just a ghost ship, there must me a semi-sane person out there working. Vlad could still be pulling strings from afar, so please Vlad just go quietly and cheaply, and have a long quiet life

[TheMaganator]

IF????? UBIG want their own Administrator i.e. BDO is this a good thing right? it at least states that there is somebody at UBIG making decisions and its not just a ghost ship, there must me a semi-sane person out there working. Vlad could still be pulling strings from afar, so please Vlad just go quietly and cheaply, and have a long quiet life

 

We're relying on BBC for that though. As far as everyone on here thought it was UKIO that challenged KPMG not UBIG.

 

UBIG has no directors and it's rading position has yet to be determined by the courts in Lithuania.

[Hagar the Horrible]

 

 

 

We're relying on BBC for that though. As far as everyone on here thought it was UKIO that challenged KPMG not UBIG.

 

UBIG has no directors and it's rading position has yet to be determined by the courts in Lithuania.

 

Yes but its only guess work what the trading position is for UBIG and they are the key in all of this as they have the floating charge, which will become a fixed charge once we are in official admin, in other words they will own fully the stadium.

 

However the Ukio Bankas have already Admins appointed, but nobody knows who is running UBIG, what I am saying is there must be somebody there now able to make a decision, what we need to know is do they have the right to make decisions on buying/selling assets. UBIG might never go into admin, then again they might next week, who knows??????????????????

[PTBCAL]

This is where I, as a mere fan get confused. The club is effectively worthless except for the value of the stadium and maybe 2-3 players for a minimal fee. So by UBIG wishing to appt their own insolvency administrators then are effectively selling off the ground to the highest bidder - yes? But surely anyone wishing to buy the club minus the stadium would only pay a nominal fee, so using the FOH or another consortium then any bid surely has to include the stadium? Am I SPOUTING GUFF AGAIN (I KNOW) or is it as simple as that?

[kingantti1874]

That is a worrying development

[Hagar the Horrible]

 

This is where I, as a mere fan get confused. The club is effectively worthless except for the value of the stadium and maybe 2-3 players for a minimal fee. So by UBIG wishing to appt their own insolvency administrators then are effectively selling off the ground to the highest bidder - yes? But surely anyone wishing to buy the club minus the stadium would only pay a nominal fee, so using the FOH or another consortium then any bid surely has to include the stadium? Am I SPOUTING GUFF AGAIN (I KNOW) or is it as simple as that?

 

No its that simple, there is no point without the stadium, the stadium is worth exactly ?10m to UBIG as the ownership has now been handed over to them in place of the debt. floating chage converts to fixed charge once we enter admin. however its how much they wish to sell on for and bear in mind its only use ifs for playing football on, so getting a pit? deal is what will happen next, you get the 50% and the stadium from UBIG that's the keystone in all of this, who gets that gets the club lock stock and barrel, Ukios 29.9% is a nice to have

[Hannibal Lecter]

I'm beginning to wonder if Southern called them in but the directors won't sign off on it.

 

EDIT: I just received a message indicating this is a very strong possibility. This is worrying.

Sounds extremely possibly and extremely worrying with it. Nothing with the current regime surprises me anymore. It just seems to be getting less and less clearer which is never a good sign in my book.

 

Sent from my BlackBerry 9360 using Tapatalk

[Jezza]

What does "Are you honestly for real?" mean lad elaborate please?

 

Im getting a little too wound up so I'll leave it mate.

[Footballfirst]

HTH - You are a bit behind the times. Ukio hold the security over the stadium not UBIG. Both Ukio and UBIG also hold floating charges.

[TheMaganator]

No its that simple, there is no point without the stadium, the stadium is worth exactly ?10m to UBIG as the ownership has now been handed over to them in place of the debt. floating chage converts to fixed charge once we enter admin. however its how much they wish to sell on for and bear in mind its only use ifs for playing football on, so getting a pit? deal is what will happen next, you get the 50% and the stadium from UBIG that's the keystone in all of this, who gets that gets the club lock stock and barrel, Ukios 29.9% is a nice to have

 

I thought it was UKIO that had the charge over the stadium, not UBIG?

[Jamboelite]

At the end of the day if the directors dont sign it and they continue to try and fleece as much cash as they can before a winding up order then ultimately they will be responsible for trying to trade while knowing they are insolvent and in which case they will have a lot more to worry about when there is a tap at the door.

 

I cannot see how they could not sign it and think they could get away with that as they have nothing to trade to keep themselves afloat ? They would also have to explain themselves to alot of people including HMRC when they come for their cash.

 

Only we could annouce administration and for that to even be an issue.

 

 

Oh and its UKIO who own the stadium UBIG are getting nowt (or as near to it) in all of this no matter what happens.

[Munch]

Its the Administrator of Ukio who want to put BDO In http://www.dailyrecord.co.uk/sport/football/football-news/hearts-crisis-battle-tynecastle-underway-1960586 they are the ones who could sell Tynecastle, ubig get he haw.

[Hagar the Horrible]

I stand corrected by the general consensus, It would be easier if Ukio Bankas has the floating charge as at least there is an Admin to negotiate with, but I did think it was UBIG that has the floating charge

[PTBCAL]

Listening the radio it seems BDO will get the go-ahead to put us in administration tomorrow.

[Jezza]

Listening the radio it seems BDO will get the go-ahead to put us in administration tomorrow.

[Jezza]

Listening the radio it seems BDO will get the go-ahead to put us in administration tomorrow.

 

Any idea in what way different administrators will effect us differently mate?

 

 

[Fermit the Krog]

I think I'm going mad.

 

I thought I read somewhere earlier today that BDO couldn't be appointed as our administrators as they have been dealing with Dunfermline and there is some 12 month ruling in place?

[Footballfirst]

I think I'm going mad.

 

I thought I read somewhere earlier today that BDO couldn't be appointed as our administrators as they have been dealing with Dunfermline and there is some 12 month ruling in place?

 

Don't believe everything you read on JKB

[Kinkster]

 

I think I'm going mad.

 

I thought I read somewhere earlier today that BDO couldn't be appointed as our administrators as they have been dealing with Dunfermline and there is some 12 month ruling in place?

 

Ian Murray said that, not sure whose rule book he was referring to ?

[Fermit the Krog]

Don't believe everything you read on JKB

 

Aye I know, It was in an article and someone had been quoted saying as such..

 

Just can't remember who.

[Fermit the Krog]

Ian Murray said that, not sure whose rule book he was referring to ?

 

Thanks.

[the_jailer]

Listening the radio it seems BDO will get the go-ahead to put us in administration tomorrow.

 

 

is this good or bad news?

[Paolo]

 

 

 

is this good or bad news?

 

Indifferent.

[Hungry hippo]

 

 

Any idea in what way different administrators will effect us differently mate?

 

I think they just want to appoint someone other than Hearts' choice to feel confident that we won't try to do a Duff & Phelps.

 

We maybe could have pre-empted this and picked BDO so we could have ended up with KPMG. Our maybe we did do the opposite because we wanted BDO (no way is anyone at the club that clever).

[Munch]

I think they just want to appoint someone other than Hearts' choice to feel confident that we won't try to do a Duff & Phelps.

 

We maybe could have pre-empted this and picked BDO so we could have ended up with KPMG. Our maybe we did do the opposite because we wanted BDO (no way is anyone at the club that clever).

 

Good thinking anf thats exactky what we will do, its a bit like that scene in Blackadder when the general says we will attack them head on in broad daylight without any covering fire, because thats the last thing they would expect us to do.

[PTBCAL]

It can go either way but personally I feel the stadium is at risk.

[Fermit the Krog]

It can go either way but personally I feel the stadium is at risk.

 

As do I.

[ramrod]

It can go either way but personally I feel the stadium is at risk.

 

please elaborate.

[Diego10]

 

 

It may simply be another red bill coming in from HMRC. We don't have the money to pay it, therefore we have to go into voluntary administration.

We've no had the money to pay bills for a long time it would seem. Something had triggered it though.

[PTBCAL]

please elaborate.

Nothing than UKIO playing hardball etc... trying to maximise the amount it gets from our asset. Not sure we will get the club and stadium for an amount thats within say FOH means.... however this is just my opinion though.

[kingantti1874]

 

 

please elaborate.

 

Don think he really needs to surely, the shares in the club are worthless there is a deal to be made, the stadium will come at a price... It could well be the price for a debt free hearts

[dellboy1971]

Ubig want to appoint administrators as

Dunfermline but under administrator rules cannot be doing 2 soccer jobs at same time so might

Be told it has to be kpmg

[ramrod]

Nothing than UKIO playing hardball etc... trying to maximise the amount it gets from our asset. Not sure we will get the club and stadium for an amount thats within say FOH means.... however this is just my opinion though.

 

you think they may agree a price for the club, hold on to the stadium then, rent it back to us yeh?

[dellboy1971]

If kpmg get adminastrator job at hearts they'll do the best for hearts not ubig or ukios. Bankos

[Hagar the Horrible]

If kpmg get adminastrator job at hearts they'll do the best for hearts not ubig or ukios. Bankos

 

Very true but how will UBIG/Ukio Bankas react, the might go a bit all radion rentals on them, spit the dummy and take their ball home

[Footballfirst]

Ubig want to appoint administrators as

Dunfermline but under administrator rules cannot be doing 2 soccer jobs at same time so might

Be told it has to be kpmg

 

Can you point to any SPL or SFA rule that prevents that from happening?

[AIRCON1]

For what its worth, I think the FOH will do everything in there power to make sure the stadium and club will continue to be joined at the hip.!! As Mr Murray said today, There are are other revenue streams available,{ if required} to make sure this happens..Cant see any Developer wanting to touch Tynecastle with a barge pole at the mo...