rabprentice Posted June 3, 2008 Share Posted June 3, 2008 Anyone know what this means from today's Court of Session list? "LORD GLENNIE PETITION DEPARTMENT UNSTARRED MOTIONS 1 Pet Heart of Midlothian plc to wind up Archibald Campbell & Harley" Link to comment Share on other sites More sharing options...
Charlie-Brown Posted June 3, 2008 Share Posted June 3, 2008 Somebody chasing unpaid monies most probably? Link to comment Share on other sites More sharing options...
rabprentice Posted June 3, 2008 Author Share Posted June 3, 2008 Somebody chasing unpaid monies most probably? I guess - but was keen to find out who/how much/is it serious? BTW the link is http://www.scotcourts.gov.uk/rolls/supreme/lists/r080603_183.htm Link to comment Share on other sites More sharing options...
Gerd Muller Posted June 3, 2008 Share Posted June 3, 2008 do businesses not get find for not paying their bills on time? customers do!!. I find it really hard to take it that a football club with alot of history can't even pay a bill on time. The way the club is run is laughable. Link to comment Share on other sites More sharing options...
Guest S.U.S.S. Posted June 3, 2008 Share Posted June 3, 2008 Anyone know what this means from today's Court of Session list? "LORD GLENNIE PETITION DEPARTMENT UNSTARRED MOTIONS 1 Pet Heart of Midlothian plc to wind up Archibald Campbell & Harley" Is that perhaps the old co name? Link to comment Share on other sites More sharing options...
bigwull22 Posted June 3, 2008 Share Posted June 3, 2008 Aye we're not a PLC anymore Link to comment Share on other sites More sharing options...
kjc2006 Posted June 3, 2008 Share Posted June 3, 2008 Link to comment Share on other sites More sharing options...
rabprentice Posted June 3, 2008 Author Share Posted June 3, 2008 Is that perhaps the old co name? Who knows? Was hoping one of our resident lawyers might be able to cast some light. I seem to remember previous threads about something similar so might be old news. Link to comment Share on other sites More sharing options...
lost in leith Posted June 3, 2008 Share Posted June 3, 2008 Aye we're not a PLC anymore Yes we are. We were as at the date of the AGM (25 March), and as far as I know the shareholders have to vote for the company's status to change. Link to comment Share on other sites More sharing options...
Telford Jambo Posted June 3, 2008 Share Posted June 3, 2008 Word on the street is people are getting frustrated waiting for their bills to be settled and are raising court actions against Hearts far quicker than you would expect, I've no doubt it'll be paid, once the man who can sign the cheques is available, but even then, this will cost the club over a grand in legal costs. Indeed the Petitioners have raised the action against the wrong party as well! Link to comment Share on other sites More sharing options...
Peebo Posted June 3, 2008 Share Posted June 3, 2008 Yes we are. We were as at the date of the AGM (25 March), and as far as I know the shareholders have to vote for the company's status to change. Do you have some sort of alert system to let you know everytime the acronym "plc" appears on a Kickback thread?? Link to comment Share on other sites More sharing options...
CornhillHearts Posted June 3, 2008 Share Posted June 3, 2008 It may be the gnome producers whom are fgiving us no more gnomes as owe them 3 grand-honest. Link to comment Share on other sites More sharing options...
lost in leith Posted June 3, 2008 Share Posted June 3, 2008 Do you have some sort of alert system to let you know everytime the acronym "plc" appears on a Kickback thread?? The riveting topic of company law is what gets me out of bed in the morning Link to comment Share on other sites More sharing options...
Terrible Trio Posted June 3, 2008 Share Posted June 3, 2008 The riveting topic of company law is what gets me out of bed in the morning you love it Link to comment Share on other sites More sharing options...
knoxyjambo Posted June 3, 2008 Share Posted June 3, 2008 Anyone know what this means from today's Court of Session list? "LORD GLENNIE PETITION DEPARTMENT UNSTARRED MOTIONS 1 Pet Heart of Midlothian plc to wind up Archibald Campbell & Harley" A winding up petition is what a company will lodge with the court to enforce the payments of debt that is owed, it can be used as a scare tactic and is the official channel to getting money back, these things can often settle out of court, so there isnt a problem as long as the money is there to pay. The same kind of winding up petition was lodged against Gretna, obviously they didnt have the funds to pay their debts, that's when a provisional liquidator would have been appointed. Link to comment Share on other sites More sharing options...
Cow Posted June 3, 2008 Share Posted June 3, 2008 Yes we are. We were as at the date of the AGM (25 March), and as far as I know the shareholders have to vote for the company's status to change. Shareholders votes dont really matter since Vlad has the majority of shares anaway. Link to comment Share on other sites More sharing options...
Cow Posted June 3, 2008 Share Posted June 3, 2008 My first impression also. Link to comment Share on other sites More sharing options...
Peebo Posted June 3, 2008 Share Posted June 3, 2008 Shareholders votes dont really matter since Vlad has the majority of shares anaway. His votes matter... Link to comment Share on other sites More sharing options...
Cow Posted June 3, 2008 Share Posted June 3, 2008 His votes matter... Thats sort of what i was getting at ,he has full control. Link to comment Share on other sites More sharing options...
Maroon Mayhem Posted June 3, 2008 Share Posted June 3, 2008 Cue thread on Strawclutchers.net! Link to comment Share on other sites More sharing options...
Maroon Mayhem Posted June 3, 2008 Share Posted June 3, 2008 Basically an unstarred motion is bringing a potential case to the court, more commonly known as a shot across the bows. There is no need for the pursuing party to be named at this time but is seen as a way to make a business pay attention to their debts. Link to comment Share on other sites More sharing options...
rabprentice Posted June 3, 2008 Author Share Posted June 3, 2008 A winding up petition is what a company will lodge with the court to enforce the payments of debt that is owed, it can be used as a scare tactic and is the official channel to getting money back, these things can often settle out of court, so there isnt a problem as long as the money is there to pay. The same kind of winding up petition was lodged against Gretna, obviously they didnt have the funds to pay their debts, that's when a provisional liquidator would have been appointed. Cheers Link to comment Share on other sites More sharing options...
Spellczech Posted June 3, 2008 Share Posted June 3, 2008 A winding up petition is what a company will lodge with the court to enforce the payments of debt that is owed, it can be used as a scare tactic and is the official channel to getting money back, these things can often settle out of court, so there isnt a problem as long as the money is there to pay. The same kind of winding up petition was lodged against Gretna, obviously they didnt have the funds to pay their debts, that's when a provisional liquidator would have been appointed. Yeah but that is not what this is about. It is about winding up the PLC now that we are delisted from the LSE. Cannot remember what the company Vlad set up to buy Hearts was but it was a Limited, not a PLC. Link to comment Share on other sites More sharing options...
Winston Ingram Posted June 3, 2008 Share Posted June 3, 2008 SpellCzech: Heart of Midlothian 2005, I'm sure. Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted June 3, 2008 Share Posted June 3, 2008 It wouldn't be the first of its type. No doubt we are expecting another parcel of cash from Lithuania to pay bills since the cash flow from the reduced ST sales is biting. Link to comment Share on other sites More sharing options...
ToadKiller Dog Posted June 3, 2008 Share Posted June 3, 2008 Yeah but that is not what this is about. It is about winding up the PLC now that we are delisted from the LSE. Cannot remember what the company Vlad set up to buy Hearts was but it was a Limited, not a PLC. Well somebody at tynecastle still uses it http://wck2.companieshouse.gov.uk/638f04dee6a4bb722876043aff55aa9d/compdetails Link to comment Share on other sites More sharing options...
Rawrrrrrrr Posted June 3, 2008 Share Posted June 3, 2008 I love how the usual suspects try to make out this is normal for business In the 6 months I have been with my employer we have not once been threatened with court action Accounting systems and the fact companies send reminders, make calls etc, make it very hard to simply overlook bills, furthermore it takes many months before a company would take us to court Tbh its utterly shocking that we let this happen time and time again, it just makes it harder for people to do their jobs within the club as well as making us look bad Link to comment Share on other sites More sharing options...
SeeVee Posted June 3, 2008 Share Posted June 3, 2008 The club is Heart of Midlothian plc - look at the front page of the accounts. Link to comment Share on other sites More sharing options...
portobellojambo1 Posted June 3, 2008 Share Posted June 3, 2008 Yeah but that is not what this is about. It is about winding up the PLC now that we are delisted from the LSE. Cannot remember what the company Vlad set up to buy Hearts was but it was a Limited, not a PLC. If it is what you are suggesting would the case not be brought by Hearts own solicitors Spellczech, rather than the solicitors company name being mentioned (cannot remember the name of Hearts solicitors but it is not A C & H as far as I am aware (unless they have changed recently)). Link to comment Share on other sites More sharing options...
ToadKiller Dog Posted June 3, 2008 Share Posted June 3, 2008 Prancer is correct it is embarrising for a club like hearts to get itself in such a position .but we dont know the details of the case ,i doubt it is serious or it would have been front page in the EEN might be the morn. but it is a common practice from many business men usually smaller time than hearts ,i know a private hire firm up here in dundee thats done it various times ,same with a security firm. Link to comment Share on other sites More sharing options...
Libertonian_II Posted June 3, 2008 Share Posted June 3, 2008 I'm 51. Hearts and debt collectors go hand in hand. Same old, same old Nothing new Link to comment Share on other sites More sharing options...
knoxyjambo Posted June 4, 2008 Share Posted June 4, 2008 Yeah but that is not what this is about. It is about winding up the PLC now that we are delisted from the LSE. Cannot remember what the company Vlad set up to buy Hearts was but it was a Limited, not a PLC. Wrong, but what would I know, I only work at the Court. Link to comment Share on other sites More sharing options...
Boris Posted June 4, 2008 Share Posted June 4, 2008 Can PLC mean Public Limited Company and Private Limited Company? One on the stock market, the other not? Link to comment Share on other sites More sharing options...
Tasavallan Posted June 4, 2008 Share Posted June 4, 2008 Can PLC mean Public Limited Company and Private Limited Company? One on the stock market, the other not? 'PLC' and 'plc' have different meanings. Although in the UK we tend to use 'Ltd' rather than 'plc'. Link to comment Share on other sites More sharing options...
SeeVee Posted June 4, 2008 Share Posted June 4, 2008 Can PLC mean Public Limited Company and Private Limited Company? One on the stock market, the other not? PLC always means public limited company and Ltd is a private limited company. I'm not sure about the exact differences, but a plc doesn't have to be on the stock exchange. Hearts are a plc. Link to comment Share on other sites More sharing options...
Jam Tarts 1874 Posted June 4, 2008 Share Posted June 4, 2008 This one will turn out to be the same as the stationery suppliers case from a little earlier in the year. Hearts sent them a cheque, but they didn't cash it. Their reasons for doing so remain their own! Whoever this company is filing the petition I would bet they are run by some hobo just trying to stir things by claiming they have not received their cheque. I just put this is the tedious category. Just for info, the most recent accounts show that Hearts average time for paying bills is 82 days, which I think you will find is pretty much in line with other similar sized operations. Also, the accounts showed that Hearts are owed ?1.59m by trade creditors and owe ?1.24m to trade debtors. It seems that there are people out there following their own agenda with regard to chasing Hearts for payment. Link to comment Share on other sites More sharing options...
footieman Posted June 4, 2008 Share Posted June 4, 2008 It seems that there are people out there following their own agenda Sounds like some of the posters on here. Link to comment Share on other sites More sharing options...
SeeVee Posted June 4, 2008 Share Posted June 4, 2008 This one will turn out to be the same as the stationery suppliers case from a little earlier in the year. Hearts sent them a cheque, but they didn't cash it. Their reasons for doing so remain their own! Whoever this company is filing the petition I would bet they are run by some hobo just trying to stir things by claiming they have not received their cheque. I just put this is the tedious category. Just for info, the most recent accounts show that Hearts average time for paying bills is 82 days, which I think you will find is pretty much in line with other similar sized operations. Also, the accounts showed that Hearts are owed ?1.59m by trade creditors and owe ?1.24m to trade debtors. It seems that there are people out there following their own agenda with regard to chasing Hearts for payment. That's the wrong way round - debtors owe money to Hearts, and creditors are owed money by Hearts. I don't buy the hobo-run company thing either. Winding up petitions cost money and time to prepare - I can't see any business doing that just because they support a rival football club. Even if that was the case, it should never get as far as the Court of Session. Link to comment Share on other sites More sharing options...
redm Posted June 4, 2008 Share Posted June 4, 2008 I love how the usual suspects try to make out this is normal for business In the 6 months I have been with my employer we have not once been threatened with court action Accounting systems and the fact companies send reminders, make calls etc, make it very hard to simply overlook bills, furthermore it takes many months before a company would take us to court Tbh its utterly shocking that we let this happen time and time again, it just makes it harder for people to do their jobs within the club as well as making us look bad 6 months isn't really a long time and to be honest, if your employer had been threatened with legal action it's quite likely that they're not going to share that information with you or the rest of their employees Prancer. Not that it really matters in terms of this thread but if you're determined to insist that it isn't a common occurrence then I have to disagree. The last four companies I have worked for have all been threatened with legal action and most of it was a load of nonsense. The company I currently work for is threatening 7 different companies with legal action of its own. It all depends what the story is behind the scenes. That's not to say that this isn't a big deal - we don't even really know what it's all about. But legal action isn't necessarily an indication of anything we need to get our knickers in a twist about. Link to comment Share on other sites More sharing options...
Dr. Bapswent Posted June 4, 2008 Share Posted June 4, 2008 I love how the usual suspects try to make out this is normal for business In the 6 months I have been with my employer we have not once been threatened with court action Accounting systems and the fact companies send reminders, make calls etc, make it very hard to simply overlook bills, furthermore it takes many months before a company would take us to court Tbh its utterly shocking that we let this happen time and time again, it just makes it harder for people to do their jobs within the club as well as making us look bad I love how the usual suspect tries to make another sensationalist post out of something to blow things out of proportion. Link to comment Share on other sites More sharing options...
SeeVee Posted June 4, 2008 Share Posted June 4, 2008 6 months isn't really a long time and to be honest, if your employer had been threatened with legal action it's quite likely that they're not going to share that information with you or the rest of their employees Prancer. Not that it really matters in terms of this thread but if you're determined to insist that it isn't a common occurrence then I have to disagree. The last four companies I have worked for have all been threatened with legal action and most of it was a load of nonsense. The company I currently work for is threatening 7 different companies with legal action of its own. It all depends what the story is behind the scenes. That's not to say that this isn't a big deal - we don't even really know what it's all about. But legal action isn't necessarily an indication of anything we need to get our knickers in a twist about. It depends how you define legal action. A winding up petition is several steps down the road from a solicitor's letter. Link to comment Share on other sites More sharing options...
John Gentleman Posted June 4, 2008 Share Posted June 4, 2008 What took my eye was the "Paul Callaghan v Greggs plc" petition. I wonder what happened? Did Mr Callaghan find an unfounded rumour in his sausage roll????..... Link to comment Share on other sites More sharing options...
knoxyjambo Posted June 4, 2008 Share Posted June 4, 2008 If Hearts aint paying up, this kind of petition is a sure fire way for companies to get that debt settled, slightly concerning but as I said before, as long as the money is there to pay these debts, no more will come of it, this isnt the first time this has happened and probably wont be the last given our current track record in paying bills etc. Any solicitors who go to the expense/take time to raise one of these actions will probably ask Hearts for the expenses of doing so. The court has the authority to put the company into provisional liquidation if we didnt pay, therefore it's pretty much a cert we will pay, with us these things are likely to be dealt with and wont even reach the court room and will settle outwith the court. Link to comment Share on other sites More sharing options...
redm Posted June 4, 2008 Share Posted June 4, 2008 It depends how you define legal action. A winding up petition is several steps down the road from a solicitor's letter. Of course, but it's not an uncommon thing. My point is simply that it isn't necessarily worth getting our knickers in a twist about it until we know what it's actually for. Assuming we ever find out, of course.... Link to comment Share on other sites More sharing options...
SeeVee Posted June 4, 2008 Share Posted June 4, 2008 Of course, but it's not an uncommon thing. My point is simply that it isn't necessarily worth getting our knickers in a twist about it until we know what it's actually for. Assuming we ever find out, of course.... Generally I agree - the club is not going to be wound up, so no real worries on that score. It is embarrassing and slightly worrying that it got as far as it has. And I imagine it will have cost the club a fair bit of money. Link to comment Share on other sites More sharing options...
redm Posted June 4, 2008 Share Posted June 4, 2008 Generally I agree - the club is not going to be wound up, so no real worries on that score. It is embarrassing and slightly worrying that it got as far as it has. And I imagine it will have cost the club a fair bit of money. I don't find it embarrassing at all. Maybe I'm just desensitised to these things but I just don't think it's worth worrying about. I get the feeling that there are just miserable Jambos in our midst who like this stuff a bit too much - any excuse to get all angsty. I don't mean you btw. Just a general observation. Link to comment Share on other sites More sharing options...
Colonel Kurtz Posted June 4, 2008 Share Posted June 4, 2008 This one will turn out to be the same as the stationery suppliers case from a little earlier in the year. Hearts sent them a cheque, but they didn't cash it. Their reasons for doing so remain their own! Whoever this company is filing the petition I would bet they are run by some hobo just trying to stir things by claiming they have not received their cheque. I just put this is the tedious category. Just for info, the most recent accounts show that Hearts average time for paying bills is 82 days, which I think you will find is pretty much in line with other similar sized operations. Also, the accounts showed that Hearts are owed ?1.59m by trade creditors and owe ?1.24m to trade debtors. It seems that there are people out there following their own agenda with regard to chasing Hearts for payment. Several of Hearts creditors who took court action recently in pursuance of long overdue debts were in fact Hearts supporters,who took the action reluctantly Link to comment Share on other sites More sharing options...
Guest JamboRobbo Posted June 4, 2008 Share Posted June 4, 2008 I get the feeling that there are just miserable Jambos in our midst who like this stuff a bit too much - any excuse to get all angsty. I don't mean you btw. Just a general observation. And I get the feeling Vlad could move us to Murrayfield AND shut the club down and there would still be people who would say it's not worth worrying about, and it'll work out for the best in the end etc etc. I don't mean you btw. Just a general observation. Link to comment Share on other sites More sharing options...
MrBones Posted June 4, 2008 Share Posted June 4, 2008 Hearts are using new printers for their mail-outs this year. The reason being they didn't pay the printers they used last year. Don't know if that's the "stationary" company reffered to but the actual printers received no cheque from Hearts Link to comment Share on other sites More sharing options...
redm Posted June 4, 2008 Share Posted June 4, 2008 And I get the feeling Vlad could move us to Murrayfield AND shut the club down and there would still be people who would say it's not worth worrying about, and it'll work out for the best in the end etc etc. I don't mean you btw. Just a general observation. Don't be catty...Some of us are just channelling our energies efficiently. I don't want high blood pressure before the age of 30. And for what it's worth, I don't think people would be remotely okay about Vlad doing any of the things you mentioned. I genuinely believe there are more instances of people exacerbating and exaggerating the problems unnecessarily than there are of people excusing things that they should be getting up in arms about. Also just an observation, of course. But maybe it's just this place...it does funny things to your brain... Link to comment Share on other sites More sharing options...
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