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Footballfirst

HSL to be struck off

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Footballfirst

I note from Companies House that HSL is on its way to being dissolved with a First Gazette notice for compulsory strike off dated 31 March. 

 

I don't know what is planned for the remaining cash they have collected, or indeed the shares they hold.

 

https://beta.companieshouse.gov.uk/company/SC494691/filing-history

 

1hRZBLI.jpg

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Smithee

You'd think those who invested would be happy for everything to go to the club in these trying times.

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132goals1958
39 minutes ago, Smithee said:

You'd think those who invested would be happy for everything to go to the club in these trying times.

 

They would have had to close their Bank Account otherwise it becomes the property of the crown. Mind you 10 bob is neither here nor there 

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Special Officer Doofy

I am actually a little surprised by this. I was convinced that they would just change its purpose and use it for paying back wee Ron for any cash he spends on infrastructure. Although perhaps he wanted that vehicle to be set up as a separate entity.

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132goals1958

Surprised it’s at the first notice stage without little or no local reporting in the local rag.

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Sir Gio

Are Hibs financially sound?

 

I don't really care normally, but a fair few of these American investor types might have a bit of cold feet now? No idea, financial world bamboozles me

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Footballfirst
Posted (edited)
7 minutes ago, 132goals1958 said:

Surprised it’s at the first notice stage without little or no local reporting in the local rag.

That's also what surprises me. There is nothing on the HSL website either.

 

I wonder if someone has jumped the gun and submitted the paperwork to Companies House before any decision has been communicated.

 

It would be a very strange set of circumstances if Companies House was to have put up the notice in error.

Edited by Footballfirst

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132goals1958

Would have also thought a special resolution would be required 

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OTT

Must be hard to report on the death of any hopes of fan ownership at Hibs when the media are too busy sticking the boot into Hearts for taking financially sensible moves then having the audacity to plan for next season. 

 

Arseholes.

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132goals1958
3 minutes ago, Footballfirst said:

That's also what surprises me. There is nothing on the HSL website either.

 

I wonder if someone has jumped the gun and submitted the paperwork to Companies House before any decision has been communicated.

 

It would be a very strange set of circumstances if it was Companies House was to have put up the notice in error.

 

Does seem very strange 

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jackal

So have they hibsed fan ownership?

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Cheile
8 minutes ago, jackal said:

So have they hibsed fan ownership?


Possiby. How sad.

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john5698

It is because they have not filed their confirmation statement, could be they want companies house to strike them off administratively rather than do it themselves.

 

They have two months to correct it, any funds left over will go the state. 

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Footballfirst

At the last count they owned 15.41% of the club. 

 

Their Articles of Association don't allow members to benefit from any dissolution. However the assets (shares) would pass to The Hibernian Community Foundation Limited (SC 345199), or an organisation with similar objects.

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john5698
1 minute ago, Footballfirst said:

At the last count they owned 15.41% of the club. 

 

Their Articles of Association don't allow members to benefit from any dissolution. However the assets (shares) would pass to The Hibernian Community Foundation Limited (SC 345199), or an organisation with similar objects.

Not if the Company is struck off, any assets are taken by the state.

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Footballfirst
2 minutes ago, john5698 said:

It is because they have not filed their confirmation statement, could be they want companies house to strike them off administratively rather than do it themselves.

 

They have two months to correct it, any funds left over will go the state. 

If that is the reason, then it seems quite an early reaction by Companies House. I've seen plenty of examples of documents being overdue, e.g. Accounts , without it going to an automatic strike off notice. 

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Footballfirst
7 minutes ago, john5698 said:

It is because they have not filed their confirmation statement, could be they want companies house to strike them off administratively rather than do it themselves.

 

They have two months to correct it, any funds left over will go the state. 

 

I've just checked some guidance on automatic strike off notices and the failure to submit a confirmation statement would appear to be the likeliest reason.

 

What is a first Gazette notice for compulsory strike off?

A Gazette notice will declare that the company will be struck off Companies House and cease to legally exist. The strike off notice will give you three months until the company is removed from the register as a result of failure to file company accounts or non-payment of tax.

There are two ways a company can be stuck off the register at Companies House, either voluntarily should the directors decide they have no further use for the company, or alternatively a third party could petition for its compulsory dissolution. In instances of compulsory strike off, this process is typically initiated by Companies House due to non-filing of accounts or annual confirmation statement. The strike off request will be published in the Gazette, at which point there is a two month period where anyone can object to the application or else the company will be struck off the register.

 
What should I do if my company has been served a first Gazette notice for compulsory strike off?

If your company has been issued with a notice for compulsory strike off, your next move will be determined by what your plans are for the company going forwards. If the company no longer serves a purpose to you and you would be happy with it being closed down then you can simply allow the process to run its course. However, you should be aware that the strike off application may well be objected to if your limited company has outstanding debts or liabilities. You can read more on strike off objections below.

Alternatively, if you want your company to remain active, then you will need to lodge a suspension application to Companies House yourself to request that the strike off application is shelved. Depending on what lead to the compulsory notice being issued in the first place, you may be required to bring your account up to date which may include filing missing accounts or confirmation statements.

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john5698
1 minute ago, Footballfirst said:

If that is the reason, then it seems quite an early reaction by Companies House. I've seen plenty of examples of documents being overdue, e.g. Accounts , without it going to an automatic strike off notice. 

The confirmation statement when overdue is put in the gazette very quickly now. You will note that it is dated later than the actual date which is a common occurrence nowadays. In some ways the confirmation statement is more important than the accounts. But you are quite right with what you are saying regarding the length of time over other documents. I have had a few clients caught with their trousers down who forgot to file their confirmation statements.

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john5698
1 minute ago, Footballfirst said:

 

I've just checked some guidance on automatic strike off notices and the failure to submit a confirmation statement would appear to be the likeliest reason.

 

 

 

Getting some documents in the gazette and the company stuck off administratively can have a lot of advantages including not having a liquidator appointed🤨

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Boof
14 minutes ago, john5698 said:

It is because they have not filed their confirmation statement, could be they want companies house to strike them off administratively rather than do it themselves.

 

They have two months to correct it, any funds left over will go the state

 

Does that mean we would each become part owners of Hibs? :lol:

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132goals1958
5 minutes ago, Footballfirst said:

If that is the reason, then it seems quite an early reaction by Companies House. I've seen plenty of examples of documents being overdue, e.g. Accounts , without it going to an automatic strike off notice. 

 

Had a look and it was filed in January the last 2 years. Looks as as if it is late. As you say it is unusual for Companies House to take strict action. They also send out a warning reminder. Very remiss of who is responsible for filing particularly it is usually less than a 10 minute exercise. 

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john5698
2 minutes ago, Boof said:

 

Does that mean we would each become part owners of Hibs? :lol:

In theory yes🤣

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HoGwash
18 minutes ago, john5698 said:

Not if the Company is struck off, any assets are taken by the state.

Does the state then sell the assets? Maybe FoH should buy them just for a laugh. A minority share of Hibs shouldn't cost much 😉

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john5698
6 minutes ago, 132goals1958 said:

 

Had a look and it was filed in January the last 2 years. Looks as as if it is late. As you say it is unusual for Companies House to take strict action. They also send out a warning reminder. Very remiss of who is responsible for filing particularly it is usually less than a 10 minute exercise. 

Costs £13 to submit though, obvious cash flow problems.

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Hector Riva

Keeping what money they have got under the mattress?

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132goals1958
Posted (edited)
4 minutes ago, john5698 said:

Costs £13 to submit though, obvious cash flow problems.

 

😀 Think it is slightly cheaper if you do it on- line now but dont tell them. Sorry that was the ds01 form I was thinking off.

Edited by 132goals1958

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Special Officer Doofy

Oh, and... Ponzi.

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Victorian

They're having a big discussion about it on .swamp.      Well... 2 posts.

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Dannie Boy
1 hour ago, Sir Gio said:

Are Hibs financially sound?

 

I don't really care normally, but a fair few of these American investor types might have a bit of cold feet now? No idea, financial world bamboozles me


With the current market instability I suspect the purse strings will be tightened to strangling point.

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Sir Gio
4 minutes ago, Dannie Boy said:


With the current market instability I suspect the purse strings will be tightened to strangling point.

Every cloud

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john5698
50 minutes ago, HoGwash said:

Does the state then sell the assets? Maybe FoH should buy them just for a laugh. A minority share of Hibs shouldn't cost much 😉

There is a time scale before anything can be sold off, assuming there are assets to sell. Don't know that smelly farts count as shares, definite liabilities with them😉

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Footballfirst

From "Official HSL" on Hibs.net

 

This routine submission has now been made. Not going to pretend it has anything to do with the Virus crisis, it was some issues we had with login in codes which then knocked on to be a simple oversight.

We continue to make donations to the Club and intend to give an update shortly.

Hibernian Supporters

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Footballfirst

The Hibs club accounts haven't been submitted to Companies House yet, although they have published them to shareholders and held their AGM. They will be overdue if not lodged by 31 March.

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davemclaren
26 minutes ago, Footballfirst said:

From "Official HSL" on Hibs.net

 

This routine submission has now been made. Not going to pretend it has anything to do with the Virus crisis, it was some issues we had with login in codes which then knocked on to be a simple oversight.

We continue to make donations to the Club and intend to give an update shortly.

Hibernian Supporters

Not submitted their annual return to Companies House I imagine

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Wham Bam Austin McCann

If it isn't in the paper or reported on any websites how did you come across it?

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Mikey1874

 

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Mikey1874

 

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indianajones

They really are a shower of tinpot shitebags down there. 

 

 

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The Future's Maroon
2 hours ago, Boof said:

 

Does that mean we would each become part owners of Hibs? :lol:


We already ‘own’ them 😁

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Boof
1 minute ago, The Future's Maroon said:


We already ‘own’ them 😁

 

Touche :) 

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john5698
57 minutes ago, Footballfirst said:

From "Official HSL" on Hibs.net

 

This routine submission has now been made. Not going to pretend it has anything to do with the Virus crisis, it was some issues we had with login in codes which then knocked on to be a simple oversight.

We continue to make donations to the Club and intend to give an update shortly.

Hibernian Supporters

They must have lost their authentication codes. They get advised by post or electronically when this statement is due, someone is either at it or hopeless at their job.

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john5698
50 minutes ago, Footballfirst said:

The Hibs club accounts haven't been submitted to Companies House yet, although they have published them to shareholders and held their AGM. They will be overdue if not lodged by 31 March.

I noticed that last week when someone poste about cashflows etc. Interesting that they have left it so late if they have been signed off. Might have lost the authentication codes for these as well😀 

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132goals1958
15 minutes ago, john5698 said:

They must have lost their authentication codes. They get advised by post or electronically when this statement is due, someone is either at it or hopeless at their job.

 

 

Even if they lost their authentication code all they had to do was phone Companies House and it could have been re-set with an immediate electronic equivalent. The bottom line is we have had to remind them to file their confirmation statement. Hope the incompetent shower show a bit gratitude.

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Footballfirst
43 minutes ago, Wham Bam Austin McCann said:

If it isn't in the paper or reported on any websites how did you come across it?

 

I have a hobby of keeping an eye on the finances of various clubs in Scotland. Companies House has a facility to track particular companies, so if a new document appears for any of the companies I follow then I am alerted by email. 

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Wham Bam Austin McCann
7 minutes ago, Footballfirst said:

 

I have a hobby of keeping an eye on the finances of various clubs in Scotland. Companies House has a facility to track particular companies, so if a new document appears for any of the companies I follow then I am alerted by email. 

 

Ok mate fair enough. 

 

How's other clubs looking? 

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Footballfirst
4 minutes ago, Wham Bam Austin McCann said:

 

Ok mate fair enough. 

 

How's other clubs looking? 

All including Celtic will be struggling, although they have more reserves to be able to cope for longer.. 

 

Things like this don't help clubs like Aberdeen

https://www.bbc.co.uk/sport/football/52048960

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superjack
3 hours ago, Boof said:

 

Does that mean we would each become part owners of Hibs? :lol:

Pretty sure hearts own them anyway.

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Footballfirst

I've just received an email confirming that HSL has now submitted their overdue Confirmation Statement to Companies House.

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