Administration

[portobellojambo1]

PJ1

 

I cannot see how we would go into admin.

 

However rumours are rife and say it's true - we go into admin.

 

What would actually happen?

 

Would the club be put up for sale?

 

Would players be released immediately?

 

Would very much depend on what he was told by the owners I would think PTBCAL. In normal circumstances the administrator's job is to get the best return he can for the creditors, and to do that he may decide that the best course of action is to keep the business going for a while, but it would involve restructuring it, possibly selling parts of it off. With a football club if you want to keep it going for a while there ain't an awful lot you can sell off other than players. I assume the act of going into administration would also incur a penalty by means of a deduction of points.

 

If this course of action fails to achieve anything then administration would move to liquidation, which involves getting rid of everything sellable as quickly as possible to realise cash. If there ain't anybody about at that time who has both the money and the will to keep HMFC going as a football club what could be sold would be sold to the highest bidder and we would be buggered.

 

It is probably worth noting that administrators would only agree to run the club if they received an up front assurance that all their fees would be paid, and I assume they don't do what they do at a particularly cheap rate.

[Francis Albert]

I don't honestly think you can compare the value of a derby victory, achieved by a team with heart, back in the days of the Dunbar End, with anything that Zaliukas and co will plunder next week.

 

 

Zaliukas "plundering" a win against Hibs? Surely that can't happen.

[scott herbertson]

Would very much depend on what he was told by the owners I would think PTBCAL. In normal circumstances the administrator's job is to get the best return he can for the creditors, and to do that he may decide that the best course of action is to keep the business going for a while, but it would involve restructuring it, possibly selling parts of it off. With a football club if you want to keep it going for a while there ain't an awful lot you can sell off other than players. I assume the act of going into administration would also incur a penalty by means of a deduction of points.

 

If this course of action fails to achieve anything then administration would move to liquidation, which involves getting rid of everything sellable as quickly as possible to realise cash. If there ain't anybody about at that time who has both the money and the will to keep HMFC going as a football club what could be sold would be sold to the highest bidder and we would be buggered.

 

It is probably worth noting that administrators would only agree to run the club if they received an up front assurance that all their fees would be paid, and I assume they don't do what they do at a particularly cheap rate.

 

They also don't care what the fans want. When Kingstonian went into administration the Administrator rejected a bid from a consortium of Kingstonian businessmen/ fans and took a bid from a non fan who shortly after sold the ground.... The same could easily happen to us.

 

 

Here is the nasty tale in all its misery

 

http://findarticles.com/p/articles/mi_qn4158/is_20050108/ai_n9692257

[Seymour M Hersh]

Yeah I do support Hearts....had a season ticket for the last 25 years. This is my first year of abstention. If only the remaining 9,000 had followed my lead we might have been in a better position....

 

When I say I support Hearts, I mean the institution not the current custodians who, at all levels...boardroom, management, medical and playing staff are littered with Lithuanians and overpaid imposters!

 

Unfortunately, blind and naive loyalty is going to cause the death of our great club. I never believed for a second that a single brick would be laid on the "new stand" and I seem to have been proved right.

 

I would suggest that having a season ticket for the last 25 years would have included a massive amount of loyalty and a healthy helping of naivety (clearly both being blind as you buy an ST without knowing the final squad make-up or a ball being kicked). Oh and perhaps you've missed out on witnessing the impostors of other nations we have in the squad. How you think we'd be in a better position if the 10k season ticket holders had followed your lead escapes me. Sorry but I can only ad one thing.

[Charlie-Brown]

They also don't care what the fans want. When Kingstonian went into administration the Administrator rejected a bid from a consortium of Kingstonian businessmen/ fans and took a bid from a non fan who shortly after sold the ground.... The same could easily happen to us.

 

 

Here is the nasty tale in all its misery

 

http://findarticles.com/p/articles/mi_qn4158/is_20050108/ai_n9692257

 

An administrator CANNOT in law care what the fans want - they have a legal duty to act in the duty of ALL creditors of the company to try to ensure the best likelihood of them recovering monies owed (or as much as possible) whilst a) trying to keep the company operating or selling the company or c) winding up and/or liquidating assets........or a combination of a) & c) ..... in Hearts case it might be easier to separate the football operation from the other assets (primarily stadium) to achieve a sale or ensure continued operation of the business.

 

That is what an Administrator is legally required to do .... selling the club to the fans preferred bidder would have been a misuse of powers if there was a better bid (for the creditors) on the table.

[coppercrutch]

The problem we have is we are a football club. In the list of businesses to keep going as a running concern, in the hope of making future profit - football is at the bottom of the list.

 

Therefore I would imagine any creditor would pretty much instantly instruct the wind up of HMFC with a quick sale of any assets. Unless of course another buyer was willing to take us over. In the current climate I imagine this would only happen if it was cold hard cash on the table, and in a large amount.

 

Of course I am no expert and the above is based on the presumption we do go into admin.

 

Lets hope not. However it's not looking good.

[PTBCAL]

The problem we have is we are a football club. In the list of businesses to keep going as a running concern, in the hope of making future profit - football is at the bottom of the list.

 

Therefore I would imagine any creditor would pretty much instantly instruct the wind up of HMFC with a quick sale of any assets. Unless of course another buyer was willing to take us over. In the current climate I imagine this would only happen if it was cold hard cash on the table, and in a large amount.

 

Of course I am no expert and the above is based on the presumption we do go into admin.

 

Lets hope not. However it's not looking good.

 

I think VR would surely sell before putting us into admininstration? He has more to gain from this both financially and reputation wise.

[Charlie-Brown]

In the Airdrie situation Coppercrutch the Administrator tried to keep the club going as long as possible even though Barrs (who built & paid for the new stadium) were screaming for their money back.....Steve Archibald went through along and convoluted process of trying to buy the football club before ultimately being unable to raise the finance / agree a deal so the Admin had no option but to wind up Airdrieonians FC........Airdrie United fans consortium then bought Clydebank FC who were little more than a shell of a football club and Airdrie United FC were born.

 

I reckon if Hearts ever went into administration then barring somebody with very deep pockets coming along to buy the club, take on or pay down the debts and re-finance the club which seems very unlikely then the next most viable option for the administrator would be to separate the football club from the stadium and sell both on individually to raise money to pay the creditors - Hearts football club as an ongoing concern would then have to rent a stadium with options being a) Tynecastle if the new owners were agreeable Murrayfield c) Easter Road d) Livingston or Dunfermline etc.

 

If no deal could be done to buy the club with / without the stadium and the Administrator wound up the club completely then there are other SFL teams whose franchise could be purchased (East Stirlingshire being an obvious candidate given they are homeless and with hardly any supporters) and a new Hearts reborn that way (ie replicate what Airdrie Utd did) this would of course mean putting another club out of existence to ensure a Hearts team survived in some way.

[coppercrutch]

I think VR would surely sell before putting us into admininstration? He has more to gain from this both financially and reputation wise.

 

But who knows what is happening with UBIG and UKIOS ? These things have been going on at a frightening pace.

 

Even if he wanted to sell. Are there people with the readies available ?

 

They have never show their hand before so why would they suddenly do it right now. This is a point in history where every business is hoarding cash. Not exactly the perfect time to find someone willing to hand over 20 mill for a loss making football club....

[coppercrutch]

In the Airdrie situation Coppercrutch the Administrator tried to keep the club going as long as possible even though Barrs (who built & paid for the new stadium) were screaming for their money back.....Steve Archibald went through along and convoluted process of trying to buy the football club before ultimately being unable to raise the finance / agree a deal so the Admin had no option but to wind up Airdrieonians FC........Airdrie United fans consortium then bought Clydebank FC who were little more than a shell of a football club and Airdrie United FC were born.

 

I reckon if Hearts ever went into administration then barring somebody with very deep pockets coming along to buy the club, take on or pay down the debts and re-finance the club which seems very unlikely then the next most viable option for the administrator would be to separate the football club from the stadium and sell both on individually to raise money to pay the creditors - Hearts football club as an ongoing concern would then have to rent a stadium with options being a) Tynecastle if the new owners were agreeable Murrayfield c) Easter Road d) Livingston or Dunfermline etc.

 

If no deal could be done to buy the club with / without the stadium and the Administrator wound up the club completely then there are other SFL teams whose franchise could be purchased (East Stirlingshire being an obvious candidate given they are homeless and with hardly any supporters) and a new Hearts reborn that way (ie replicate what Airdrie Utd did) this would of course mean putting another club out of existence to ensure a Hearts team survived in some way.

 

None of that sounds very pleasant.

 

It is simply wait and see for us where HMFC are concerned.

[PTBCAL]

I have no doubt HMFC would survive as a club. No doubt whatsoever. We are too big to go under and I mean that.

 

However were we play would be a different matter - in order to survive we would need to sell Tynecastle and I am not sure MF would have us..

[Gigolo-Aunt]

 

However were we play would be a different matter - in order to survive we would need to sell Tynecastle and I am not sure MF would have us..

 

If the SRU could be assured of the money, pretty sure they woud be ****** a hoop with the extra revinue.

[Charlie-Brown]

I have no doubt HMFC would survive as a club. No doubt whatsoever. We are too big to go under and I mean that.

 

However were we play would be a different matter - in order to survive we would need to sell Tynecastle and I am not sure MF would have us..

 

If Hearts football operation was separated from ownership of Tynecastle stadium then in the current economic climate it is doubtful that there would be many companies who would progress with redevelopment of the land immediately....it might be possible to rent Tynecastle for a short-medium term period until either the money could be raised to try to buy back the stadium via a long term mortgage or else alternative stadium arrangements could be made.

[Guest jambomickey]

I have no doubt HMFC would survive as a club. No doubt whatsoever. We are too big to go under and I mean that.

 

However were we play would be a different matter - in order to survive we would need to sell Tynecastle and I am not sure MF would have us..

 

i agree with you paul! hearts will survive and hopefully whoever was coming in would realise the importance of us staying at tynecastle.

[shaun.lawson]

If Hearts football operation was separated from ownership of Tynecastle stadium then in the current economic climate it is doubtful that there would be many companies who would progress with redevelopment of the land immediately....it might be possible to rent Tynecastle for a short-medium term period until either the money could be raised to try to buy back the stadium via a long term mortgage or else alternative stadium arrangements could be made.

 

What about McGrail's proposal from back when Tynie was under threat? I always had the sense Pieman and the shareholders were only interested in getting a return for themselves, but it seemed worth pursuing to me. Given the current climate though, I guess it'd depend on what Deans/the McGrails' means amounted to.

[Guest jambomickey]

What about McGrail's proposal from back when Tynie was under threat? I always had the sense Pieman and the shareholders were only interested in getting a return for themselves, but it seemed worth pursuing to me. Given the current climate though, I guess it'd depend on what Deans/the McGrails' means amounted to.

 

talking about the pie man shaun! i've got a feeling him and vlad remain close and he would be the man vlad would sell his shares too.

[Charlie-Brown]

What about McGrail's proposal from back when Tynie was under threat? I always had the sense Pieman and the shareholders were only interested in getting a return for themselves, but it seemed worth pursuing to me. Given the current climate though, I guess it'd depend on what Deans/the McGrails' means amounted to.

 

Deans & McGrail are/were involved in residential property & mortgage arranging....I doubt they're barely keeping their head above water just now.

[pivotno1]

the three writs that enzo is on about have been settled i believe,so lets put the rumours of administration to bed,at least until next thursday.

[shaun.lawson]

talking about the pie man shaun! i've got a feeling him and vlad remain close and he would be the man vlad would sell his shares too.

 

Dear God no. Pieman, though, presumably values his welfare - so I can't see it.

[davemclaren]

the three writs that enzo is on about have been settled i believe,so lets put the rumours of administration to bed,at least until next thursday.

 

Surely daily discussions are much more interesting.

[Rawrrrrrrr]

If we go into administration the administrator has a legal obligation to act in the best of the creditors, what romanov etc wants will be irrelevent.

 

Looking from the outside in the best course of action for the creditors would surely have to be liquidising the assets we have as there is no reasonable argument that we could do this by continuing to trade

 

Luckily so far the romanovs seem to pull the money out when they need to pay off a debt before court

 

However, the wages issue was worrying as it proves the cash flow isnt always in place and if a big creditor such as HMRC took us to court we may be finished.

 

Unfortunately recent actions have made me concerned that administration is a real and near concern.

 

That aside I would hope someone would come in and buy the clubs name and league place and at least keep us alive albeit nowhere near tynecastle.

 

Its certainly no way to run any business

[portobellojambo1]

the three writs that enzo is on about have been settled i believe,so lets put the rumours of administration to bed,at least until next thursday.

 

A very innocent, harmless statement when read correctly, but I would imagine there are a few on here now sitting saying to themselves, "oh feck, what is going to happen next Thursday".

[Guest jambomickey]

Dear God no. Pieman, though, presumably values his welfare - so I can't see it.

 

like yourself and the vast majority of hearts fans i wouldn't want him anywhere near hearts again but you just never know!

[Victorian]

If we go into administration the administrator has a legal obligation to act in the best of the creditors, what romanov etc wants will be irrelevent.

 

Looking from the outside in the best course of action for the creditors would surely have to be liquidising the assets we have as there is no reasonable argument that we could do this by continuing to trade

 

Luckily so far the romanovs seem to pull the money out when they need to pay off a debt before court

 

However, the wages issue was worrying as it proves the cash flow isnt always in place and if a big creditor such as HMRC took us to court we may be finished.

 

Unfortunately recent actions have made me concerned that administration is a real and near concern.

 

That aside I would hope someone would come in and buy the clubs name and league place and at least keep us alive albeit nowhere near tynecastle.

 

Its certainly no way to run any business

does the wages issue really "prove" there is a cash flow problem?

 

that might be an individual's suspicion, it might be a possible reason for the wages debacle...

 

it isn't proof though. there hasn't been any hard evidence to support that.

[pivotno1]

i just wish campbell ogilvie would make a statement on behalf of the club and put this never ending rumour to bed dave.its no wonder the whole club,from top to bottom seems to be on a downer.

[Gigolo-Aunt]

i just wish campbell ogilvie would make a statement on behalf of the club and put this never ending rumour to bed dave.its no wonder the whole club,from top to bottom seems to be on a downer.

 

They did when "Unreal Radio" were running the admin story last week.

[Guest jambomickey]

i just wish campbell ogilvie would make a statement on behalf of the club and put this never ending rumour to bed dave.its no wonder the whole club,from top to bottom seems to be on a downer.

 

campbell ogilvie will only give a statement when he's told what to do and say from lithuania'

[Guest jambomickey]

They did when "Unreal Radio" were running the admin story last week.

 

wasn't a official statement though it was an insider just saying to spewin cameron on the phone

[Rawrrrrrrr]

i just wish campbell ogilvie would make a statement on behalf of the club and put this never ending rumour to bed dave.its no wonder the whole club,from top to bottom seems to be on a downer.

 

Do you think it would make a difference?

 

I don't, as such a statement would be rubbished the next time there was rumours of unpaid debts, or a court appearence

 

Re JamboMickeys comment, there may be no proof but a technical glitch does not explain the wages not being paid and as far as I am concerned the cash flow was the issue, its the only reasonable explaination

[Charlie-Brown]

If we go into administration the administrator has a legal obligation to act in the best of the creditors, what romanov etc wants will be irrelevent.

 

Looking from the outside in the best course of action for the creditors would surely have to be liquidising the assets we have as there is no reasonable argument that we could do this by continuing to trade

 

Luckily so far the romanovs seem to pull the money out when they need to pay off a debt before court

 

However, the wages issue was worrying as it proves the cash flow isnt always in place and if a big creditor such as HMRC took us to court we may be finished.

 

Unfortunately recent actions have made me concerned that administration is a real and near concern.

 

That aside I would hope someone would come in and buy the clubs name and league place and at least keep us alive albeit nowhere near tynecastle.

 

Its certainly no way to run any business

 

Prancer what you wrote here is nonsensical given UKIO Bankas (Romanov) is by far the biggest creditor - as major creditors they would have a very big say at creditors meetings just as Barr's did when Airdrie were in trouble.

[Gigolo-Aunt]

wasn't a official statement though it was an insider just saying to spewin cameron on the phone

 

Hearts contacted unreal radio.

[Rawrrrrrrr]

Prancer what you wrote here is nonsensical given UKIO Bankas (Romanov) is by far the biggest creditor - as major creditors they would have a very big say at creditors meetings just as Barr's did when Airdrie were in trouble.

 

No it isn't

 

The Administrators obligations are to protect creditors as a group, as the romanovs actions are to protect themselves, not the business or other creditors their say would be giving limited say.

 

For example it would be utterly farcical if an unpaid creditor got a legal injuction for administraton due to the romanovs mismanagement and the administrator then sat down and done what the romanovs wanted.

 

It wouldnt happen, if we go in admin decisions will be made on a financial benefit basis to creditors as a whole, not the romanovs wishes

[Guest jambomickey]

Hearts contacted unreal radio.

 

yeah i know that! but do we know who contacted unreal radio or what was said? with all the rumour we need an official statement about our medium to long term future.

[Gigolo-Aunt]

yeah i know that! but do we know who contacted unreal radio or what was said? with all the rumour we need an official statement about our medium to long term future.

 

Does it matter who it was?

 

Euan was running the admin story

 

Hearts contacted Euan to poo poo it.

 

Euan admitted as such.

[Charlie-Brown]

No it isn't

 

The Administrators obligations are to protect creditors as a group, as the romanovs actions are to protect themselves, not the business or other creditors their say would be giving limited say.

 

For example it would be utterly farcical if an unpaid creditor got a legal injuction for administraton due to the romanovs mismanagement and the administrator then sat down and done what the romanovs wanted.

 

It wouldnt happen, if we go in admin decisions will be made on a financial benefit basis to creditors as a whole, not the romanovs wishes

 

The Administrator has to get the best deal for all of the creditors that is true however the creditors can block actions or vote to block actions that they percieve as not being in their interest......but also there are different classes of creditors and those with floating charges or securities over the major assets have prior claim than general creditors.

 

The employee's then the Banks (UKIO & HBOS) would have first claim over any monies that could be raised via administration or liquidation.

[Victorian]

No it isn't

 

The Administrators obligations are to protect creditors as a group, as the romanovs actions are to protect themselves, not the business or other creditors their say would be giving limited say.

 

For example it would be utterly farcical if an unpaid creditor got a legal injuction for administraton due to the romanovs mismanagement and the administrator then sat down and done what the romanovs wanted.

 

It wouldnt happen, if we go in admin decisions will be made on a financial benefit basis to creditors as a whole, not the romanovs wishes

it's that kind of reason why administration is way, way off the mark.

 

romanov isn't likely to let his business fail to such an extent that it falls into the hands of an adminstrator, an outside agency who would come in and calls the shots.

 

the whole idea is ridiculous. if hearts are in serious trouble, the assets would be sold off and the club either wound up or sold off as a going concern.... by romanov/ubig, not an administrator.

[Rawrrrrrrr]

The Administrator has to get the best deal for all of the creditors that is true however the creditors can block actions or vote to block actions that they percieve as not being in their interest......but also there are different classes of creditors and those with floating charges or securities over the major assets have prior claim than general creditors.

 

The employee's then the Banks (UKIO & HBOS) would have first claim over any monies that could be raised via administration or liquidation.

 

 

Whilst creditors can block claims there would have to be reasonable reason to do it.

 

The romanovs blocking the best financial deal because they dont want cash wouldnt be that

 

And whilst employees have a preferential claim to a deal anyone else would have to have that specifically written into their deals, and whilst I think its likely UKIO and HBOS have done that I havent seen it written anywhere

 

Administration would be very messy as the romanovs couldnt simply veto all the deals because it didnt suit there agenda

 

Administration is there to best reimburse the creditors and any attempts by the romanovs to avoid or abuse the process I very much doubt would be well received by an administator or court

[Guest jambomickey]

Does it matter who it was?

 

Euan was running the admin story

 

Hearts contacted Euan to poo poo it.

 

Euan admitted as such.

 

ithink it does matter mate! the thing is with hearts is we get mixed messages from diferent people, look at last years agm! roman the rat was telling us crap and then later that evening fedetovas had to cover for him.

[Charlie-Brown]

Whilst creditors can block claims there would have to be reasonable reason to do it.

 

The romanovs blocking the best financial deal because they dont want cash wouldnt be that

 

And whilst employees have a preferential claim to a deal anyone else would have to have that specifically written into their deals, and whilst I think its likely UKIO and HBOS have done that I havent seen it written anywhere

 

Administration would be very messy as the romanovs couldnt simply veto all the deals because it didnt suit there agenda

 

Administration is there to best reimburse the creditors and any attempts by the romanovs to avoid or abuse the process I very much doubt would be well received by an administator or court

 

The administrator tried to give Airdrie / Steve Archibald every chance (several chances) of a rescue package but ultimately Barr's who had built & financed the stadium and who were owed the most money blocked all the administrators proposals as legally they had that right to do so......The Excelsior Stadium (New Broomfield) is now operated & rented by Airdrie Utd FC but they don't own it.

 

North Lanarkshire Council own the stadium - they had to buy it to ensure that Barr's got as much of their money back as possible and hold the stadium in trust for the town of Airdrie, to ensure league football continued in the town.

[Gigolo-Aunt]

ithink it does matter mate! the thing is with hearts is we get mixed messages from diferent people, look at last years agm! roman the rat was telling us crap and then later that evening fedetovas had to cover for him.

 

What mixed messages has there been from Hearts regarding Admin?

[Guest jambomickey]

What mixed messages has there been from Hearts regarding Admin?

 

there's been nothing about admin mate but thee's been plenty mixed messages about other things and that's why we should get a statement about our medium to long term future. remember not so long ago everything was positive on the website when we were being told what was happening

[Gigolo-Aunt]

there's been nothing about admin mate but thee's been plenty mixed messages about other things and that's why we should get a statement about our medium to long term future. remember not so long ago everything was positive on the website when we were being told what was happening

 

Should Hearts make statements about every rumour regarding the club?

 

End of the day Mikey, if Hearts go in to admin, they go in to admin. Hearts will not say so untill its official and they have no choice but to go public about it.

[Guest jambomickey]

Should Hearts make statements about every rumour regarding the club?

 

End of the day Mikey, if Hearts go in to admin, they go in to admin. Hearts will not say so untill its official and they have no choice but to go public about it.

 

off course not mate but admin is surely serious enough to be put to bed if as i suspect it's bull sheet, why don't we make campbell ogilvie the spokesman fr the football club and he's the only one to deal with the press? at least ten we won't have different people saying different things.

[Geoff Kilpatrick]

yeah i know that! but do we know who contacted unreal radio or what was said? with all the rumour we need an official statement about our medium to long term future.

 

No we don't! And even if the club put a statement like this on the website, it would be dismissed by some on here as "propaganda".

 

You will get a clue if we are headed in this direction or not from court cases etc. Romanov himself will NOT put us in administration.

[coppercrutch]

it's that kind of reason why administration is way, way off the mark.

 

romanov isn't likely to let his business fail to such an extent that it falls into the hands of an adminstrator, an outside agency who would come in and calls the shots.

 

the whole idea is ridiculous. if hearts are in serious trouble, the assets would be sold off and the club either wound up or sold off as a going concern.... by romanov/ubig, not an administrator.

 

It's not really up to him now...

 

His decisions in the last 10 years will determine what happens to UBIG, UKIOS and ultimately HMFC now.

 

By looking at some of his 'investments' I am not sure Vlad is quite as rich or smart as we were led to believe....

[Rawrrrrrrr]

No we don't! And even if the club put a statement like this on the website, it would be dismissed by some on here as "propaganda".

 

You will get a clue if we are headed in this direction or not from court cases etc. Romanov himself will NOT put us in administration.

 

Your right about the statement, but if we actually paid our creditors on time and where not always being chased for money, through the courts or public PR games quite regularly there wouldnt be need for these rumours

 

There is too much smoke for there to be no fire.

 

The club need to come out and demonstrate once and all that rumours about serious debts and possible administration are a load of crap, they wont though because they wont be able to do it.

 

Financially we are in the crap and it would take 1 reasonable sized creditor being late paid to bring it all crashing down

[Ryan Gosling]

Has anyone have any idea if we go into admin what would happen?

 

I geniunely do not have a clue what would actually happen?

 

Serious answers please.

 

It's an odd situation. The majority of our debt is owed to our owner is it not? Much like Chelsea. Apparently we have around ?3m of debt owed to 'outside parties', and I can't see a club of our size going into administration for such a small amount.

[Rawrrrrrrr]

It's an odd situation. The majority of our debt is owed to our owner is it not? Much like Chelsea. Apparently we have around ?3m of debt owed to 'outside parties', and I can't see a club of our size going into administration for such a small amount.

 

 

Why not?

 

If a creditor is not paid on time they can petition the court for involuntary administation, If the club could not pay immedialtely it would probably be granted and an administrator appointed. I think people who claim it wont or couldnt happen need to open their eyes, it probably wont but a company in the situation ours is should always be mindful of the possibility

 

Given our level of assets compared to our operating profit - i.e none - and like profits in the future I would be surprised if an administrator didnt just want to liquidate and disperse the funds.

 

If anyone does ever go down this path it will be interesting to see whether the romanovs have the quick cash to prevent it

 

I think unless it was someone like Hbos or HMRC we would be ok though, however given HBOS's reluctance to back us through the wages issue and the fact they hold preferential creditor status and allegedly the deeds to the land at tynie they could maybe see a benefit

[Victorian]

Why not?

 

If a creditor is not paid on time they can petition the court for involuntary administation, If the club could not pay immedialtely it would probably be granted and an administrator appointed. I think people who claim it wont or couldnt happen need to open their eyes, it probably wont but a company in the situation ours is should always be mindful of the possibility

 

Given our level of assets compared to our operating profit - i.e none - and like profits in the future I would be surprised if an administrator didnt just want to liquidate and disperse the funds.

 

If anyone does ever go down this path it will be interesting to see whether the romanovs have the quick cash to prevent it

 

I think unless it was someone like Hbos or HMRC we would be ok though, however given HBOS's reluctance to back us through the wages issue and the fact they hold preferential creditor status and allegedly the deeds to the land at tynie they could maybe see a benefit

it's this issue of cash flow which makes it even more ludicrous that people who claim to have the best interests of the club at heart are not contributing to the annual or even fortnightly influx of revenue to the club coffers.

 

if people are that petrified about cash flow problems burying us, get yer sanctimonious butts down to tynecastle for the next home match.

[Charlie-Brown]

Why not?

 

If a creditor is not paid on time they can petition the court for involuntary administation, If the club could not pay immedialtely it would probably be granted and an administrator appointed. I think people who claim it wont or couldnt happen need to open their eyes, it probably wont but a company in the situation ours is should always be mindful of the possibility

 

Given our level of assets compared to our operating profit - i.e none - and like profits in the future I would be surprised if an administrator didnt just want to liquidate and disperse the funds.

 

If anyone does ever go down this path it will be interesting to see whether the romanovs have the quick cash to prevent it

 

I think unless it was someone like Hbos or HMRC we would be ok though, however given HBOS's reluctance to back us through the wages issue and the fact they hold preferential creditor status and allegedly the deeds to the land at tynie they could maybe see a benefit

 

In 2004-05 HBOS wanted the stadium sold to recover debts/loans prancer they didn't want the club wound up - the stadium & football operation could be separated quite easily as has happened at numerous other clubs, some in administration or bankruptcy and some not.