Administration

[Guest jambomickey]

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.

 

well as a shareholder/season ticket holder i think we deserve to know what's happening

[Rawrrrrrrr]

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.

 

 

Yes but pieman was complying thus they didnt need to legally force the issue, with romanov they may well have too

 

Ultimately if HBOS want their cash back and romanov refuses they can and will do the necessary.

 

I think the point you and many others miss is just how much debt we have and how little justification there is for it.

 

Clubs like rotherham, bournemouth and gretna have been damaged and even killied by a few hundred k owned to the revenue people that they couldnt pay within 30 days

 

Is it really that unlikely we could be given a similar timescale to pay a debt and fail?

 

Sadly I do not think it is

 

The romanovs also appear to be losing interest and given we do still have a lot of assets that we could cash in I wonder just how hard they would fight a winding up order.

[Martin_T]

Firstly, the last time these administration rumours were so rife was prior to the last game against Hibs back in February, we had people quoting exact dates etc back then. So whilst I suppose you can never say never, I would take things with a pinch of salt at this stage.

 

There seems to be some people confusing administration with liquidation. Administration would not be the end of Hearts, or even the end of Hearts in their current form. All the administrator would be tasked with doing, is recovering any debts immediately due and ensuring the club can service the other existing debts. There would be no need for Hearts to immediately clear all of our existing debt. I think the current worst case scenario figure given the money received for Craig Gordon, Bednar and the debt captilisation is a figure of around ?18 million. With appropriate cuts and sales in the playing staff (Beslija, Makela, Basso, Kingston, Paluzeulos, Karipidis, Aguiar, in all honesty would we miss any of them?) and reduced overheads elsewhere, it is possible that the club could service this debt on current income.

 

The main difference between Hearts and Gretna for example, is that Hearts have a significant turnover and an asset in the stadium, that covers most, if not all of the debt. Gretna had minimal income and minimal assets, so when the administrator came in, there was really no choice but to liquidate the club unless a buyer could be found.

 

There are also other options that could be explored by the club. I honestly think we should be looking at a sell and lease back of Tynecastle. We would not get the ?24 million offered 4 years ago, but if the a net gain of half that could be realised, it would put the club back on a real sound footing. The lease could be for a long term such as 50 years and the buyer gets the benefit of an asset which appreciates in value combined with rental income.

[coppercrutch]

Firstly, the last time these administration rumours were so rife was prior to the last game against Hibs back in February, we had people quoting exact dates etc back then. So whilst I suppose you can never say never, I would take things with a pinch of salt at this stage.

 

There seems to be some people confusing administration with liquidation. Administration would not be the end of Hearts, or even the end of Hearts in their current form. All the administrator would be tasked with doing, is recovering any debts immediately due and ensuring the club can service the other existing debts. There would be no need for Hearts to immediately clear all of our existing debt. I think the current worst case scenario figure given the money received for Craig Gordon, Bednar and the debt captilisation is a figure of around ?18 million. With appropriate cuts and sales in the playing staff (Beslija, Makela, Basso, Kingston, Paluzeulos, Karipidis, Aguiar, in all honesty would we miss any of them?) and reduced overheads elsewhere, it is possible that the club could service this debt on current income.

 

The main difference between Hearts and Gretna for example, is that Hearts have a significant turnover and an asset in the stadium, that covers most, if not all of the debt. Gretna had minimal income and minimal assets, so when the administrator came in, there was really no choice but to liquidate the club unless a buyer could be found.

 

There are also other options that could be explored by the club. I honestly think we should be looking at a sell and lease back of Tynecastle. We would not get the ?24 million offered 4 years ago, but if the a net gain of half that could be realised, it would put the club back on a real sound footing. The lease could be for a long term such as 50 years and the buyer gets the benefit of an asset which appreciates in value combined with rental income.

 

Yes but financially speaking we are not Hearts. We are UBIG.

 

Sad but true.

[Guest jambomickey]

Yes but financially speaking we are not Hearts. We are UBIG.

 

Sad but true.

 

ah well lets drop our hearts scarves and get ubig ones! ubig ubig glorious ubig. we are hearts and always will be hearts, feck ubig

[Martin_T]

Yes but financially speaking we are not Hearts. We are UBIG.

 

Sad but true.

 

We are owned by UBIG, as Parma were owned by Parmalat. Parma survived the collapse of the parent company and so could Hearts. Is it even legal for example for UBIG to sell Tynecastle to help cover debts accrued in Bosnia?

[Rawrrrrrrr]

We are owned by UBIG, as Parma were owned by Parmalat. Parma survived the collapse of the parent company and so could Hearts. Is it even legal for example for UBIG to sell Tynecastle to help cover debts accrued in Bosnia?

 

 

It depends how its done however given hearts owe ubig milliions they would just claim it was debt repayment

[Guest jambomickey]

We are owned by UBIG, as Parma were owned by Parmalat. Parma survived the collapse of the parent company and so could Hearts. Is it even legal for example for UBIG to sell Tynecastle to help cover debts accrued in Bosnia?

 

do you think edinburgh council would grant planning permission if madfud wantd to sell our soul for his benefit and leave us homeless? i certainly don't! neither would the edinburgh community allow it as ar as i'm concerned.

[Victorian]

We are owned by UBIG, as Parma were owned by Parmalat. Parma survived the collapse of the parent company and so could Hearts. Is it even legal for example for UBIG to sell Tynecastle to help cover debts accrued in Bosnia?

i would imagine it wouldn't be legal to make an inter-divisional transfer of assets if those assets were collateral for debt liability of the division.

 

therefore i don't think they could do that.

[Francis Albert]

well as a shareholder/season ticket holder i think we deserve to know what's happening

 

As a shareholder you are entitled to attend the AGM and vote pointlessly against the wishes of the majority shareholder. A a season ticket holder you are entitled to entry to football matches.

 

But you expect Hearts to operate with a greater degree of transparency than almost any other business? Would the sort of statements issud by Icesave, Lehmanns, HBOS etc etc etc up to a few hours before they collapsed really help (or as in the classic Chairman's "we're right behind the manager" merely increase the speculation)?.

 

We have had these stories of impending administration since January ... indeed over on Hibs.net and at a lower level on here for 5 or 6 years. Has ANY business so consistently predicted to be bankrupt imminently survived for so long?

 

And could someone explain what benefit there is for Hearts or their fans in this endless speculation.

[Charlie-Brown]

We are owned by UBIG, as Parma were owned by Parmalat. Parma survived the collapse of the parent company and so could Hearts. Is it even legal for example for UBIG to sell Tynecastle to help cover debts accrued in Bosnia?

 

It would require an EGM Martin however UBIG could propose the sale of Tynecastle as a means of repayment of UKIO Bankas debts and provided the sale-price was for a fair & legal valuation (ie minority shareholders value was not being prejudiced) then if the motion was carried it would be a legal transaction.

 

What UKIO or UBIG then did with Tynecastle would be their business.

[Deevers]

As a shareholder you are entitled to attend the AGM and vote pointlessly against the wishes of the majority shareholder. A a season ticket holder you are entitled to entry to football matches.

 

But you expect Hearts to operate with a greater degree of transparency than almost any other business? Would the sort of statements issud by Icesave, Lehmanns, HBOS etc etc etc up to a few hours before they collapsed really help (or as in the classic Chairman's "we're right behind the manager" merely increase the speculation)?.

 

We have had these stories of impending administration since January ... indeed over on Hibs.net and at a lower level on here for 5 or 6 years. Has ANY business so consistently predicted to be bankrupt imminently survived for so long?

 

And could someone explain what benefit there is for Hearts or their fans in this endless speculation.

 

 

Probably the most sensible sentence on this entire thread.

 

Most of this stuff emanates from one source - and a pretty poor one at that.

 

None of this does Hearts or Hearts supporters any good what so ever.

[Francis Albert]

We are owned by UBIG, as Parma were owned by Parmalat. Parma survived the collapse of the parent company and so could Hearts. Is it even legal for example for UBIG to sell Tynecastle to help cover debts accrued in Bosnia?

 

Why would they need to? The sale of Tynecastle wouldn't even cover the debt they have through their interest in Hearts.

[Guest jambomickey]

As a shareholder you are entitled to attend the AGM and vote pointlessly against the wishes of the majority shareholder. A a season ticket holder you are entitled to entry to football matches.

 

But you expect Hearts to operate with a greater degree of transparency than almost any other business? Would the sort of statements issud by Icesave, Lehmanns, HBOS etc etc etc up to a few hours before they collapsed really help (or as in the classic Chairman's "we're right behind the manager" merely increase the speculation)?.

 

We have had these stories of impending administration since January ... indeed over on Hibs.net and at a lower level on here for 5 or 6 years. Has ANY business so consistently predicted to be bankrupt imminently survived for so long?

 

And could someone explain what benefit there is for Hearts or their fans in this endless speculation.

i've already stated i think the rumours are bull sheet! but hearts should come out and pu them to bed if they are sheet, te companys you use are an example are different mate because as a football team hearts are there to entertain there fans and should be accountable to there one constant aswell

[Charlie-Brown]

Why would they need to? The sale of Tynecastle wouldn't even cover the debt they have through their interest in Hearts.

 

I didn't say they would FA, I was trying to explain in it in terms of Martin_T hypothetical scenario above ie would it be legal for UBIG to sell tynecastle, if they complied within the law then of course it would.

 

Whether they'd want to is an entirely different issue.

[portobellojambo1]

We are owned by UBIG, as Parma were owned by Parmalat. Parma survived the collapse of the parent company and so could Hearts. Is it even legal for example for UBIG to sell Tynecastle to help cover debts accrued in Bosnia?

 

The same could be said about anyone/any company who owns a football club Martin. Parmalat provided the financial backing to Parma, UBiG provide the financial backing to Hearts, within the corporate structure neither would have shown as part of the actual group I don't think, i.e. Parma FC as part of Parmalat or HMFC as part of UBiG. Both indebted to the relevant groups but not physically attached to them.

 

I don't see why there is any reason to stop the owners selling something they see as no longer profitable to help shore up (by diverting future funds) another part of their business empire, I would imagine the two companies Mr Romanov would be most interested in keeping as healthy as possible would be UBiG and UKIO, as they form the core parts of his business. If he is involved in something else that is not profitable then you have to assume it is that part he would get rid of. Again, I don't know everything he is involved in, there may actually be another part of his business involvement that he sees as less likely to keep its head above water, and wind that down. Doesn't necessarily have to be part of the business with huge debt, just part he sees no long term future for now.

 

Doesn't stop someone else taking over us, and keeping the club going, but then we go back to the previous debate we have had on here, is there anyone out there willing to step up to the plate.

 

The above is all hypothetical of course, because I know as much as anyone else using the board with regards the intentions of Mr Romanov and HMFC going forward, feck all other than uninspired "guesswork"..

[Francis Albert]

i've already stated i think the rumours are bull sheet! but hearts should come out and pu them to bed if they are sheet, te companys you use are an example are different mate because as a football team hearts are there to entertain there fans and should be accountable to there one constant aswell

 

So "entertainment" companies (not a term I have to say I immediately associate with Hearts) should be more transparent than companies which merely hold millions of peoples life savings and on which the whole economy depends?

[Independence]

It depends how its done however given hearts owe ubig milliions they would just claim it was debt repayment

 

Any update on the Chathams deal, Prancer?

 

There is a 'credibility' problem with your posts!!!

[iainmac]

 

Its certainly no way to run any business

 

Why would anyone take business advice - or any other kind of advice for that matter - from an Internet saddo?

[Kinkster]

The 3 writs outstanding were for less than ?6K, however we were quite close to being placed into administration due to a lack of response from the club. All blackberries were experiencing problems (official line). An administrator had been approached, if it had been any other business they would have been placed into admin.

 

Make of it what you will.

[coppercrutch]

We are owned by UBIG, as Parma were owned by Parmalat. Parma survived the collapse of the parent company and so could Hearts. Is it even legal for example for UBIG to sell Tynecastle to help cover debts accrued in Bosnia?

 

Not sure myself. Think others have answered above. It all depends on the situation and details of course.

[Francis Albert]

we were quite close to being placed into administration

 

No we weren't. Make of that what you will.

[scott herbertson]

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.

 

 

 

The administration procedure is aimed at rescuing companies by protecting them from their creditors whilst a restructuring plan is developed.

 

An insolvency practitioner is appointed Administrator and will manage the company’s affairs, business and assets for the benefit of creditors.

 

An Administrator is appointment by either:

# an order of the court;

# the holder of a floating charge; or

# by the company or its directors.

 

The Administrator’s primary goal is to rescue the company as a going concern.

(ie he would first try to find someone to take over the club and pay the major creditors)

 

If this is not possible, the secondary objective is aimed at achieving a better result for the company’s creditors than if the company were to be wound up.

 

 

get as much for the club as a going concern that will satisfy the major creditors - eg they may be willing to take 60p in the ?1)

 

If neither of these goals can be obtained, the final aim is to realise the property in order to make a distribution to one or more preferential creditors

 

:eek::eek::sad:

 

No legal proceedings may be started or continued against a company in Administration except with the consent of the Administrator or the court.

 

The procedure to place the company into Administration is by filing documents in court. If the court is shut when the appointment is to be made, the documents can be sent to a designated fax.

 

The Administrators stay in office will last no longer than one year unless the duration is extended.

 

 

 

 

Another point to consider is that there is a list of creditors in preferential order. The taxman comes first, companies owed bills come very low down the pecking order - hence in times where companies are getting shaky, small creditors will start going to court to ensure they get their cash. Also if we go into administration any deal will need to pay the preferred creditors,including the Taxman, off if possible.

 

One of the dangers for Hearts in my view is simply that our cash flow will be adversley affected if creditors effectively shorten their payment periods by ealr court orders. Talking up a fianncial crisis at Hearts could well create one so it does us no good at all to feed the trolling administration rumours.

[Gibbo]

At HMFC's last published balance sheet date of 31/7/07, the debt was split between Ukio Bankas and UBIG. The document for the ?12m debt for equity swap said that this was to UBIG in return for debt. The majority shareholding in HMFC is owned by UBIG and, unless it's been moved, most of the debt is held by Ukio Bankas.

 

VR owns 33% of Ukio Bankas(last HMFC report and accounts) and 70% of UBIG (offer document for his original takeover). Since administration is bad for equity holders, it isn't in his personal interests since he has a greater exposure to the equity than the debt. Thus, if HMFC goes into administration, its likely to be at the instigation of another creditor, in which case, as pointed out by Scott above, the administrator wouldn't be appointed by VR.

 

This is assuming that he calls the shots at Ukio Bankas despite not having a majority of the shares but generally a 33% holding will give effective control if the balance is spread amongst lots of small shareholders, which I think is the case at Ukio.

 

The big risk, also as pointed out by Scott, is that malicious rumours cause a small creditor to panic. This is the sort of think that happens during financial crises.

[Kinkster]

No we weren't. Make of that what you will.

 

1 hour away chief.

[Independence]

1 hour away chief.

 

A recent quote on this thread,

 

'The big risk, also as pointed out by Scott, is that malicious rumours cause a small creditor to panic. This is the sort of think that happens during financial crises.'

 

Thanks!!!!

 

Have you got ANY proof to back up your claim?

[Kinkster]

A recent quote on this thread,

 

'The big risk, also as pointed out by Scott, is that malicious rumours cause a small creditor to panic. This is the sort of think that happens during financial crises.'

 

Thanks!!!!

 

Have you got ANY proof to back up your claim?

 

I will call Quincy. Just sharing what actually happened, but I would suggest that non-payment makes small creditors panic.

[scott herbertson]

I will call Quincy. Just sharing what actually happened, but I would suggest that non-payment makes small creditors panic.

 

Broadcasting it to everyone probably increases the chances of the panic spreading as well

 

There have been many posts by people pointing out that hearts have for many years failed to pay their bills when they are due, and that this is common practice.

 

I don't like it personally but I wouldn't share or spread the news that this is happening, because I believe it might harm Hearts reputation even more than the actual late payment. What is to be gained by Hearts or their supporters by spreading bad news rumours about our club?

 

I just don't get it!

[Kinkster]

Broadcasting it to everyone probably increases the chances of the panic spreading as well

 

There have been many posts by people pointing out that hearts have for many years failed to pay their bills when they are due, and that this is common practice.

 

I don't like it personally but I wouldn't share or spread the news that this is happening, because I believe it might harm Hearts reputation even more than the actual late payment. What is to be gained by Hearts or their supporters by spreading bad news rumours about our club?

 

I just don't get it!

 

Ok I get it; dont post bad things. Im sure the truth is irrelevant. Shiny Happy People. Guess its best left, in case Its somehow my fault.

[iainmac]

Broadcasting it to everyone probably increases the chances of the panic spreading as well

 

There have been many posts by people pointing out that hearts have for many years failed to pay their bills when they are due, and that this is common practice.

 

I don't like it personally but I wouldn't share or spread the news that this is happening, because I believe it might harm Hearts reputation even more than the actual late payment. What is to be gained by Hearts or their supporters by spreading bad news rumours about our club?

 

I just don't get it!

 

Scott,

 

I think it goes like this (just like 14th January 2008).

 

Some Hobos on their private members board launch a cunning plot to spread the A word rumour (there is a Derby this weekend, is there not?). Their undercover mates on here - there's plenty of them, look around - post a thread and the paranoia on JKB does the rest.

 

Just like last week's "a mate in the Police told me that he had to report to Tynecastle to quell the expected disturbance" bollocks.

[shaun.lawson]

1 hour away chief.

 

I spoke with Guardian and Scotsman journalists midway through Friday afternoon. They had heard not a peep. PTBCAL has also explained why administration makes zero sense in our case anyway.

 

Therefore, I don't believe you.

[Independence]

Ok I get it; dont post bad things. Im sure the truth is irrelevant. Shiny Happy People. Guess its best left, in case Its somehow my fault.

 

Kinkster, if you have proof I will listen otherwise please ...........!!!!

[shaun.lawson]

Broadcasting it to everyone probably increases the chances of the panic spreading as well

 

There have been many posts by people pointing out that hearts have for many years failed to pay their bills when they are due, and that this is common practice.

 

I don't like it personally but I wouldn't share or spread the news that this is happening, because I believe it might harm Hearts reputation even more than the actual late payment. What is to be gained by Hearts or their supporters by spreading bad news rumours about our club?

 

I just don't get it!

 

Really? It's 'common practice' for us to go from 36 days, to 47 days, to 82 days to pay a bill by 2007?

 

http://www.football-finances.org.uk/hearts/debt2.htm

 

Meanwhile, I'm not sure if I understand your rationale anyway. Say a small creditor is indeed panicked and takes us to court - what do we have to fear, unless the money to pay them isn't there? And if the latter applied, it'd be down to pure mismanagement - unless we're going to start blaming creditors for exercising their statutory rights?

[Examiner]

The 3 writs outstanding were for less than ?6K, however we were quite close to being placed into administration due to a lack of response from the club. All blackberries were experiencing problems (official line). An administrator had been approached, if it had been any other business they would have been placed into admin.

 

Make of it what you will.

 

Absolute Tosh.

 

NO Company gets placed in administration for those types of amounts.

 

They would barely make the small claims court.

 

Away with you - Big style.

[Jammy T]

Absolute Tosh.

 

NO Company gets placed in administration for those types of amounts.

 

They would barely make the small claims court.

 

Away with you - Big style.

 

With respect - you are wrong.

 

A company can go bust for a debt of a penny over ?1500

[Kinkster]

Absolute Tosh.

 

NO Company gets placed in administration for those types of amounts.

 

They would barely make the small claims court.

 

Away with you - Big style.

 

Ok then, if you say so.

[Charlie-Brown]

What are the Hobo trumpets saying about this today?

 

Big Frank must be crying in the chapel that we've survived for another week....

[iainmac]

Deja Vu anyone?

 

http://www.hibs.net/message/showthread.php?t=105511

[Examiner]

With respect - you are wrong.

 

A company can go bust for a debt of a penny over ?1500

 

Ok, I maybe should have said "Decent Sized Business"

 

With respect, that would be a stretch of a technicality in a multi million pound business. There is NO realistic chance of that happening for any such sum

 

It is still absolute tosh that would happen to Hearts for those kind of figures

 

 

With Respect.

[Examiner]

Ok then, if you say so.

 

I do.

 

Rubbish.

[Jammy T]

The 3 writs outstanding were for less than ?6K, however we were quite close to being placed into administration due to a lack of response from the club. All blackberries were experiencing problems (official line). An administrator had been approached, if it had been any other business they would have been placed into admin.

 

Make of it what you will.

 

We do need to be careful here with info.

 

As far as last week is concerned it would be as well being entitled "The week rumours went mental" because in no particular order we had

 

1. rumour from director of another club re administration

2. rumour direct from Hearts lawyers re administration

3. rumour from police re extra numbers being drafted to deal with the aftermath of administration

 

Now, what appeared concerning about all of these rumours on here were that they were either posted or confirmed as having been heard directly from Hearts fans and the sources were not "hobos". Yes there were also similar hobo based stories, but the above were all confirmed by people confirmed as jambos

 

I heard my own rumour on Thursday night which i didnt repeat on here - no point adding to the hysteria, but it came from a Jambo brother of a Councillor regarding local authority police instructions for extra officers for the next day - Thursday, due to administration.

 

Now none of this panned out and it is easy to say it was all nonsense and it was some sort of scaremongering. But the breadth of the rumours and the similarity of them, together with the Hearts based sources they came from, were and are worrying.

 

But we also need to be careful about terminology. Outstanding writs? Does this mean there were actually court orders for debts sought being due? Are we actually ignoring payment of these decrees (once served you have 14 days to pay otherwise you can be petitioned for bankruptcy)

 

Now there is "stretching" your lines of credit, and then there is ignoring court decrees. These are two completely different kettle of fish

 

One thing that is easy to believe though is that our Lithuanian "friends" would go underground, now blaiming an IT glitch no doubt, whilst the future of the club was in jeopardy

 

Sounds like exactly the same sort of "burying head in sand" that is going on by the trusting and obedient followers of that awful man...

[Rawrrrrrrr]

Absolute Tosh.

 

NO Company gets placed in administration for those types of amounts.

 

They would barely make the small claims court.

 

Away with you - Big style.

 

 

You clearly don't know what your talking about

 

A creditor owed this money could and do pursue administration etc, however, its likely if they won the judges would hold off it for a very short period only to allow immediate payment. Only then if the club still didnt pay would they issue the administration order. Given our club day to day staff have such low operating remits is it impossible that an administraton could be granted as they couldnt pay a debt immediatly? possible although hopefully unlikely

 

I certainly dont get why everyone thinks we are immune to possible administration where our club shows a lot of the well known pointers of serious financial distress

 

If I recall correctly this happened to bournemouth or rotherham where they where given a week to stop the proceedings by paying the debt and failed and then were placed in admin

 

Also not long ago someone started a winding up order against Hbos for a tiny amount, Hbos just showed up and paid it off there and then though and our club would probably do the same, however it is possible it could happen

[Examiner]

You clearly don't know what your talking about

 

A creditor owed this money could and do pursue administration etc, however, its likely if they won the judges would hold off it for a very short period only to allow immediate payment. Only then if the club still didnt pay would they issue the administration order. Given our club day to day staff have such low operating remits is it impossible that an administraton could be granted as they couldnt pay a debt immediatly? possible although hopefully unlikely

 

I certainly dont get why everyone thinks we are immune to possible administration where our club shows a lot of the well known pointers of serious financial distress

 

If I recall correctly this happened to bournemouth or rotherham where they where given a week to stop the proceedings by paying the debt and failed and then were placed in admin

 

 

See above.

 

 

You can only dream about Hearts going to the wall.

 

 

Give it a rest.

[Charlie-Brown]

Off-topic for a moment......Roman Abramovich saw ?12BILLION wiped off his fortune

 

http://www.dailymail.co.uk/news/article-1076302/Roman-Abramovich-loses-12billion-Russian-share-plunge.html

[Jammy T]

Ok, I maybe should have said "Decent Sized Business"

 

With respect, that would be a stretch of a technicality in a multi million pound business. There is NO realistic chance of that happening for any such sum

 

It is still absolute tosh that would happen to Hearts for those kind of figures

 

 

With Respect.

 

I dont give a feck - wind your neck in

 

You were wrong and company can be made bankrupt for a debt over ?1500

 

And it wouldnt be a stretch at all in a multi million debt ridden company.

 

Our size is irrelevant if we are not paying our bills

[Rawrrrrrrr]

See above.

 

 

You can only dream about Hearts going to the wall.

 

 

Give it a rest.

 

See what? You demonstrate again you don't know what your talking about, business's can be and are wound up for such small debts

 

Why is it hearts are immune from the law and administration? Please explain it....

 

As for your next comment, utter crap, I am just not going to pretend our club is immune from debts and everything is ok when its clearly not.

 

Do you think all these rumours stem merely from malicous rumours? No it doesnt, it stems from mismanagement from the senior management of our club who give these rumours ground to start, we get issued with court proceedings too often for silly little debts, we should just pay up like most normal business's do.

[iainmac]

You clearly don't know what your talking about

 

 

*sigh* - you're now a financial wizard?

 

Where is the evidence of any of this apart from the "my mate got a text" type of nonsense?

[Jammy T]

Off-topic for a moment......Roman Abramovich saw ?12BILLION wiped off his fortune

 

http://www.dailymail.co.uk/news/article-1076302/Roman-Abramovich-loses-12billion-Russian-share-plunge.html

 

Interestingly in the Sunday Times today the main people listed as taking the biggest hits were people with Russian interests, and principally in industrial metal. One in particular re aluminium....

[Rawrrrrrrr]

*sigh* - you're now a financial wizard?

 

Where is the evidence of any of this apart from the "my mate got a text" type of nonsense?

 

If you want evidence that a company could be wound up over a 6k debt please refer to the law.

 

I think you will find it proves blackislejambos claim it couldnt be is a load of pish

[Examiner]

I dont give a feck - wind your neck in

 

You were wrong and company can be made bankrupt for a debt over ?1500

 

And it wouldnt be a stretch at all in a multi million debt ridden company.

 

Yes I was wrong to say NO campany - excuse me being frustrated at the rampant rubbish going on here - it makes me a bit tetchy.

 

But it would be a HUGE stretch for any company of anything remotely near Hearts size to go into administration for 3 claims of 6 k that's pure rubbish.

 

The companies involved would even lose the same or more in legal fees. It's fantasy stuff from the gloom seekers.

 

My neck will stay out as long as this kind of tripe is being pedalled.

 

If you don't like folk who stand up for the club - and reality - who cares?