RANGERRAB 3,741 Posted June 14, 2013 Share Posted June 14, 2013 Excuse me?? I have fuck all sympathy for a team that were one of the first to want us not only sent to the 3rd but made to re apply for membership. Reap what you sow. I think Spartans should get in the league instead of newco Midlothian The notion that we have some sort of affiliation with Hertz is laughable to put it mildly. I've worked thro' in Edinburgh and the majority of their supporters hate us. 0 Quote Link to post Share on other sites More sharing options...
Super Cooper 0 Posted June 14, 2013 Share Posted June 14, 2013 The notion that we have some sort of affiliation with Hertz is laughable to put it mildly. I've worked thro' in Edinburgh and the majority of their supporters hate us. C'mon now Rab, you may have worked in Edinburgh mate but there is no way you have met or would know what a majority of their support feel about us. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,761 Posted June 15, 2013 Author Share Posted June 15, 2013 THE Scottish Premier League have imposed a transfer embargo on Hearts for failing to pay a number of players' wages on time. The sanction means the Tynecastle club will not be able to register new players until they have settled all outstanding sums owed. Hearts will also now face a disciplinary hearing relating to a potential breach of SPL rules relating to renumeration default, with an array of sanctions available to the governing body including a fine or a further transfer embargo. The decision casts into doubt Hearts' intention to sign Danny Wilson on a three-year contract once the defender becomes a free agent on July 1 as the club have yet to lodge his registration with the Scottish Football Association. The SPL statement read: "The Scottish Premier League has been informed by Heart of Midlothian FC that the club has failed to pay a number of its players on time today. This is a remuneration default in terms of the SPL Rules and the club is therefore subject to an automatic transfer embargo while that remuneration default continues. The actions also indicate a potential breach of SPL rule A6.21 and a disciplinary hearing will be convened in due course." SPL rule A6.21 reads: "Except in circumstances where there is a bona fide dispute as to liability for payment by the club, where the club is entitled to deduct or otherwise withhold payment of a sum otherwise due or where the club takes, suffers or is subject to an insolvency event, any club which shall fail to pay any sum due by it to a player under and in terms of that player's contract of service and/or any sum due by it under a contract of employment to any club official engaged in football management and/or football coaching [a "remuneration default"] shall be in breach of these rules." The decision comes on the back of Thursday's announcement that the club were making every player available for sale to try to help ease their crippling cashflow problem. Hearts are thought to need around £500,000 to pay wages and meet their tax liabilities over the summer, a sum that could be covered by the sale of an additional 2000 season tickets. Her Majesty's Revenue and Customs are pursuing a winding-up order relating to an outstanding PAYE bill of £100,000 – half of which is understood to have been settled already – while there are other substantial payments due this month and next relating to a previous tax dispute. Hearts had appeared to be critical of their supporters in their statement http://www.heraldscotland.com/sport/football/transfer-embargo-kicks-in-as-hearts-fail-to-pay-wages.21351913 0 Quote Link to post Share on other sites More sharing options...
Gribz 919 Posted June 15, 2013 Share Posted June 15, 2013 That must mean Danny Wilson is not a Hearts player because they havent registered him yet. Craig, how does it work if the company Hearts are owe money to go bust and are insolvent. Will their (Vlad's bank) administrators be calling in all monies due? 0 Quote Link to post Share on other sites More sharing options...
Whosthedado 1,703 Posted June 15, 2013 Share Posted June 15, 2013 The notion that we have some sort of affiliation with Hertz is laughable to put it mildly. I've worked thro' in Edinburgh and the majority of their supporters hate us. I live in Edinburgh mate. They hate Celtic more than us but we're not exactly far behind in terms of teams they love to hate 0 Quote Link to post Share on other sites More sharing options...
foggy dewhurst 0 Posted June 15, 2013 Share Posted June 15, 2013 i allways remember when entering tynecastle the big sign on the wall BEWARE OF PICKPOCKETS well it now looks like someone has picked hearts dry . 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted June 15, 2013 Share Posted June 15, 2013 That must mean Danny Wilson is not a Hearts player because they havent registered him yet. Craig, how does it work if the company Hearts are owe money to go bust and are insolvent. Will their (Vlad's bank) administrators be calling in all monies due? I don't know Lithuanian insolvency law Gribz but my educated guess is that Hearts are in the shite Seriously, I THINK they owe money to one of Vlad's companies plus his bank - is it UBIG and Ukio Bankas ? I could be very wrong but thought that Ukio Bankas are owed money but UBIG are the parent - or vice versa. They owe 10 mill to one and 15 to the other I think. One of the companies (I believe Hearts parent company) have asked the Lithuanian courts to be declared insolvent whilst Ukio Bankas already has administrators in place. I would think that the process would be similar to ours in that, once decared insolvent, the parent company will appoint administrators and it will be their job to maximize returns for the creditors, which means they should be trying to call in Hearts debt - however, the issue they will have is that Hearts are effectively insolvent themselves so the likelihood of getting money from Hearts is almost impossible. So they will need to bite the bullet on the money. What is almost inevitable is that Hearts will enter administration - given the debt they owe to the parent and the bank they simply cannot pay those debts - and any prospective buyer wouldn't take on 25 million of debt either, it is wasted money. Once they hit administration it will be interesting as to whether they go into liquidation or if they can sell the assets. I thought that Tynecastle was owned by Vlad's bank, is it ? If so, it will be interesting to see whether the club remains in existence, certainly at Tynecastle - because I would have thought that property developers would also be interested in that land too. I cant see how Hearts can avoid administration at the very least - the debt they are carrying is enormous for a club of their size - they would have had a chance of avoiding administration if Vlad was still in control of his companies (he could have just written the debt off) but when administrators are in place they have a duty and obligation to ALL the creditors, which means they are duty bound to chase Hearts for every penny they can get. 0 Quote Link to post Share on other sites More sharing options...
Gribz 919 Posted June 15, 2013 Share Posted June 15, 2013 I don't know Lithuanian insolvency law Gribz but my educated guess is that Hearts are in the shite Seriously, I THINK they owe money to one of Vlad's companies plus his bank - is it UBIG and Ukio Bankas ? I could be very wrong but thought that Ukio Bankas are owed money but UBIG are the parent - or vice versa. They owe 10 mill to one and 15 to the other I think. One of the companies (I believe Hearts parent company) have asked the Lithuanian courts to be declared insolvent whilst Ukio Bankas already has administrators in place. I would think that the process would be similar to ours in that, once decared insolvent, the parent company will appoint administrators and it will be their job to maximize returns for the creditors, which means they should be trying to call in Hearts debt - however, the issue they will have is that Hearts are effectively insolvent themselves so the likelihood of getting money from Hearts is almost impossible. So they will need to bite the bullet on the money. What is almost inevitable is that Hearts will enter administration - given the debt they owe to the parent and the bank they simply cannot pay those debts - and any prospective buyer wouldn't take on 25 million of debt either, it is wasted money. Once they hit administration it will be interesting as to whether they go into liquidation or if they can sell the assets. I thought that Tynecastle was owned by Vlad's bank, is it ? If so, it will be interesting to see whether the club remains in existence, certainly at Tynecastle - because I would have thought that property developers would also be interested in that land too. I cant see how Hearts can avoid administration at the very least - the debt they are carrying is enormous for a club of their size - they would have had a chance of avoiding administration if Vlad was still in control of his companies (he could have just written the debt off) but when administrators are in place they have a duty and obligation to ALL the creditors, which means they are duty bound to chase Hearts for every penny they can get. Thats pretty much what I thought, I just wondered the differences between them and our situation as its not Hearts as such being insolvent but the company they owe most money to. So when they call in the debt Hearts wont have nothing like the figures needed. 0 Quote Link to post Share on other sites More sharing options...
blueflag 386 Posted June 15, 2013 Share Posted June 15, 2013 ukios own typecastle and there shop im sure Sent from my GT-I9300 using Tapatalk 2 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,741 Posted June 15, 2013 Share Posted June 15, 2013 Ukios owns Hertz plus the assets i.e. stadium. Ukios is insolvent so I'd presume the lithuanian administrators would need to sell its assets including hertz & tynecastle. However I don't see how hertz cannot be anything other than insolvent too. It can't pay staff or tax. Even if it got into administration how would it even be able to afford a pennies in the pound settlement on top of salaries & tax ? 0 Quote Link to post Share on other sites More sharing options...
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