So you buy a business and then find that the entire structure and assets of company are subject to a police investigation, where it is alleged that the assets were criminal acquired. That’s a serious problem, but one which will take several years to manifest. Let’s call that Problem A.
Problem B is that you have also established that the business needs to raise cash. This is an acute problem which will manifest in a matter of months.
What’s the prognosis?
It could be 2018 before a verdict on Problem A, the criminal trial, is reached. If it’s not guilty, there are no consequences. If it’s guilty, the rightful owners of the criminally acquired assets can apply to the court to recover them. This doesn’t mean they will apply, but if they do, it’s highly likely that the court will make the award in favour of the rightful owners.
For our example, the rightful owners are creditors of a failed business, represented by a liquidator. It’s the liquidators job to get as much money for the creditors as possible, and in this instance, HMRC is the creditor with overwhelming influence.
There’s an added complexity. Although none of your directors are contaminated by the criminal investigation, there’s a concern that some of the accused are beneficiaries of shares in the company, or commercial contracts which the company has entered into. In short, the accused have left the stage, but they could still have a considerable financial interest in the success of the business, which may steel the resolve of the most influential creditor, HMRC. HMRC know such tactics well and would be reluctant to allow a convicted criminal to profit from their enterprises.
As far as Problem A is concerned, you have to allow the law to take its course and hope for a not guilty verdict. Should a guilty verdict transpire, you then have to hope to cut a deal with the liquidator (representing HMRC et al) to allow you to continue to retain title to the assets.
If the creditor was malleable, willing to come and go with you, this would be possible. Especially as the liquidator may have the opportunity of pursuing the professional indemnity (PI) insurance of some of the accused, who provided professional services relating to the transaction. Grab the PI money for the creditors and allow you, your shareholders, and the beneficiaries of your commercial contracts, to continue to benefit from ownership of the assets.
A great deal of uncertainty surrounds this, however. You would make it your business to get as close as possible to the liquidator. Make sure there’s no limit to the hospitality on offer, but ultimately, HMRC will decide how matters proceed. It may even be the case that PI money is pursued, and the assets are recovered and put on the market. There will, after all, be an eye-watering level of professional fees to cover.
Problem B is, as I said, more acute. Raising money for a business which is losing money and burning cash is difficult enough, but if there is a possibility the business has been built upon criminally acquired assets, the challenge is herculean.
The criminal trial may not conclude until 2018 (or later), and it could take a couple of years thereafter for the liquidator to petition the court for the assets and then dispose of them. In short, the assets could come back onto the market around 2020.
Problem B is for you to fund a trading deficit until 2018, then hibernate for a couple of years, and bid enough to buy the assets at auction in 2020.
In the short term all you can do is try to convince as many people as possible to become co-investors. Or put the money in yourself, of course (sorry, I know how you feel about that prospect). Then you could shower the liquidator with the kind of corporate hospitality illustrated in The Wolf of Wall St, and hope you’ve got enough credit with them to have them batting for you at the creditors’ meeting.
The prognosis? It’s not the fact that you are possibly trading with criminally acquired assets, or that your entire enterprise could be shut down with the drop of a sheriff’s gavel, that would worry me. There’s nothing you can do about that, so ignore it. The big worry is how raise the £25m to keep the lights on until you discover if you’re business’s founding fathers acted within the law.
Good luck with that.
This is an absolute minefield. No one is in control. Three years ago I suggested the best thing to do was to start from scratch at another location, this is the only way to proceed with certainty.
Share premises in Paisley, or Cowdenbeath or wherever will take you. Hope that you can carry some brand affinity (although clearly you’ll not be able to use any disputed IP, including brand names). Appoint reputable people to your board and get back to doing what you really want to do.
Behold to no one contaminated by the decades of misrule. Cut loose those who hold the onerous contracts. Allow the assets to come back onto the market in due course, knowing that by then you have all the customer goodwill you need to ensure there is no point in anyone bidding against you at auction.
The future will be nothing like the past, but at least you’ll have a future.
Celtic are the first UK club to react to the refugee crisis
“This is absolutely the right thing for us to do. Our club was formed by immigrants, many of whom had escaped the devastation of the great famine.” Tony Hamilton, Celtic FC Foundation CEO.
Proceeds from Sunday’s Jock Stein 30th Anniversary game will go to alleviating suffering of the refugees. The club will appoint a charity with expertise to ensure the assistance is productive.
I know we go on about the Foundation a lot, but it’s the most important part of our club, today and every day. Never let this change.
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Macjay, various chants used by the Green Brigade ,have been used by the club in their marketing eg the Glasgow’s Green and White poster at the back of the Celtic superstore ,using Just can’t get enough slogan also.
The Tifo at the Barcelona game was set up by the group . The club’s only assistance was letting them into the stadium two days before the game,to set it up. The club didn’t even give them bin bags to use.
The Green Brigade are no angels and I don’t always agree with what they do.
The reason I posted this is because you have stated before you want balance to discussions on here and this is my attempt at that.
They support our team from the first whistle to the last whistle like many of our supporters.
The Green Brigade are no.
Dallas
Just through the other doors for a week, defo going to H the following Monday, any friendly face is much appreciated, I am getting separated from my Sevco Supporting referee bigot so things aren’t too bad
Good Morning friends,
No footie so thought I’d start Xmas shopping. Bought QueenLubo a wooden leg It’s not her main prezzie, just a stocking filler..
KINGLuBO
goldstar10 on 5th September 2015 8:37 am
Paul- That’s an excellent read as a leader, reminds me of the one you posted many years ago about the MIH Accounts when the debt pile was careering towards £1billion with only the hugely inflated tangible assets of RFCplc (IL) in any way trying to prop this up. You made it crystal clear how this would end up, nobody of a blue hue listened, especially those in the media. Jelly and ice cream sales rocketed.
Any sensible Sevvies out there should be very concerned at this latest essay but thankfully there are not many of them around and the rest prefer their news stories lamb flavoured. Which is nice.
Goldstar, it is really great that the Govan Gaels (Gullable And Easily Led) are still in place. Long (or not so long?) might that be the case.
Blind and deaf stupidity in case they hear or read anything they don’t like worked for them the first time round, right? Lets hear it for the Govan Gaels!
In my last post i ended with the Green Brigade are no, by mistake. Oops
GRAFFITIONTHEWALL on 5th September 2015 10:19 am
Thank you for that.
https://youtu.be/1tOjIFICHWY
John Thomson RIP
Dallas Dallas
Could you imagine the atmosphere at CP these days without them ? Thats us going for five in a Row as well.
HH
Gerry, ha ha. I like your style.
https://www.ents24.com/paisley-events/PaisleyTownHall/a-celebration-of-scottish-songwriting/4400552
https://www.ents24.com/aberdeen-events/aberdeen-music-hall/long-may-you-run/4408566
FOR JUSTIN CURRIE FANS
Graffiti on the wall,thanks for the the link about John Thompson, Sam English and Jinky. It was a great read.
I have always felt sorry for both John Thompson’s and Sam English .
John losing his life doing his job with no thought of his safety and Sam English having to live with the memory of that tragic accident.
Twentyfirstofmay, it could be like the library at Highbury many years ago but hopefully will never happen.
Dallas Dallas where the heck is Dallas on 5th September 2015 10:21 am –
I merely responded to this.
===============================================================
THE EXILED TIM on 5TH SEPTEMBER 2015 9:59 AM
Morning Timland from a hot hun free mountain valley
So the GB have cost the club money, I wonder if the posters who state this can come up with figures to back that up.
Dallas Dallas
Hope you’re right mate. I just get annoyed with the general apathy these days. Mass exodus fifteen minutes from time, certain players being targeted every week (I know thats nothing new) They want to realise what was like in the nineties
HH
Macjay. I was trying to provide a balance which , as you previously stated in posts overthe years, is your preference.
The Green Brigade have cost the club money , whether rightly or wrongly in Uefa fines, but also it has made money on ideas the Green Brigade have come up with.
I’m sorry if I picked you up wrong but from memory you have a dislike for any organised group in our support but some organised groups do some right and some wrong in some people’s eyes.
Fred Colon
Not a great deal is known about the causes of cramp, other than it tends to occur after exercise and/or when dehydrated. A lot of Sports folk associate it with low potassium levels.
Some medications cause potassium excretion, salbutamol for example. If you’ve recently started taking a new medication, have a chat with the GP. It could be related.
Simplest thing to do is to up your potassium intake by way of a glass of fresh orange or a banana each day. If it doesn’t work, at least it’s not unpleasant.
Twentyfirstofmay, there is a guy who sits along with me , who normally comes in five minutes late and leaves ten minutes early.
I don’t know if it is because of work or family committments , he leaves early .
He doesn’t leave when the ball is out of play and cant even say excuse me or thanks when we have to stand up to let him by.
I’m certain he left early the night of the Barca game.
Dallas Dallas
Ditto, the one Ive got also leaves ten before half time to get his pizza ! Don’t know why they bother
HH
What is Paul67 e-mail Addy anyone?
Fanx
Just about to go off oot for the day and Roy C appears, if any requests Johnny Doyle by Langloan records would be good, not sure if it is up there with South of Tunis great choons but it is a 7in that I treasure
As for the GB debate, in my opinion they do far more good than bad, but all the food bank stuff and many more charitable stuff they have done isn’t a newsworthy story, at least the people on the receiving end appreciate it, as for the board haters you should love the GB costing the Plc money,
Always highlight the good even though some prefer the bad
Celtic park is what it is, the home of Glasgow Celtic Football Club, the Celtic end of the stadium now known as the Jock Stein stand, is the Celtic end, and it always will be the Celtic end, in the north east corner of the stadium there are a crowd of guys who think they are above everyone else and the laws of our game, and rules that have to be adhered to.
On big European nights the whole stadium is involved not just one section, the whole stadium does, in big games we are all in it to support our club, rain, hail, or freeze, no one holds the soul rights to being above anyone NO ONE, I’m a Celtic supporter and we have our own wee supporters club, we have no agenda, no politics, we are share holders some of us, some of us are not so no big deal.
I don’t use Celtic Park as a speakers corner like the fifth columnists who are at war with the club, every single season, costing my club fines to be paid by my money just to suit there agenda, the crowd in the North East section of Celtic Park are riding on Celtics coat tails, and have been for years.
They do walking away now and again when they spit the dummy out, and I care not a jot, and it looked like they seriously got it wrong at last weeks game when they where shouted down by the rest of the stadium.
And during the whole ninety minutes no one joined in with the, unfortunately the way it works is if we keep on about them and giving them oxygen then they have done there job, best thing to do is what the crowd did last week, ignore them, hopefully they will go away, although I very much doubt it, ultras love the attention I’m afraid.
Lurking Huns GIRFUYs.
AOW
celticquicknews@gmail.com
Leftclicktic – thanks amigo :-)
GB
Although I was disappointed to see their banner at last game the sentiment match mine. They also pay their money so have, in my view the right to air their view. If other supporters have a different view then they to have the right to organise and display theirs. I don’t think I have ever disagreed with the sentiment of any of their displays but question and disagreed a few times with displaying it.
Regarding costing club money. It’s likely easier to determine the amount they have cost the club in fines from UEFA albeit not all fines for fans displays can be attributed directly to GB (fcUK UEFA banner being one that comes to mind).
It is more difficult to attribute financial gain the club has made from jumping on their creativity. I believe that the money brought in from sales of merchandise outstrips the amount their displays have cost the club in fines: Glasgows Green & White; Just can’t get enough; Barca display etc…
They have likely cost is more in terms of reputation all damage. This is mainly due however to the bias of the media and demographic in this country. People who don’t take the time to understand the sentiment of a display and jump on perception based on their own person bias.
The good that the GB do is not rewarded with the same coverage as the perceived offensive, ie. food bank collections, charity work etc.
IMHO they also bring in fans who without them being insitue would gradually not attend a morgue like stadium for your run of the mill SPFL and cup games. That is my perception of it however true or false that is. So in my view they make the club money by their attendance and the atmosphere they bring.
I just hope they keep doing what they do. Unless they cause a riot then Celtic Park holds a place for them.
Hail! Hail!
MWD said AYE
Gerryfaethebrig
For you my friend not a song but my is it good(save it for later)
johnny doyle tribute celtic fc
https://www.youtube.com/watch?v=kmQprvNWv6Y
TONYDONNELLY67
It’s not all about big European nights, support should be there for them EVERY game. You seem to have an agenda with the GB, which youre entitled to off course but you also have a fixation with this lurking huns thing, I genuinely think you tend to exaggerate the amount of them on here
HH
I’m still waiting for the figures that confirm the GB cost the club money.
It’s very easy to make a statement like that and not back it up, but that seems to be the way of the board lover who think they can do wrong, and anyone who questions them are anti Celtic.
MWD
I thot the Fcku uefa banner was displayed in Italy, no, by people who didn’t live in scotland, and the GB got the blame, cos it suited the agenda to blame them.
Dallas…
Good post re the Green Brigade, some only want to post about the negativity of them rather than looking to what they bring to the Celtic.
I took my mates son to a game last season as his dad is not into football, Thomas is only nine years old, he spent as much time watching the GB as he did the game and now proudly wears the hoops.
He is a Celtic supporter partly due to the atmosphere the GB generate. HH
If I was slightly younger.. (ahem) I would be standing with the Green Brigade. All this tut tutting and money debating deflects from the point. They provide support to the team. The negativity towards them reminds me that I wasn’t paranoid enough.
Break time .
The Banter .
Despite not giving a fig about the Scottish national football team , being Scottish means I regularly get it in the neck re how crap they are . Not a scooby this morning – the awfulness of Italy 1 Malta 0 means fitba is off the agenda .Small mercies..
Gooooood morning CQN
I have a very large picture in my house ( many will have seen :-))
7th Nov 2012 – Celtic 125 years old
Celtic 2 – Barcelona 1
A huge Tifo of the stadium just prior to game starting
All funded by the Green Brigade ( the Tifo)
How come I had to Pay Celtic £250 for this picture ? And how many have they sold ?
Hail Hail
A Light Insanity
No Insanity in that post, spot on
HH
If it wasn’t for the Green Brigade Celtic park would be like a morgue on most match days, I don’t always agree with everything that that they do but without them who would generate an atmosphere?
Well worth a read …. http://tirnaog09.blogspot.co.uk/
GB– they do some stupid things a but are blamed for thisngs that they didn’t do..Parkhead would be a morgue most games if they were not there. I agree with sentiments on banners,, we were shite and didn’t try in Sweden. But I wiuld not have had that banner. 100% behind board banner though. and all the others!
Breaking my self imposed international break moratorium with a non football post.
Never been so excited about Saturday night tv ever.
The Specials followed by The Jam’s famous Rockpalast gig (which I’ve heard but never seen) and then this new documentary/film about The Jam!. She’s already muttering darkly about “some Saturday night I’m getting” but I don’t care. Worth taking a domestic for.
Prettygreencsc
TonyD, Recently I have found myself agreeing with a lot of your posts but not on your recent one about the Green Brigade. I admire your loyalty & support and I reckon if the crowds were down to ten or fifteen thousand you would still be there.
Well done to you but that scenario is not a good one for the Club we all love. Younger fans in particular but in truth most fans crave atmosphere at a ground. The Green Brigade do their damndest to provide atmosphere. Maybe it’s not such a big deal if you live close to Celtic Park and can just stroll over every fortnight in a routine fashion to take in a game.
If however you live outside Scotland or have a long journey from within Scotland, you don’t want to be sitting in a half empty stadium in a funereal atmosphere.
Personally I look forward to the standing section next year and if I could treble the Green Brigade’s presence I would. I’m the same age as you Tony but I remember what it was like to be young, yep we were prats at times and the ol’ fellas shook their heads at us. We had our day let the kids of today have theirs.
If only the green brigade could up their game to include chants about the royals.
Like the old jungle.
They are great supporters.
I’ve never I certainly been ashamed of them.
Mostly they are bhoys being bhoys.
Fifth columnists. Where are we 1930 Berlin.
Someone should be along in a minute to attack the celiac trust.