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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TET
That is why I highlighted that particular banner. As it was not the GB. Even though supposed Celtic fans jumped on the national demographic band wagon and blamed them.
MWD said AYE
lots of memeories of the jungle….like watching most of the game on tiptoes or feet off the ground! my fav is the guy who had a spit the dog ‘puppet’. in a celtic top.. He used to watch the ball folloing the game! the puppet!
DALLAS DALLAS WHERE THE HECK IS DALLAS on 5TH SEPTEMBER 2015 10:57
Organised group ?
The G.B. are a political splinter group.
Or perhaps a splitter group.
My feeling is that they do much more harm than good.
“Power without responsibility”……………….No doubt you can finish the quotation.
Cowiebhoy…
A splendid picture mate and a great host.
Some on here forget when they were pups what they sung and the tussles they got into following Celtic.
I know I did.
Maybe they should reminise and realise these bhoys and “ghirls” (for you Dena) are only following in our footsteps.
Times may change but as we see what is going on in smsm at the moment, we need to have a voice and to be seen to have one.
moonbeamswd.
Freedom is one thing. Abuse of freedom is another. When the Green Brigade banners incur hefty fines on the club from officialdom, the bills should be sent to the Green Brigade who have caused them. Why should the rest of us pay for them?
TWENTYFIRSTOFMAYNINETEENSEVENTYNINE on 5TH SEPTEMBER 2015 11:22 AM
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
– See more at: http://www.celticquicknews.co.uk/prognosis-for-trading-with-criminally-acquired-assets/comment-page-14/#comments
You need to read my post again, I said in European nights, and in big games, as to exaggerate the amount of Huns on here I’ll leave you with that one as you don’t like me posting things against HUNS, as for the section of people in the North East end of the stadium, with them everything comes with a price mark my words,.
MOONBEAMSWD on 5TH SEPTEMBER 2015 11:16 AM
Been thinking how to post my thoughts on the GB’s Banner at St. Johnstone game. Now that I have read your post I don’t have to think anymore.
I cannot think of anything thus far that I have disagreed with their sentiments. However, I have questioned their methods in getting across those sentiments. As you posted and as too do not disagree they play right into the hands of the MSM.
I love the atmosphere they create and often their originality in creating some of their displays. One of my favourites the Horses of the Apocalypse.
We are still some way off where we were in the Whyte and Kelly Days and perhaps the GB should put where we are in perspective to those days before airing their views during games.
You, me and thousands of others know we were gutless in Malmo, that the Board failed us in ensuring RD had the Personnel to give us a fighting chance to qualify but this appears to be the norm on the Board’s part these last few years.
I hope to never witness again a Celts for change movement again but if it heads that way I will be with the GB and everyone else in voicing and displaying the sentiments I am thinking.
Keep the Faith!
Hail Hail!
Till tomorrow all
Only 8 more sleeps till The Celtic are back.
ohhhhhhhh gooooooood morning lennybhoy
OHhhhhhhhhhhhhhhhhhhhhhhhh
C’Mon the Barra FC :)))))
…ahh, The oul’ Celiac Trust……
……………………………………………..glutens for punishment!
TONYDONNELLY67
I did read your post Tony and my point is that it’s not all about European nights and ‘big’ games. As for your not very well disguised hint about me being one of ‘them’ I’ll leave you to decide. I dont need a blog to justify my support for Celtic, I also dont need a blog to call everyone I dont agree with a hun.
HH
corkcelt
I have no problem with the kids of today having fun, but this is organised politics by grown ups letting kids do the damage, that’s the difference, in our day ( my day) it was spontaneous and enjoyed by everyone, it was all off the cuff, no agendas, no end game just cheering on the hoops, and slagging Huns, waving tricolours shouting FKB, I’ve done that been there, but not organised never, this has a bad ending trust me, the are killing our club, keep an eye on them not the kids, the leaders, up to no good, the lot of them.
Leftclicktick
11.19
Many thanks
Lennybhoy
We are a million miles away from those days, as for Tut Tut Brigade, let he who cast the first stone, pretty sure 99.9% of us are Green Brigade at heart I know for a fact my young nephews and friends love the GB as much as old yins yern for the Jungle
TD67 the Cellic end (even at the back) were always the Jungle wannabees God Bless the (vibrant) Green Brigada
MWD
That’s cos I didn’t read your post properly.
HH
………………………………………………
As I posted yesterday, and still stand by it.
The ethos our club was founded on is sadly lacking with many of Celtic supporters today.
The written word on here is proof positive.
twentyfirstofmaynineteenseventynine
My first post was for lurking Huns to GIRFUT,if your a Tim then it shouldn’t bother you, Huns don’t like it I know that, it was you whe was taking exception to it, all I said was only you know why, I never said you where a Hun, a Hun apologist yes maybe, but not a Hun, read back what you posted.
TD67 the Cellic end (even at the back) were always the Jungle wannabees God Bless the (vibrant) Green Brigada – See more at: http://www.celticquicknews.co.uk/prognosis-for-trading-with-criminally-acquired-assets/comment-page-14/#comment-2672101
I never saw it that way, we where all Tims, no one better than the other, the atmosphere was as good then as it is now and it wasent organised, that’s all I’m saying.
Those bad bhoys at the GB are urgently trying to raise cash to bring aid to those poor unfortunates stuck in camps in Calais.
The following is from them and has been posted with Paul67 permission – check your pockets for any spare cash please bhoys/ghirls;
If you could have a look at this folks. If you could also share it on your twitter/FB pages
http://www.gofundme.com/GlasgowCalais
In the wake of the ever worsening crisis in France and beyond we are raising money to help those in the make shift camps in Calais.
We aim to collect, deliver and help distribute food, clothes, shelter and other essential items to the men, women and children that find themselves stranded in France without a roof over their head or proper food and water supplies.
We are scheduled to deliver the aid on Friday the 16th of October.
TONYDONNELLY67
Hun apologist ? Based on what ? I’ll present you with a Celtic Supporter Award of all Time at Pittodrie next week but I doubt you’ll be in the vicinity. I’ll leave you to decide who has the credentials to be a true supporter. I’ll continue to go home and away, you continue to pontificate from the Brazen
HH
TD67
Totally agree, we are all Celtic fans no better or no worse than each other
AOW
Exactly, not many highlight the good stuff, cheers for the heads up
Sipsini says:
“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 agree to a certain extent – there is no doubt that their noise and colour is effective in enhancing the atmosphere at CP, and I must say that there is evidence of talent in their creative inventions – e.g. banners.
However, like other factions within the Celtic support, e.g. The Celtic Trust, it is obvious that Celtic Football Club, is a convenient and high-profile platform, for those with their own agenda.
The ringleaders of these factions would soon switch their focus, if they found a better vehicle for whatever it is they are trying to prove.
GB costing the club thousands
Amazing how they manage to sneak into every home game without paying.
TD
I think your beloved Lawells lack of dangly bits has cost us a lot more money than the GB ever will.
Mr pastry and good old anti intellectual, daily record reading to67.
Ah so it’s all the GBs fault. They had the audacity to tell the truth. How very dare them.
Lock em up eh?
Celtic have made money from the GB but like everything else they want to control any threat of dissent.
So you come on here and call for censorship and attempt to smear the GB and its leaders.
It’s nice though for a wee distraction isn’t it. Like the Hun stories etc.
Saves us looking to closely at the mess at cp.
twentyfirstofmaynineteenseventynine on 5th September 2015 12:11 pm – See more at: http://www.celticquicknews.co.uk/prognosis-for-trading-with-criminally-acquired-assets/comment-page-14/#comment-2672102
Based on what?
Well pretty much on the post you posted saying I was exaggerating about the amount of Huns who lurk here, why would that bother you how many where on, and why I was posting to them to GIRFUT?
Aberdeen? No I won’t be there, I can’t do away games for reasons that are my business, but if it gives you the moral high ground on being a better Celtic supporter than us who can’t make away games, fine.
Sheildmuir
Should the club financially reward the GB for financial gains and rewards over the years from the creativity the GB have brought. Ie. Barca display, merchandise based on Glasgows Green & White, Just can’t get enough and many more. Maybe a wee payment for keeping the crowds up at run of mill SPFL games which I believe there is some truth in. Without the atmosphere they bring I believe attendance would fall.
So I’m happy to keep the good with the perceived bad. As I’ve said I’ve never disagreed with a single display and I don’t disagree with their right to air their views. I wouldn’t disagree with you if you organised counter displays showing all fans don’t agree with them nor you creating and organising a atmosphere at games.
MWD said AYE
proudbhoy on 5th September 2015 12:15 pm
Tens of thousands, and you like me, can think what you like.
The question:
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.
=====================================================================
The answer:
Forty two thousand pounds. A fair few food parcels there. Nice one ,G.B. http://www.express.co.uk/sport/football/448542/Hoops-fined-by-UEFA-over-banner –
I’m sorry we use forums or blogs like this to air our differences, that would be just lovely, take a banner to a game saying we disagree with you lot up there,
Aye very clever indeed, that’s the oxygen they are looking for.
Now ,lads.
Dig deep.
So the GB according to their detractors have a political agenda.
This btw has been determined in the minds of their detractors with no evidence whatsoever, but it doesn’t suit their agenda, so they spout lies and pish, it must make them feel morally better.
Since politics was brought up, I would rather a GB run government than the tory scum who run the country, and the banksters who presently rule the world.
The Celtic ethos doesn’t shrink to accomodate the fascists in the support.
Lennybhoy
I believe our views have always been pretty similar re. all things Celtic.
I hold you in high regard and know you are a better supporter than me. But we are both Celtic fanatics. :-)
MWD said Aye
And td67 who so famously tried to out people like me as Huns, who believes he is the best Celtic supporter in the world cos he fawns over PL, is pretending that he doesn’t think that cost so,Rome has outed him and questioned his holier than thou credentials.
Tony hates the GB already. Hates his fellow Celtic supporters because we just want toe the party line.
Macjay
And I replied to you.
The club could and should have challenged it, they decided for political reasons not to.
Must try harder, your anti Celtic ethos is taking a pyoor battering.
Mr pastry…
You obviously have a more in depth knowledge of the GB than I do, yes, I do realise they have a political agenda at times with the banners.
Celtic have always had an open door policy, colour, creed and religion, to be honest I reckon the the GB are carrying on in our roots.
As was posted above (the banner) they make statements that the smsm will not make.
Section 111 has become the old jungle which we remember with fondness, maybe some should realise the youth of today are allowed a voice.
TD67
No moral high grounds involved, was a snide comment in response to your hun apologist remark. Some things tend to get your back up and any hun insinuation definitely does it for me. Lets leave it at that
HH
Say there is 80 GB members
They pay 30quid a game and go to 50 matches.
That’s 120k . Nice wee sum.
Pretty sure they have been to more than 50 home games since creation.
There not perfect but give me 80 of them before any ejit who goes to a match and insults players who make mistakes . The GB don’t do that.. Just like TD . Something in common Tony.
twentyfirstofmaynineteenseventynine
Bit bemused as too why TD67, should stop telling lurking Huns to GIRFUY…………….he has a “fixation” too, Hell so do I and most Tims in wishing them ill…………….
I suppose the rest is debatable, but as ever the truth lies somewhere in-between.
For my part, I like the colour and noise they bring but the political stuff they espouse is always likely to cause division, rightly or wrongly.
MOONBEAMSWD on 5TH SEPTEMBER 2015 12:30 PM
I am no better a Celtic Supporter than you my friend, we are both equal, we are both great Celtic Supporters.
Keep the Faith!
Hail Hail!
ET – fair,play. Indeed some posters who are urging people to support charity and so on are the very same that get annoyed when some of us ask for a system that relies on charity to help those in need to be overturned….
Hey ho