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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Twentyfirstofmay, I bumped into PG last November. He told me he was still running the bus.
PG has the same musical taste as a Clash fan who posts here but that’s where the similarities end.
One of my pals is still a member of the Lions bus. I’ll ask him if PG still runs the bus and get back to you.
I have a lot of good memories of travelling on the Lions Bus when I was a member of it. The sight of Delaney’s in the full strip to that freezing night in Nottingham ,is one of them.
PROUDBHOY on 5TH SEPTEMBER 2015 1:10 PM
SIPSINI on 5TH SEPTEMBER 2015 12:53 P—
australia for Australians mate .. Their favourite line over here.
Met some of the nicest people in my life over here but the racism is very clear.
Shortest memories in the world.
=====================================================================
There are racists in every country.
In Oz., Greeks/Turks
Serbia/Croatia
Recent battles in N.Q`land between Islanders and Aboriginals.
Of course,there are dinky di racists as well.
The bottom line : the Australian govt. is not racist.
Nor were any of the previous ones since I`ve been here.
Not my favourite time of year, losing two of our finest.
May John Thompson and Jock Stein rest in peace and thank you for what you did for our club.
The John Thomson Song – JT80
RhebelRhebel’s channel 5,905 views
450
Hope this works and the cyclists are on the home straight
BLANTYRETIM
Bet there’s a few of those Deacons who are masons
Just a wee question which I was pondering.Anyone any idea of the amount of season tickets we’ve sold this season?
afternoon lads
all this infighting nice sunny day get yer arses down to M&D
We are up 7-1 on the shirts so far
HH
Can’t do those kinky things
Hoooops
That def was a spellcheck error
Ha ha ha
MACJAY
Well,actually you did. Your argument is based on how much the GB have cost us.
Our counterpoint is that accusations against our support should have been vigorously defended.
That they were not suggests an agenda. And typically of our leaders,they didnae think this one through.
Btw,just because I disagree with you on virtually everything disnae mean I don’t value your contribution,nor does it mean that I’m trolling,disagreeing for the hell of it. I appreciate your points of view. I know they are genuine. Some I disagree with,and debate is healthy.
But tbh some of the Tim on Tim stuff recently-not you(necessarily,haha!)is making the site a difficult read.
BLANTYRETIM IS PRAYING FOR THE KNOX FAMILY on 5TH SEPTEMBER 2015 12:59 PM
Jamesgang and I went to Perth on the Lisbon lions bus from George sq at the end of last season
Great bus, great craic and great tims as we all are
– —
I can confirm. The ghuys and ghals on that bus are serious craic dealers. Wonderful.
HH jamesgang
MACJAY1 FOR NEIL LENNON…
HaHa, it was a more tongue in cheek comment.
There is no answer to the refugee problem at the moment.
As suggested on here, do you go in and get rid of the governments that is creating it and some other nutcase gets into power?
Which will mean more people fleeing their homeland!
If people feel safe and can have a qualified standard of living, they would have no need to flee their country,
When the G10 next meet this should be their priority, rather than how to keep their coffers full. HH
blantyretim is praying for the Knox family
Too much information Mate:))
Bobbio
I’m knitting you a new set as we speak!
;-)
HH jamesgang
JAMESGANG
Was a member on Lions bus for a good few years, had a great time on there in 2000. Those were the days
HH
JAMESGANG
Ah,that moment when I asked what you did for a living just as I was rolling a fag will live-hopefully-long in the memory!
A real PMSL and WTF moment.
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS on 5TH SEPTEMBER 2015 1:28 PM
MACJAY
Well,actually you did. Your argument is based on how much the GB have cost us.
======================================================================
No,mate.I just stated a fact .I made no argument at all.
I referred to one incident and one incident alone.
Inevitably other points were subsequently raised to which I replied.
The bottom line is……If a left wing organisation can form a wee group in the Celtic support,then,ON PRINCIPLE you could not object to the forming of a right wing group.
You probably would and so would I,but I`m sure you get the point.
Mate……..A banner describing our team as “gutless.”
Beggars belief.
For me.
Paul67,
I have read and re-read your leader and can come to only one conclusion. ……… They’re fecked and they know they are :)
The banner that the club didn’t challenge, the one with Bobby Sands & William Wallace on it was imo spot on.
The fact that the fascists on here and in our board room accepted the fine says more about them than is does the GB.
Test from Mrs Baldie’s new tablet, a Hudl2 obviously.
SIPSINI on 5TH SEPTEMBER 2015 1:30 PM
MACJAY1 FOR NEIL LENNON…
:-)
For me,one major cause is the vacuum in the White House.
Obama`s red line in Syria.
He cried “wolf.”
Putin,amongst others,heard him and took note.
Cheers,pal.
See yez la`er.
Proudbhoy…
Racism is on the upsurge over here as more people move in from different countries.
I live in the chateu ( or castlemanky according to VP) :)
I here more and more racist comments from people in the work, no surprise there.
I pulled my bhoy up earlier on in the week when he came out with a comment. I just reminded him of the “why don’t you go home ditty” huns sing towards us, as they still see us as refugees.
It registered and he apologised. HH
Ah Tony that’s right. You claimed it was a wee joke. Thing is I don’t think you racists have the intelligence for that. You would love to ban people from sites, ban the GB and anyone who doesn’t hold your world view.
BCW I am pleased to be CQN’s wailing Cassandra. After all while no one listened to her she was right. My only regret is we never got that date…..
MACJAY
The morning after the game,I made the point that-perhaps surprisingly-I didn’t blame fiscal policy or team selection/tactics for what happened.
I specifically stated that the players that night were sufficient to win the tie.
They didn’t. And I said then and I’ll say now that those players let us down.
Gutless? Maybe not how I would have described it.
Maybe the GB canny spell useless.
Oh,they can. And they did. And I agree with them there too. Even if I think they could have been more circumspect with each.
There is no answer to the refugee crisis.
There is an answer to dealing with those who created it.
Arrest, charge and try American, UK and other western politics, working on behalf of arms (sorry defense) manufacturers, oil barons and bankers creating the perfect storm when required for financial gain, for crimes against humanity.
List includes
George W Bhsh
Tony Blair
David Cameron
Obama
A list worth starting.
MWD said AYE
The Exiled Tim
One mans freedom fighter is another mans terrorist…..or so they say
For me Bobby Sands was inspirational
Did I miss the CQN coupon the day…..not that I jinx it but like to cheer it on
NEGANON
Haw you! Leave Rodney’s missus alone.
He deserves some happiness.
(still laugh at how they met. Mix-up wi their coats. Rodney’s had his name in it!)
Jobo…
Yer missus tablet is working fine, reckon I’ll see you posting more now that you have your own tablet to yourself ;)
MOONBEAMS WD
Great idea,mate. I’ll go for that,every step of the way.
Now,how do we find judges who are untainted by that system?
NegAnon2
Can I call you Cassie ?
Yeah she was right, but ignored………because of the spell. Perhaps, you should reflect on the spell you weave on listeners :-)
Unlikely we will ever date……..read the other week you don’t frequent the same stadium now-days.
NEGANON2 on 5TH SEPTEMBER 2015 1:49 PM
Ah Tony that’s right. You claimed it was a wee joke. Thing is I don’t think you racists have the intelligence for that. You would love to ban people from sites, ban the GB and anyone who doesn’t hold your world view.
– See more at: http://www.celticquicknews.co.uk/prognosis-for-trading-with-criminally-acquired-assets/comment-page-16/#comments
Eh!…… Aye?…… Ok?…….. What ever you say, ……now we done?
NegAnon2 on 5th September 2015 12:17 pm
You say “So you come on here and call for censorship and attempt to smear the GB and its leaders”
If you would point our EXACTLY where in the under-noted post where I call for CENSORSHIP then I will unequivocally withdraw it and apologize unreservedly.
(Mr Pastry on 5th September 2015 12:13 pm)
Obviously I will not be required to do this – I abhor censorship and oppose it wherever and whenever it occurs.
The refugee “crisis” has no answer.
The more who arrive the more will undertake the journey.
Tragic, desperate and unjust. And everything in-between.
I remember watching some documentary on BBC4 about young Iranian men who had entered Greece via Turkey and eventually ended up on the streets of London being exploited.
The tragedy was that on calling relatives at home, they perpetuated the myth of London being paved with gold…..
Gerry
A wee poem by Mrs TET.
Our Bobby came for Maggie, he offered her his hand.
She asked if he was consort, to the promised land ?
“Ah sure your passage will be safe, there’s plenty there to meet”
Maggie smiled and went with him, till she felt the heat!
“What is this place you take me, where is my throne and crown?
Our Bobby said to Maggie, “I think your going down !”
Ten brave men stood in judgement, deciding on her fate.
The eternal burning fires of hell, or heavens pearly gates.
The first to speak was Raymond, he looked her up and down
With Francis, Joe and Michael standing close, Maggie gave a frown.
While we hungered for justice, your judgement sealed our fate.
It’s the fires of hell for you, ye bitch not heavens pearly gates.
Then Thomas, Kevin, Kieran and Patsy all gave their thought
If Maggie should enter the gates of paradise or not
Martin smiled at Bobby they agreed her fate was sealed.
For crimes again the IRISH, compassion she would not yield.
Then St Peter gave a smile at Gods chosen men
For they were her jury, those bold courageous ten.
He asked what they decided, what is her fate, do tell ?
Bobby smiled and pushed her, into the fiery bowels of hell
HH
First time poster. Just going back to the article Paul67 posted yesterday, Collyer Bristow’s PI policy has already paid out with regard to the acquisition of the shares in RFC by Liberty Capital Ltd. pre administration / liquidation. In excess of £20m…..
Some very fair minded posts about the GB and some that are almost entirely inaccurate.
There are some Celtic supporters who simply will never see anything good in what the GB do and likewise there are some who will never recognise anything positive that the board do.
My greatest concern about either of these polarised views is that it’s not healthy for Celtic.
Thankfully, most of us lie somewhere around the equator.