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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sack the celticlegends manager.
i blame pl
GERRYFAETHEBRIG
I met TOHG about a year ago. I just said-Thanks,Mr Fallon.
Huff said,tbh.
Ooooops,nuff,not huff!
http://videocelts.com/2015/09/blogs/dunfermline-take-the-honours-as-the-memory-of-jock-stein-is-saluted?#DQyDuYPPydgxtsFP.97
BMCUW.
Absolutely no need to be sorry.
You are a lucky man to have such a relationship with your Dad.
I will look forward to meeting him too.
JIMMYNOTPAUL
Cheers,mate. He’s a star. And apparently he looks younger than me,according to my so-called mates!
JIMMYNOTPAUL on 6TH SEPTEMBER 2015 4:08 PM
BMCUW.
Absolutely no need to be sorry.
You are a lucky man to have such a relationship with your Dad.
I will look forward to meeting him too.
———————————–
Ole Boaby Murdoch sure does love his ole mhan………but it shoooorly does niggle him that the bmcuwp senior looks younger than junior :o) hh
OOOOPS
Sorry mhate..hh
Cracking first half in croker hope Galway hang on should be further ahead
BMCUW senior, or COSY CORNER BHOY as he is known on here, is indeed a very fine gentleman. I have had the pleasure of his company on a number of occasions.
…and to my knowledge he has never missed the last train!
HH!!
CHAIRBHOY on 6TH SEPTEMBER 2015 9:59 AM
AULDHEID @ 3:10 AM,
It’s been a number of years since I read Peck’s work, but have to say it is very congruent with Christian teaching and values.
In fact I was going through a particularly bad time when a Client recommended I borrow the Road less travelled.
Was not into “self help” so I politely used.
He said your a Christian…
Yes…
Read this…
And he looked out a passage about the Holy Spirit that made perfect sense to me.
I read it and the sequel – Further down the Road less travelled?
It worked for me, books that genuinely made you rethink, yet didn’t diminish your original values, it strengthened them.
The passage on Original Sin bring entropy was a case in point.
Though I’m not sure how much value I’d get from it now and having recommended it to people doing through issues in their lives, in general they’ve found it a very difficult read.
One of the concepts that goes through the book, is one that all great Religions and Philosophies have and that is the importance of being non-judgemental.
A concept much easier to espouse than put into practice.
===%%%%%%%%%%%%==
Thanks for that spot on feedback.
It’s years since I read TRLT. It was but one of a number of books that came my way as I needed them by the likes of John Powell SJ, T H Green SJ and others including the New Age stuff that scares the crap out of Petec, who focused on the Christian message of Christ himself in a modern context .
The amazing thing about all of it though was that the books did not influence my thinking, they confirmed it.
By that I mean my experiences got me re thinking about the thinking that had produced the wrong results.
I then reframed those thoughts to make sense without abandoning Christian principles and then a book turned up that confirmed the reframing as did my subsequent experience.
Someone posted earlier about the possibility of negative thinking on health and I think there might be something in that and that bothers me for others more than the negatives expressed.
Christ was all for being healthy in mind body and spirit and I think he knew what he was talking about.
On Original Sin a close read of the Genesis story reveals that as soon as the forbidden fruit of the Tree of Knowledge of Good and Evil was partaken the first act thereafter was for Adam and Eve to pass judgement on each other in terms of their nakedness of which they had been oblivious before. They had always been aware of it, they just didn’t think or judge there was anything wrong with it.
Wrong judgement number one.
The Biggie though was Judgement Two were they thought God would be angry and hid.
I believe God was not angry at them in a vengeful sense any more than I was vengefully angry at any mistakes my kids made although mistakes have unavoidable consequences that even a parent cannot avoid.
So here we are – badly practicing not judging in the CQN courtroom which is just a reflection of life after judgement we were not ready for.
afternoon to one and all………….NZB – Beelin’ and greetin’ Troll Heids on 6th September 2015 1:08 pm ……..braw post……
would be braw to have a lurkers hour…..just abidy going daft ….hahahaha aye that would be braw ..
.The Celtic are awfy awfy braw…
braw
why are Adam and Eve always painted with belly buttons?
that is a braw conundrum ….
braw
For me the Peter Lawwell thing is about where the buck stops and where the responsibilities lie. I’m not at all sure singling out the CEO is always the answer.
For me it seems pretty obvious where we are doing well, it’s also pretty obvious where we are doing badly.
Of course there are a few unknowns, how good is our current squad? What are Ronny’s strengths and weaknesses? But we have a league campaign, a couple domestic cup campaigns and a Europa campaign to fight, so we’ll have a better idea in six months.
For me it maybe unfair, but where we are under performing – I see as the Lennoxtown effect.
We are not getting enough quality through the Academy – Seen young Andrew Robertson for Scotland and the bhoy’s a player, who got rid of him?
Also injured players, our players seem to be injured too frequently, which can happen, yet how many reoccurring injuries do we have?
Then there’s the signing up of the crocks, players who have left their pervious Clubs who are known to be injury prone, then are signed up as if Lennoxtown has some hidden miracle cure – only for these guys to play a couple of games for the first team, then spending the rest of their time between the sick bay and development squad.
Then there’s the projects and prospects, players who are thought to have overlooked abilities or great unseen potential.
Again, as if we have some insightful scouting, or great development coaches, the vast majority of these players when they actually get to Lennoxtown perform worse in the hoops.
Now among that lot there are some seriously good thought out initiatives, some even partially paying out let’s face it, massive dividends, but for me it is too hit and miss.
So I don’t have an issue with the remit or the strategy of the Board, the first team have had their ups and downs but overall have done well.
So for me it is an operational, implementation problem across all aspects at Lennoxtown. From scouting, through the physical conditioning, to the Academy – form what I see, that’s where the issues lie.
Over the years our reliance on getting these initiatives right providing regular, fit, quality first team players has back fired and that have held us back.
Things are changing, we seem to have over viewed the policy where rather that bringing foreign prospects in, we are signing proven SPL standard players. Our own prospects have been given game time and are going on loan to develop their potential.
The first team coaches are taking responsibility and implementing the coaching, train and conditioning of the first team players and are ensuring this is mirrored down through all the teams.
When our top quality players are sold, they are replaced with quality. This of course could be a similar less risky strategy than the prospects one.
I.e. Instead of buying a 2m player we keep for a couple of Seasons then hope to sell for for >10m in the EPL, we buy a 5m player we hope to sell for >10m in the EPL.
We’ll see, but for me it looks like we have taken steps to mitigate the failures in Lennoxtown. The key though is making the Lennoxtown initiatives a success.
Hail Hail
Sandman,I nearly agree with your post on PL.The one thing I dont go along with is,PL did not find Hooper,Ki,Wanyama,Forster,VVD.That was our scouting dept,who should take great credit for finding them.Nothing to do with PL.
On the other hand,the same scouting dept. have been woeful in finding us a decent striker,have had us sign some real duffers,and they must also take the blame for this,as they did the credit.Again,this has nothing to do with PL.
See where I am going with this?.Its not PLs job to find us a striker,or a defender,its the scouts job.They find them,PL signs them.As in all the players we have signed.
Rocket science?.No.
Never mind,its still Lawells fault we dont have a new striker.
CQNSOUNDINGANDACTINGLIKEHUNMEDIA.
CANAMALAR on 6TH SEPTEMBER 2015 9:23 AM
Heaven67…,
Auldheid is putting together a complete run down of everything that’s happened and will be posting links to it soon.
We are trying to trace all the original supporters for contact details, email addresses preferably, quite a few did not have or identify an email address.
As usual there is very big news in the pipeline but as Auldheid said before legalities are taking most of the time, good news is that the Plc are still fully supportive and helpful.
=====%
In respect of Canalamar ‘s point about updating shareholders who signed the Res12 and aknowledging that this will only reach a few of them – can those signatories who have e mail contact auldheid046@gmail.com with their Share Number as proof of dhareholding staus to make the job of disseminating where we are to them .
That does not mean other shareholders will be kept in the dark. Think of it as Easy Boarding to make the job more manageable.
The timing of the update is a bit uncertain because this is a process that is unfolding over weeks and the next direction depends on the result of the previous, but we will do our best where some of the parties involved face criminal charges, to keep you informed.
Chairbhoy
Young Robbertson dropped a few levels to play with Queens Park, pretty sure he didn’t impress at youth level (for the record I think he is great player a bit like Izzy, left winger playing left back) if you think for a minute our CEO is making football decisions then we are FrenckConnectionUKed !
NEUSTADT – BRAW @ 4 32.
AH – are they innies or outies ?
Auldheid
Your posts are a must read, but like many others we are giving that mob old or new oxygen, personally I know they cheated and they know they cheated, am afraid the country we live in they sort of rule, don’t know too much about Res12 and sometimes I think people use it to have a dig, not me, I just want Celtic to keep winning titles
SOUTH OF TUNIS on 6TH SEPTEMBER 2015 3:42 PM
Billy Price.
Played left half in a poor early 60s team..Not the best player I ‘ve seen in the Hoops and not the worst either.Think he played in the friendly v Real Madrid .which was to raise money for female refugees..Think he played in the 63 Cup Final ( and the ******* replay.)) 2 games.which still stick in my craw..Current Celtic Board are fabulous in comparison to the Board which ran the Club in those dark days.
Billy Price. Injury prone. A bit on the slow side. An absolute joy to watch.
Billy’s acquisition just about summed up the Celtic Boardroom attitude. Falkirk wanted £2,000. Bob got it knocked down to £1,000.
1963 final replay which I waited to the bitter end of, was a pivotal moment in Celtic’s twentieth century history.
A humiliation of such a magnitude that it forced Robert Kelly, privately at least to acknowledge that he was just not up to it.
Less than two years later he flung in his hand and brought in a god by the name of Stein.
SOUTH OF TUNIS on 6TH SEPTEMBER 2015 4:52 PM
NEUSTADT – BRAW @ 4 32.
AH – are they innies or outies ?
hahahaha you could put the letter D in front of them 2 ….dinnies and douties……never forget oor Multi Universe thingymagiggy where they could be both at the same time …Quantum M ystically ….
braw
Quonno
I remember all of that. We signed of few duds in that time and Billy Price wasn’t the worst.
Didn’t Billy Price replace Bertie Peacock?
AULDHEID on 6TH SEPTEMBER 2015 5:24 PM
Quonno
I remember all of that. We signed of few duds in that time and Billy Price wasn’t the worst.
The whole set up at the time was such that we could have signed Puskas, Di Stefano, Gento and Santmaria and a couple of weeks later they would have been duds.
Boerrigter turned out for the 20s on Friday. Lasted abt an hour .This dud cost Celtic 3mill plus 17k a week. Who is running our scouting system TONTO???
Yes, Sir Robert Kelly picking the team was an utter disaster. Went on and on for years, too many years and too many tears spilt because of it.
GERRYFAETHEBRIG @ 4:39 PM,
No of course I wasn’t saying our CEO makes those decisions, I was trying to say, it seemed to me the policies were sound.
It’s the way they are implemented that’s the issue. Andrew Robertson was just an example of a lad who we let go who made it, I won’t name names but there were plenty in his age group we kept and didn’t make it.
What’s going down at Lennoxtown?
That’s what we need to know. How culpable the CEO is for those failures, who knows? I’m not blaming him, he gets plenty right, which is easier said than done, but operationally, there’s question marks.
AULDHEID @ 4:26 PM,
You are quite right, there are some excellent books and theories that can assist you in living a positive, good life. A persons well being for me is key, and I believe it can certainly affect your health.
We can get infatuated by the tradition, the Ceremonial and the dogmatic aspects of Religion and become far removed from the key teachings and tenets of that Religion.
ISIS is an extreme example, but none the less a case in point.
When I read those books and they can inspire you, (of course there’s a lot of imposters) but a good book will connect with you, not to change or throw the baby out with the bath water but to look at the sound principles that your Church and Parents taught you and understand there as relevant today and can be relevant in many ways you might not have considered.
I’m doing a course on Person-Centered Therapy – a concept that was developed by Carl Rogers. A chap who left a Seminary, where he was studying to be a Minister and instead became a prominent Phycologist.
It is based very much on the idea that an individual will grow and reach their potential (actualisation) when given the right environment and positive regard.
Of course that’s an over simplification, but it is very effective, and when all’s said and done and you study the ever evolving theories and the empirical evaluations for effectiveness…
There’s not much there that can’t be found in the New Testament.
Hail Hail
JUDE2005 IS NEIL LENNON \O/ on 6TH SEPTEMBER 2015 5:36 PM
Boerrigter turned out for the 20s on Friday. Lasted abt an hour .This dud cost Celtic 3mill plus 17k a week. Who is running our scouting system TONTO???
//////////
some folk are never hoopy …..come on noo he had a braw first game ….hahahaha………..its only dosh
braw
Celtic CEO is it today?
Saw this elsewhere and thought: There’s a CQN post
http://www.twitlonger.com/show/n_1sndca2
Phil’s latest
http://www.philmacgiollabhain.ie
It’s sounding like 10/10 will be a hoot, wish I could make it but as I said to Bobby I’ll be sunning myself in Murcia ogling some old birds.
Thank feck I read back before I hit the post button…ogling came up as dogging :)
Chairbhoy
I wasn’t picking holes I definitely think we should loan out all our kids (Jude hope Josh gets out and learns his trade) not many break through and for me playing football is a learning curve, mollycuddled at Lennoxtown doesn’t help the kids
Sipsini
Gutted you will not be there 10/10, but surely you are going to Dublin for Clogher & Almores wee swally
Auldheid, I’ve just sent you an e-mail.
HH
NEUSTADT
He had a chance to show the young Bhoys a thing or two and he blew it. Sorry excuse for a pro footballer imo I was there btw.
SIPSINI on 6TH SEPTEMBER 2015 5:46 PM
It’s sounding like 10/10 will be a hoot, wish I could make it but as I said to Bobby I’ll be sunning myself in Murcia ogling some old birds.
Thank feck I read back before I hit the post button…ogling came up as dogging :)
—————–
To each his own…sure you will enjoy it :O)
SIPSINI
Ogling/dogging?!
Whatever you get up to, enjoy yerself ya lothario!
HH!!
Wales not getting it easy v Israel!!!