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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Painful result for us watching the Hoops come back from 2-0 down to win 4-2 at Ibrox this day…..
Dundee United won the league because of this guy.
Watch Ralph Milne’s goal and tell me which goal from Celtic 6 Rangers 2 it reminds you of?
Rest In Peace Ralphie
http://www.youtube.com/watch?v=YbPeVkmnwXI
23 Jan 2014 – Uploaded by SPFL
Corkie,
Mmmmm…..reluctantly agree ;-((
musical interlude…
https://m.youtube.com/watch?v=Zx3m4e45bTo
H.H.
Som mes que un club
Do you live in Dundee? I am in Arbroath.
JJ
Recalcitrant Rubbish
regurgitated by record- readin’ sleekit rockets
requirin’ rubber nut repairs,,,,,,,,,,,
Chairbhoy on 6th September 2015 5:41 pm
GERRYFAETHEBRIG @ 4:39 PM,
AULDHEID @ 4:26 PM,
On the theme of Self actualisation an ex Jesuit mapped Christian values against The Enneagram
https://www.enneagraminstitute.com/
as a road to becoming a more whole human being across its nine main personality types and directions of integration or disintegration of the person.
What I liked was the idea that Christ was the only person totally balanced on the zenith of all types making him whole or holy.
Fascinating stuff.
Chairbhoy
Meant to add Yup. Its all in the New Testament.
I think we have a decision to make.
Ronny wants high tempo, quick passing football.
Broonie and Stefan offer high tempo but their passing is wayward.
James, Nir and Stuart offer nice passing but don’t have the strength to cope without Broonie and Stefan…
It’s a consequence of us not being able to afford the full package.
I see Sevco skelped another team, both full backs scoring again.
Warburton will be playing us at our own game, and he seems to have them playing great football on a small budget. If we meet them it’ll be a real test for us and particularly Ronny.
I don’t think the manager in situ when we suffer our first defeat to Sevco will survive. Anyone who thinks that can’t happen this year is kidding themselves.
Somethin for BMCUWP or his burt out slippers…..;-))
https://m.youtube.com/watch?v=9T3RaiG6ZSQ
H.H.
Talking to St.Pauli and Hertha Berlin fans tonight in the Brazen. The big Hertha fan was over the moon that I knew his club wore blue and white stripes, as if they were a no mark club, even though they get 50 odd thousand every week.
Burt is burnt ffs
H.H.
As a young lhad I used tae watch highlights of games on the tele, STV minus alice cameron were not too bad but the beeb were poisonous, archie haircut excepted.
A sample of their commentary from the likes of george davishun went along these lines “Simpson to Gemmell over to Murdoch and out to Johnstone who crosses for Chalmers, oh well intercepted by ronnie mckinnon who headers it to captain courageous john grieg who slide rules a pass through to wee willie who crosses for big colin only for McNeil to get a lucky touch to the ball to deflect a sure goal away”.
Now we have “Celtic supporters” on here who talk about sdm, dave king, mark warbutton etc. Now that’s admirable that they are respecting their rivals.
However, they also treat our staff with disdain talking about, lawwell or even liewell the bonus thief, delia, desmond.
Where’s the respect for our employees. Now the Morton supporting master mariner was an undoubted hun as were blue peter and wee alice. They didnae hide it.
So when TD67 compares some “Celtic supporters”, to huns, who can blame him. They simply mimic them.
A change of Decades…..damn am i so old….;-))
http://m.youtube.com/watch?v=nOSuObRNBUA
H.H.
Good piece by Celticunderground on Newsnow – The ten that killed the Scottish game – a reference to the fortieth anniversary of the League going down to ten Clubs.
Bit late in the weekend to contextualise it:-) But I’ve been thinking along the same lines for sometime. Especially looking at next Seasons Glasgow Derbies. Remember the Season we played Rangers seven times.
Now here were my thoughts, two leagues of 18, the premiership and the championship.
Not quite the cull that Paul67 wanted on senior teams but in essence, the Premier will be the only credible Scottish League – no offence, as I think the other League will serve Clubs in that Division well.
Okay so each team plays the other 17 once. Then there’s a winter break. After the break the league is split into two. Premiership 1 and Premiership 2. The top nine teams in Premiership 1.
Each team plays the other twice. The team that leads the Premiership 1 are the Scottish Champions, with European places for the runners up etc.
The winners of the Premiership 2, will be Champions of that League, obviously they’ll be relegation/play offs to compete for as well.
Think it would make Scottish Football more competitive, give more teams something to play for and the Premiership 1, that could involve summer Football could have say..
Aberdeen
Celtic
Dundee
Dundee Utd
Hearts
Hibs
ICT
New Rangers
St Johnstone
Play each team Home and Away. Could be the best of both worlds.
Just-a-thot
Hail Hail
guernica,
seriously, u think they’ll b even close the first time they’ll b in OUR league…..u need to stop reading FF…..;-))
H.H.
THE GLORIOUS BALANCE SHEET on 6TH SEPTEMBER 2015 6:26 PM
Berget scores his second of the game, turning the defender inside out, to make it Norway 2, Croatia 0.
I don’t know what on earth has happened with this guy all of a sudden to make him a world beater.
The question should be what made him a dud at CP.
Tontine
Those bhoys where down to earth playing for the fans and their families, walking to and from barrowfield training
our players are so far detached from the fans .
It was great to take the kids to Celtic park to meet our heoroes now they leave by the back door to save them meeting the kids
Guernica
Warburton’s tactics revolve around attacking fullbacks who basically make it a 2-4-4.
They’ll get away with it in league 2 but Danny Wilson for Hearts was on the receiving end of 24 goals against us.
TURKEYBHOY on 6TH SEPTEMBER 2015 12:14 PM
If the Huns get promoted this year,we will have at least 45,000 STs sold.
If I am wrong,please feel free to come back and slaughter me for my forecast.
——————————————————————————————————————————
I hope you’re not wrong but we will only reach that number if there is a change in direction in pricing and promotion. Apathy and excuses are the staple of thousands now.
guernica on 6th September 2015 10:11 pm
I see Sevco skelped another team, both full backs scoring again.
Warburton will be playing us at our own game, and he seems to have them playing great football on a small budget.
*nobody is denying that they have got off to a flyer, however, they are playing naebody.
Compare their start with our own dream team in 1999 in a far more competitive league, now I know we didnae win all our games but we did seem tae score for fun when we did. Even after losing our wee talisman over in Lyon.
Barnes won the December manager of the month award and then we entered a winter shutdown. Our first game back we dropped 2 points down at kilmasonic and then the rot set in when after going in 2 up at half time at home to the jambos we contrived tae lose 2-3. that was the game we decided tae down tools and we all know what happened the following midweek.
So as far as I’m concerned all this season’s start over in Govan has shown is how rank rotten mcleekit and the mullet are as managers.
2 teams of 18…..even if the fans (paying punters) would countenance this…..what do u think would happen @ Celtic PLC….;-((
H.H.
Yep….a rubbin of hands…..split the 18 into 9 early so we could play them another twice……nnnnnoooooooooooooo……
H.H.
Iceland qualify for Euro 2016. Summer football – well, ok that has to be given- and a large investment in infrastructure, youth and coaching.
As Ive been lied to many of times, size doesn’t matter it seems if you plan, invest and appoint the correct people.
Juno wit…..no intro needed…..
http://m.youtube.com/watch?v=b0k1v49C6hw
H.H.
AULDHEID @ 10:08 PM,
Thanks, I’ll give that a look, have read some of the books by the Jesuit you posted earlier an’awe. The other chap is new to me.
Hail Hail
God bless and peace be with you Ralph Milne.
You were a terrific footballer and succumbed to that dreaded disease that afflicts so many good people and deprives us of their true character.
My heart gets very heavy whenever I hear of someone who doesn’t make it and it is only lifted by remembering those who fight the fight and come out the other side.
For anyone who reads this blog and who is fighting the battle I say God speed and never be afraid to ask for help during the dark days and hours.
In furtherence of that sentiment, I am going to paste below what remains, in my opinion, the single greatest, bravest and most inspiring post I have ever read on these pages and which demonstrates most of all what can be achieved through the pages of an internet blog and the via the people who post on those pages.
Many will remember and know who posted it but I will keep the identity anonymous.
The fact that our friend continues to prosper in all aspects of life is a continuous cause for joy, celebration and thanks.
Rest in Peace Ralph and God bless all who suffer from the same affliction.
And rest in peace Pablo – you achieved more than you will ever know.
_______________________________________________________________________________________________________________
I was away camping last holiday weekend in North Berwick, with my wife, son & dog. It was great, getting to spend quality – and I mean quality – time with my son, aged 9. By quality I mean doing the things I never previously done as a Father, being a Dad, being a friend, being a playmate. I even managed over to Paradise for the DU game, courtesy of a lift from Prestonpansbhoy (whom I’ve just remembered I didn’t call or text today about something – sorry JT will do it Tues ). I got back in plenty time to continue the tennis match with Luke, followed by the rounders where we managed to attract a good number of fellow campers kids and adults.
A couple of years back this would not have been possible for me, the reason is due to an “illness” which causes me to be entirely selfish, self-centred and consumed in me. I was the centre of the universe and everything had to revolve round me, I was obsessed, obsessed with me. I wasn’t being a Dad, a friend or a playmate with Luke, despite me having unconditional love for him, I couldn’t show it. I couldn’t look at myself in the mirror for what I had become – a drunk, an alcoholic!
A man who put alcohol before everyone and everything in my life. This didn’t happen overnight, I don’t know when it happened, when I crossed that line – it doesn’t matter today. I had a lot of happy times socialising, having a drink, however increasingly more regular I was the last man standing, or first to start with the curer the next day. I was the one that when going on a night out, starting to need a carryout for the way there and not finishing until the next day, then NEEDING to have a drink whether I wanted to or not. Drink was ruling my life.
Why am I mentioning all this and what has it to do with Pablo.
Well, my life was in a total mess, I hated myself and found it difficult to look myself in the mirror or my family in the eyes, particularly Luke when I could see that disappointment, that longing for more, that craven for love which I very much had but found it impossible to translate into actions due to my “condition”.
I was totally beat, mentally and spiritually. Mentally I was in total turmoil, not wanting to die but not wanting to live the way I was living, the feelings of guilt and remorse when sober to not caring at all when I lifted a drink were driving me to insanity. I was beat spiritually, not only had I lost my religious faith but the spirit within me was at mere flicker, from a man that could hold his own in any argument and fight my corner, I had become a yes man. I was accepting the unacceptable in my life. I was a shell of the person I was, devoid of all emotion other than self pity when drinking. The guilt and remorse when sobering up was crippling.
It was at this my lowest ebb around August 2008 I posted for the first time on CQN, having been a lurker for a fair time prior to that. I don’t remember the detail of that first post but in summary it stated I was going to my first AA meeting and if there was anyone out there who had a similar experience to get in touch through Paul67.
There was 3 or 4 people who got in touch, they will remain anonymous, other than Pablophanque, Steve Reynolds. Pablo sent me an email, an extract of which is, (remember a guy he has never met, and has just admitted to being an alky on their first post to a football forum board – who was the insane one!!!)
“I have no idea what you’re going through, but I’d like to help out if I can. I’m away this weekend, but I think if we can, we should meet up sometime next week.”
Unfortunately we never managed the meeting, however he was a persistent blighter and I received a few other emails of encouragement and offers of help, despite me going awol, we continued to correspond and I took great pride and delight in letting him know just before christmas I was off the bevvy.
That hand of friendship and offer of help from someone who had no experience of what I was going through but just wanted to help another person, typifies Pablo and many of the Celtic family, as evident in the recent work by MWD, CRC & Gordon J among others. In my case the fact the offer of help was there from Pablo made a massive difference – someone cared!!! I will be eternally grateful to Pablo for those emails.
At my recent family camping trip, I found out on the Saturday about Steve’s aneurism and on the Sunday evening of his death. In years gone by, that would have been an excuse for me to have a drink, drown my sorrows or celebrate a success – it didn’t matter to me, I ended up in the same sordid place. Steve’s death greatly saddened me, it brought back many emotions and memories of losing my own father on foreign soil and what his kids are going through not only with his untimely death but the clinical and coldness of the repatriation process. But most of all it made me think how lucky I was Pablophanque read my post back in August 2008 and due to the man he was, offered a helping hand to someone in dire need of it. That email and subsequent emails he sent were instrumental in helping me on journey of recovery.
After the long warm Sunday finished with sad news and a hard game of rounders, I could say goodnight to my wee boy and look him in the eye and let him know I love him, without Pablo’s email that night myself or Luke may never have experienced that.
Jamesgang
you sed “an the kids looked at me as if i was mad” to paraphrase….kids are so perceptive…..;-))
to b fair…..did u tell them about Nelson Mandela
H.H.
Lurkin Tim,
How are things.
Clogher
On the refugee crisis. Is there any reason that Germany can’t just award German citizenship to these families and thereby give them the right to travel at will within the EU including to the UK thereby pissing off Cameron and Osborne beautifully?
By the way had a great afternoon in Fife at the charity game. Great atmosphere, both teams played the game in a good spirit. Pars worthy of their win but big JVOH must be wondering how he didn’t get on the score sheet, and Jackie could do worse than select himself in order to get united back on track,
THELURKINTIM @ 10:33 PM,
Good point, it only works if Clubs can look at what makes a healthy sustainable league. The old SPL run by the old firm could not be a template.
Celtic will have to agree a structure that gives more Clubs a bigger slice of the pie.
A better more competitive League that goes into the summer will attract a better TV deal in my opinion.
Also there’s no reason why we shouldn’t implement a new media deal, with more subscription media content.
Hail Hail
The news now repeating the lie that Cameron has pledged additional money to address the crisis.
Osborne confirmed that any money used to accommodate additional refugees accommodated in the uk will come from the existing overseas aid budget.
Thelurkintim
I told them all about Nelson Mandela.
How as a wee boy I was travelling up Loch Lomond in the family car and the top 20 was on the tranny. And just before we lost reception The Special AKA came on. And how I asked my Dad who Nelson Mandela was?
A brave man who’s in prison because he wants all people to be treated the same.
That was me. Hooked. I confessed to them that I cried like a baby one Sunday after church as pictures of his release came into our homes.
And how he taught me to be a bigger man cos while I was still hating the Springboks he had forgiven them and wore their jersey.
I don’t do hero worship. But Two people I would loved to have met. Tommy Burns and Nelson Mandela.
AmandlaTALcsc
HH jamesgang
BRT&H
ure honesty is a breath of fresh air…..thank u…..;-))
Clougher,
am fine, hows u…..stressed trying to organise 2016……guid on u an Almore……got some back-up & some backs up…..;-))
https://m.youtube.com/watch?v=eRhEcKHU5LY
H.H.
lurkintim
Apropos weans’ wisdom…..my 10 y/o son said something today that blew me away.
Mibbees it’s just us grown ups who are the fekwits?
;-)
HH jamesgang
Guernica 10.12
Sevco have played nobody this season.
A side with the second highest wage bill in Scottish football SHOULD be sweeping all championship teams aside (showing how inadequate super swally truly was).
I we by any luck meet sevco in a cup tie ..I honestly think that they will believe Thier own hype and go for it !!!
No parked bus will allow us to seriously dismantle them
We should be very scared Bhoys, SEVCO are coming for us and they mean business, taken from RM:
a few folk, on this thread, appear to have forgotten that the filth are, and always will be, in our shadow
a nothing club to represent the underclass of Glasgow
THE EXILED TIM on 6th September 2015 7:11 pm
TET,just what do you really think PLs job entails.You say he has done a good job of the finances.He probably has,in the economic climate that we work in.You then say he has done a crap job at the football side of things.!!!!
Just exactly what is this.He does not scout the players.He has a team for that.We have a budget,which most on here agree with.All the “Duds”that we have signed up front.PL only rubber stamped these after being presented with them.By who?Scouts,managers.He HAS come across with the money.
He does not recruit players.He negotiates their deals.He negotiates all Celtics business deals,not too badly,it seems.I think far too many are under an illusion about his role in the playing side.We have a budget,we have a maximum wage,that I think most realise is really all we can afford.If he is presented with players who fit this criteria,he invariably signs them.Just how the performance on the field has anything to do with him is beyond me.
Now if you think that we SHOULD break our transfer budget and wages,then thats completely different.Spend £6-8 million on a striker,and £40,000 a week in wages,which I personally think we need to do,again,thats different.You have got a complaint.He is not spending enough.Again,many Celtic fans know we really cant afford that at this time,but the same fans want good strikers for around£2-3 million,who,I dont care what they say,are just not out there.
By all means criticize him for his shortcomings ,ie,with the fans,etc,but please,not with how the football team performs.A long list to go through before it reaches Lawell.
Laughing at some of the comments…..
‘If’ the Huns get promoted
It’s a certainty ……and Lawwell might leave us with a team to give a 3 year old club a game,ey?
Enjoy Yourself…….It’s Later than You Think
brogan rogan @ 10 41
thanks for that r i p ralph milne
gerry123