There is a degree of relief (in some quarters) mixed with surprise that Hearts creditors have agreed to a CVA, allowing the club to exit administration. Although administration seems to be a natural state for many in Scottish football, remarkably few have subsequently gone to the wall in the last 100 years.
Third Lanark perished in 1967, an exception during many decades of solvent behaviour. Airdrieoneans (not to be confused with the current club by that name, which is the renamed and relocated Clydebank FC) were liquidated in 2002, with the chastising words of creditor Sir David Murray ringing in their ears. Oh how well irony played its hand.
Murray’s own club, Rangers (not to be confused with the current club by that name), were next to be liquidation after creditor, HMRC, stuck by their published rules and rejected a proposed CVA.
Apart from this, a remarkable series of campaigns, such as ‘Well worth saving’ and ‘Save the Jags’ has seen supporters step forward and find the money to save their club from that ominous fate.
There appears to couple of rules if you want to escape liquidation. Try to ensure 75% of your creditor value is owed to shareholder-creditors or the bank. Many clubs survive on directors’ loan accounts, which are ultimately forgiven in administration. Banks too have been reluctant to kill the local totem, with good commercial reason.
The major thing to avoid appears to be breaking tax law. HMRC are prevented by its own terms of business from forgiving tax debt which has been run up through illegal tax evasion. This was the case at (original) Rangers, who conceded some of their tax dealings were not legal during 2012’s Lower Tier Tribunal. The balance of cases are disputed and currently subject to an Upper Tier Tribunal.
Hearts success makes for an interesting SPFL Championship race this season. With three games to go Dundee hold a two point advantage over Hamilton. The winner will go up, second place will face a play-off, but neither club will fancy fighting Hearts for promotion next season. I can imagine the despair elsewhere to the news that Hearts will be a Championship club next season. Poor Ally will need to get his game together.
Remember, John Hughes will be on CQN tomorrow morning. Tune in with your questions for him.
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Brogan Rogan Trevino and Hogan supports Oscar Knox, MacKenzie Furniss and anyone else who fights Neuroblastoma
Email received and responded.
LB
Hamilton Tim
1: Doc says don’t be a roaster.
2: The answer to that is in the book!
And Winning Captains says I hope you are going to buy the book!
McGlumfer
No, I don’t think the Racing keeper over-reacted. I was just over zealous!
Green Lantern
In my day, we didn’t get to keep the ball when you scored a hat-trick. What a pity – I would have had a garage packed with them!
Tally Bhoy
My goal against Leeds United in the 1970 European Cup semi-final may not have been my best, but it was one of the most important.
Simply wanted to say thanks for all the great memories you gave us John.
I was a 12 year old at Hampden for the Leeds game, I feel blessed that I witnessed the Lions in the flesh. Celtic really were a feared force in Europe for a wonderful decade.
Rangers died trying to better you all…………they never did.
Gordon-J
John Clark was one of my favourite Celtic players. He was a real unsung hero.
The other names are in the book!
John,
In my house you are often compared to Georgios Samaras. In my opinion, you were the better footballer. in my wife’s opinion, he is the better looker.
Do you wish to comment?
FEED THE BEAR……..!!!!!!!!…….that is all…..!!!!!!……HAIL HAIL to big John Hughes
john hughes
11:13 on 17 April, 2014
Hamilton Tim
1: Doc says don’t be a roaster.
2: The answer to that is in the book!
And Winning Captains says I hope you are going to buy the book!
——-
Yogi
1) Did Doc brush his hair for the occasion today?
2) Tell WC I’ll buy it if he doesn’t kick me at 5s later!
Ps I remember you and my da having a few swallies up in Fort Augustus. I knew your son, he used to post on here. I hope he’s well.
John,
you were brilliant on your day and maybe that was why our expectations were so high. There was a saying that you caused more fights in the jungle than tongue can tell, lol because most of the Jungle loved you and the rest had high expectations of you and from that the arguments flowed, lol.
Thanks once again for the great memories and if anyone saw you ballet dancing up the wing at full pelt, bouncing from side to side they would understand the nickname as that was how the Cartoon character ran.
HH
Morning John,
The reason you stopped managing ( because you tell the truth) is the reason I have just ordered your book.Good man.
If you have any access to the Club hierarchy, I am sure many on here would like you to pass on our views that we DO NOT miss any form of Rangers 0:-)
JJ
PS I was also nicknamed Yogi in the 60`s but only my surname is Barr and not because I could play football at your level (even though I thought I could!)
BMcUWP
The Leeds game was exceptionally important.
By the way, thanks to everyone who is buying my book today. Much appreciated, everyone. Hope you enjoy it!
John,
Thank you so much for the pleasure you and your team mates gave me and my dad all those years ago. My stand out memory is your goal against Leeds into the Celtic end at Hampden. My first memory of you is your penalty v Dynamo Kiev in 1966. I think the ball landed in the Gallowgate.
You bought a pub in Baillieston from my uncle; The Auld Hoose.
BRTH
You have mail.
Mild Colonial Bhoy,
Big Jock would have stressed to us how important it would have been to beat Rangers in the 1965 League Cup Final. By the way, Big Jock hated Rangers.
We had beaten Dunfermline in the Scottish Cup Final the previous season. So, it was important to win back-to-backs Cups.
Kev J
Thanks for the good wishes.
Macjay 1
Once again thanks for the good wishes.
Bada Bing
No, I didn’t particularly enjoying playing for Scotland. And the answer to that is in the book.
But I will tell you it wasn’t enjoyable being spat on by a fan wearing a Rangers scarf after a game against Northern Ireland in Belfast!.
john hughes
11:26 on 17 April, 2014
Thanks in advance for response, unfortunately I am being dragged to IKEA by Mrs. LB, will have my phone so will look for your reply as we speed along the M8.
Thanks again for your contribution to our cause and good luck to you with the Book.
Keep the Faith!
Hail Hail!
John,
This is the kind of honesty I am sure most of us love”
“By the way, Big Jock hated Rangers.” (11:24)
http://m.bbc.co.uk/sport/football/27054281
No more Billy boys for Linfield.
Roy Croppie
Most difficult opponent? He’s revealed in the book.
John Divers was my favourite Celtic team-mate.
Yogi,
since this is your first time on CQN, I have to ask………..
are you a hun?
Good Morning big Mhan, sorry for comparing you with Sammy at Cqten when l spoke to you, if l buy your book will you forgive me:-)
John Hughes:
It’ll mean the sum total of Hee-Haw to you but my first post on here was in the wake of Jinky’s passing, the second was a heart-ache about you. I’ll be honest, you were not my favourite player of that era, Bertie was, but I held you in the same esteem as I held Jinky, Ronnie, Bobby, and John Clark.
You were wrong when you said nobody remembers your other goal for Crystal Palace… I do. You showed a lot of people south of the border what you were about.
I don’t have a question for you (other than do you remember a couple of trialists from South America coming over, and one played without boots)
Just wanted you to know mate that way back then, sober people thought you were blessed with a skill that God doesn’t give out too often. Also, when you failed to beat that fourth or fifth defender, and some through abuse your way, invariably you’d do the impossible and I would tear up with joy for you… and I was far from the only one.
Good Luck to you big man, you worked hard for us, and often you were sublime, and it is much appreciated in this heart.
BRTH
Ten men behind the ball and, yes, they were physical.
jungle jim
11:30 on 17 April, 2014
……..and everything they stood for
BRTH
The funniest player at Celtic was Bertie Auld. Unfortunately, I was the grumpiest!
winning captains
10:35 on 17 April, 2014
You have mail with my request re-book inscription…
Really go to go or it will be divorce…:)
Until we meet again…
Keep the Faith!
Hail Hail!
BRTH
Leeds United were supposed to be the best team in Europe, maybe the world, according to the English media. We answered those critics by winning home and away.
Cardiff accuse Chrystal Palace of cheating and want a result annulled. Now, that would set a precedent!
http://www.bbc.co.uk/sport/0/football/27062091
Hi Yogi, you are a Celtic legend, what did big Jack Charlton say to you after you roasted him in the EC semi at Hampden?
Thanks John. Great to have a former player of such repute answering our questions.
John Clark is probably the most under rated of the Lions. A tremendous talent, an organiser and a real Celtic man. How many years has he given to the club? I always think it is great to look over at our bench and see men like John and Danny McGrain there – a link to the past.
Jamesgang
Once again, thank you for your much-appreciated wishes.
John Hughes
John what are your thoughts on the “New media” ohhhh and being greedy here the “old media”.
Till later all,How many times in your life will you have the opportunity to ask questions of someone you watched and dreamed of being as a child.
thank you CQN
Lennybhoy…Supporting the DAM 5, Neil Lennon, Wee Oscar Knox, and CFC until I die
11:35 on 17 April, 2014
winning captains
10:35 on 17 April, 2014
You have mail with my request re-book inscription…
Really go to go or it will be divorce…:)
Until we meet again…
Keep the Faith!
Hail Hail!
—-WC if yer struggling Vouge punter will sign it for you:)))
Noprobscsc
Jonh Hughes was my first Celtic hero. When he was on form rampaging down the left wing it was an awesome sight. I even went so far as to model my own game on big Yogi s.
Get the ball and take off down the wing always going forward but unfortunatly I usually ended up loseing the ball.
My team-mates would ask why I never checked back I didnt tell them that I had a vision of myself as the Bear in full flow.