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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BobbyRussell
Boaby I was saying to big G64 last week ,after reading yirsel ,threesy ,Matt n Emu’s on blog
I came to the astounding conclusion that Smashy is the sanest oot the lot of ye :O(
fin 75
Toast, surely!
Fin75, prize for second daftest question of the day, and funniest:-)
be and fin…
TOASTED cheese!!!!!!
Paddy Turner
Willoughby was a very good player. He was the cousin of Forrest, their centre forward. Both were scape-goated for the Berwick result and left the huns shortly after.
John Hughes
14:08 on
17 April, 2014
fin 75
Toast, surely!
——————-
Mr Hughes,with respect ,do not get involved yir beer will be flat.HH
Mr Hughes my apologies. I’m in the USA and havent had time to read back yet. Just gone 9 am here.
Thanks for all you did & still do.
HH
Yogi,
What a pleasure it has been to read CQN today – thanks for that and for all joy you gave us. I was (just) too young to remember seeing you, although living in Janefield St, my first memory is of sneaking in for the last 20 mins of the FC Kokkola game. I was 4 and a half. the most I remember is the all yellow(?) strips.
Would have liked to hear your answer to Jerome67’s question!
As an aside, my 5 yr old son asks for Cheese in toast.
I tell him he should be putting a pineapple ring under the cheese – that’s what my mum did for me when I was wee.
Hail! Hail!
DarnTheHairWeCare!
Afternoon John. I’d like to thank you as Paul 67 got you to sign my Celtic top a couple of weeks back- it’s now signed by 9 or 10 members of the squad from that season. Thank you.
I showed my Dad it as soon as it arrived as I know he loved watching you play. He just said ” big Yogi, what a player he was, one of the best we ever had ”
Thanks to you and all that 67 squad for the years of domination. We are eternally grateful Hail Hail
rwe
No problem, mate.
John Hughes
14:08 on
17 April, 2014
Thanks for the reply Mr Hughes…..
……however I am now sitting here doing an impression of Edvard Munchs “The Scream”
Hail Hail
Doc
14:08 on
17 April, 2014
Thanks Doc……. :-)
Dharma ban
We were known as the Yellow Peril back then!
Hebcelt
The best black pudding is in Stornaway!
Brogan Rogan Trevino and Hogan supports Oscar Knox, MacKenzie Furniss and anyone else who fights Neuroblastoma
13:03 on
17 April, 2014
Gourockemeraldbhoy
What Winning Captains means when he says you will get a surprise is that you get to buy him two drinks instead of one!
Either that or he is going to wear a Toga!
Now if its a toga party as well, I’m up for that. 2 diet cokes it is :-)
HH
Hi folks,
This has been really enjoyable, thoroughly exciting.
Thanks for all your time and your personal memories.
Hopefully, do it again some time soon.
I’ve signed hundreds of copies of the book, so you can still get a copy from CQN.
Thanks again!
Thank you so much for replying!
I’m so chuffed!
Do you remember Canon Lyne from St Michael’s? Everyone in my class all thought he trained with the team, whenever the weather was too bad for PE he used to show us the cinefilm of the Leeds European Cup semi final.
He also nearly stopped me going into mass as I was wearing a blue jacket with red’n’white trim.
Magic moments.
sipsini
13:36 on
17 April, 2014
Lionsroar.
What percentage of wages did the leagues new club play in go up?
Will it be investigated :)
Only investigation will be done by internet bampots mate, i believe it is over 90% thats why there going bust……………..opps you can get into trouble singing that ! hope you are well
John –
All the questions have been asked (even the toasted/roasted cheese debate!) so I’d just like to say thanks once again.
Hail Hail John Hughes, Celtic Legend!!
Hi John
Im from Coatbridge. One hell of a lotta Celtic buses left from the Brig. Abt 20 from Phil Coles!!Did any leave from ur pub in Canal st?
HaiL HaiL
This is a wee link to what Oscar’s mum was talking about earlier. – A Hospice in Northern Ireland – It’s worth watching if even if only for ten minutes and when the hospice spokeswoman tells you it is 20/80 funded with the 20 being the state.
What about the staff?
How great are they?
Take care big man
We’ll done CQN
Today was up there with the WW day
Who’s next,Bertie Auld please
HH
Justafan,
I remember that vividly.
Yogi picked the ball up just inside the DU half and made a bee line for the goal.
Millar, by that stage in his career played at right half.
He chased John and grabbed a hold of his shirt.
Yogi kept going and literally used JM as a plough, as he furrowed up the middle of the park,before planting the ball in the onion bag.
Nothing agricultural about it though!
Hi John.
Ordered ur book for fathers day via my 2 Bhoys. Had too being a pensioner and that.
My grandson Josh starts full time training in 2 weeks wth Celtic. Plays C B with the 16’s.
John
I did look a bit like Sammi in those days only I was better looking than him.
My first Celtic game was the 65 league cup final which you scored with 2 penaltys.
Do you remember this game and the infamous lap-of-honour where scores of watp’s swarmed onto the pitch and tried to attack the Celtic team?
jude2005 is neil lennon \o/
14:31 on 17 April, 2014
Hope young Josh makes it and has a Q&A on here some day
HH
Thanks to Yogi and the CQN team for a brilliant morning on the blog.
Enjoy your well earned soiree in Tennants this afternoon.
Hail hail, Yogi Bear! A true Celtic great.
Kit
Managed to watch a few minutes due to bandwidth restrictions. Amazing people and such a rest bite and support for the families involved. I will watch it in full when back home.
They will certainly look after Wee Oscar and his family.
Blog has been a pleasant place this morning. These online interviews with ex Celts should be a regular occurrence, IMO.
HH
CRC
www
Ta. Trying to keep the old family tradition going. That grandad gets his first wage. H H
Winning Captains
Don’t overdo it in the pub, mind, as your fine athletic body should be in training for 5s tonight. I will drink your allocation this afternoon to assist.:-)
HH
CRC
Bom dia,
bognorbhoy oscar in my thoughts
08:42
One of the most emotive things I’ve read on this blog (or anywhere else come to that)……… away to compose ma’sel……
Not an overtly religious person, but will have a word tonight with my wee fellah when he say his prayers.
KTF. Oscar and family.
jude2005 is neil lennon \o/
Right,that’s you on the bell at the hootenanny
HH
tomthetim…
Thank god for that! Was beginning to think I’d dreamed the whole thing.
I asked my question of Yogi but was too late,he was just signing off…wives…grrrr(sometimes)!
Celticrollercoaster:
Watching that is the biggest reason why I stay away now.
new article posted.
kitalba
THIS IS THE LINK TO THE HOSPICE ….
http://youtu.be/rFVsztFJcq0
Only able to watch 20mins will watch rest later.
I thought about writing a few words about it but my God I have a cheek to feel down about my problems will suffice for now.
Stay well sir
It was interesting to see the refreshing of shared memories in the posts to Yogi.
I thought the goal I referred to v Third Lanark was his first (which confirmed elsewhere) and the mention of the crew cut just filled in the picture. I was behind the goal that Yogi headed the ball into and can still see it in my minds eye.
The other one at Cathkin was just the rampaging shape of things to come as he ran over the Third’s CB and scored with a powerful shot.
Then from joy to sorrow on reading the latest news on Oscar. Quite harrowing to think of the boy (and parents) in so much pain.
No words…