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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Lennybhoy/Bourne
Two excellent contributions to the ‘Rangers’ debate, thanks gents.
KK/Lennybhoy
The ‘confrontational manner’ point is moot.
Celtic pulled out of discussions and subsequently vetoed the proposal BEFORE the AGM even took place.
I was at the meeting too, Jeanette in my opinion made a complete fool of herself and did nothing to help the people that she was representing when she got personal with a few members of the board, and Jeanette’s wee gang who was with her shouting , SHAAAAME, SHAAAAME, was an embarrassment as far as I’m concerned, it all got to political, the idea was good, but they sent the wrong messenger, in my opinion.
What football association in the world would promote a team in administration ?
Scotland………..
Now we all know why the rules were changed.
HH
hamiltontim is praying for oscar
18:43 on 16 April, 2014
Thanks mate, shoulder to shoulder we stand…see you next season…:)
Keep the Faith!
Hail Hail!
Congratulation to Hearts who exited admin via CVA to retain history and club status.
Tony67
Please see my earlier post. Regardless of the individual or the manner some perceive it was delivered the decision had already been made by Celtic.
Hearts have some decent young players who appear to want to play for the club……not just there for the cash
There are worse managers than Locke
There are no overpaid Charlatans
Their stadium seems to be in reasonable order
They’ll be a decent force in the second tier
hamiltontim is praying for oscar
18:51 on 16 April, 2014
Tony67
Please see my earlier post. Regardless of the individual or the manner some perceive it was delivered the decision had already been made by Celtic._
________________________________________
It went to a vote if I remember? Or am I wrong? I’m sure it did but.
Bourne
We’ve both discussed before the toxic fallout from their demise. Celtic supporters, more than any other Scottish supporters, were going to be left with a basic moral quandary.
Mine is still in the air – until next season is over at least – I’m going to take advantage of the £50 ticket for Cara and enjoy next season.
After that?
The best I can offer is – who knows?
U
Billy bhoy excellent post from the young mhan .to have only half that cop on at 17
you can all relax …..chill out …smile …. : )) see thats better …..that is braw …
never forget the Hun is dead…aye dead but still dead Huntertaining …..The Celtic are jist braw…….
Billy Bhoy 05
18:17 on
16 April, 2014
My son Gavin’s submission to 3towns internet newspaper
Let’s choose to become an Independent Scotland- the perspective of a 17 year old
,,,,,,,,,,,,,,,,,,,,,
clever laddie you have there,I take it he takes efter his ma ! hahahaha weejokecfc……….braw
Hearts took in on the chin, did what they where told, made cuts, made no accusations or went finger pointing, or made threats, worked hard on there CVA, and there fans backed them, I’m not a lover of this football team or there fans, but! They went about there business with a bit of class and dignity, others should take a leaf out of there book.
Tony67
It did indeed but prior to the AGM the board had already instructed the PLC block vote to veto it. Hence the proposal being rejected.
My friends in Celtic,
we all laughed when Trigger from Only Fools described his brush was the same brush for the last 12 years.
same brush, but 7 brooms and 10 heads ( or similar ). even the Huns would have laughed.
sounds depressingly familiar.
did Trigger unwittingly unravel the strategy of Sevco.?
hh.
tonydonnelly67
18:56 on 16 April, 2014
How many votes did the body of the Kirk so to speak count for?
Those that held the most voting shares sat at the top table, the outcome I would suggest was decided before the A.G.M. began.
Keep the Faith!
Hail Hail!
hamiltontim is praying for oscar
19:00 on 16 April, 2014
Tony67
It did indeed but prior to the AGM the board had already instructed the PLC block vote to veto it. Hence the proposal being rejected.
__________________[___
The PLC are instructed to yea or nea at most AGMs prior to the meeting. No?
Lennybhoy
As I said that’s par for the course at any AGM
This is utterly boring and depressing.
I blame it on teachers having too many holidays and not enough grass to cut:o)
Depressing reading this evening
Good CFC men whose opinion I value highly are clearly very concerned and annoyed with our custodians
If these stalwarts are unhappy CFC better take heed ….
Tony67
My point was the plc decision was made prior to the AGM. I’m not debating the rights or wrongs, just stating that the ‘confrontational manner’ which was mentioned earlier had absolutely nothing to do with board’s rejection of the proposal.
EDB
Me too :-)
uly
Hail Hail
Bhoys I will be renewing for next season because I love going to see Celtic, however I can see why others are thinking about not renewing.
The board for me don’t communicate well to the supporters on a whole raft of issues and this therefore leads to plenty supporters being frustrated. If they sort this they’ll sort a lot of the problems, I don’t think it is too difficult myself.
Kikinthenakas
Hamiltontim
Just joined the blog this minute? Ha.
PF
I blame Stokesy.
eldiegobhoy
19:07 on 16 April, 2014
….pfayr supports weeoscar
19:08 on 16 April, 2014
Right now is a time for us all to stand shoulder to shoulder…
Keep the Faith!
Hail Hail!
Lionroars, it’s an idea, worth considering.
I know the league down south financially dwarf Scottish football.
That means ideas have to be discussed, tried.
The idea was to give the extra CL money to an SPFL fund, then be distributed.
Worth a discussion.
ernie lynch
17:27 on
16 April, 2014
TinyTim
17:24 on 16 April, 2014
I agree that the Board want the hun pound.
That however needn’t stop them making it clear that so far as Celtic are concerned Sevco are a new club and have no right to succeed to the old club’s history.
Exactly Ernie,all they have to do is tell the truth.No wee aside jokes,just the truth.If anyone has a crib with that,so what?.They wont though.
A couple of decent cup games tonight, the cream of Spain and Portugal.
Fancy Madrid tonight, tho I hope Barca do it, the bar beckons, will be stowed out, free vino as well, pity I won’t be partaking <{
HH
Seems to me plenty on here hate sevco,newco ,oldco whatever you want to call them more than they love Celtic.We’ve been cheated by them for years were would we be now if the generations of Celtic fans before had chucked it . Personally speaking it has made me more determined to attend and support the team I love to show them that no matter what they do we will never be defeated.
All this angst is the result of two ‘corrupt’ assessors’ judgements at the LTT.
Everything else springs from those decisions.
The vista would look, feel and be different had those two made judgements correctly …
I think you will find a fair number of Celtic fans will not buy a season ticket due to several issues but one being games being moved from the traditional 3pm on Saturdays if you have to travel you can lose 5 or six games because of changes.I believe that most games at Parkhead you will be able to pay at the gate next season and it makes more sense to pay as you go rather than pay for an expensive season ticket and then losing five or six games because they are played at inconvenient times and days. H.H.
Christy Moore at Bridgewater Symphony Hall last night.
MAGNIFICENT……..
Thank you…..I salute you……SIR
Anelka Quick News
Atletico-MG announced last night that, despite agreeing terms Nikolas Anelka had not signed the agreed Contract. Discussions between the parties have now terminated.
Quelle suprise!
Aiden Bhoy
Similar thoughts from me. We live in good times as Celtic supporters and far better times success wise than our loved ones no longer with us were able to enjoy.
aiden bhoy
19:25 on 16 April, 2014
Good on you, a time to seen, wearing the Green and White, supporting our Team but above all do not do walking away to coin a phrase in a manner of speaking.
We are Celtic Supporters faithful through and through, over and over we will follow you…
Keep the Faith!
Hail Hail!
Christy Moore is the Steven Gerrard of the musicos……
Gets better with age……
Best I have EVER seen the great man I Manchester last night……
Incredible performance…….absolutely incredible.
How much talent in that 69 year old ?……Declan was wonderful,too.
Wee reminder that Yogi Bear will be on the blog tomorrow morning from around 10am to talk about his career at Celtic and his controversial new book Yogi Bare.
If anyone wants a personal message written on the book by Yogi, maybe for a birthday present or for fathers day etc – please email david@CQNMagazine.com and we will organise when the big guy is here. We’ll send you a payment link later.
Hopefully we’ll get a really good Q&A session going with this most outspoken of all the Lions!
I also mentioned a little earlier today that Willie Wallace is coming over from Australia so he can join Celtic in Lisbon (nice touch Celtic!) and Willie has agreed to join Tommy Gemmell, Bertie Auld and John Hughes at the CQN FOUR Lions night at the Greenock Celtic supporters club on Friday 6th June. It is going to be very special!
If anyone wants to come along please let email address above. Tickets are priced at only £3 and there is going to be a strong CQN presence – including Paul, BRTH etc and many others. We’ll simply take names and CQNers on the list will pay at the door. Kick off is 7.30pm.