Blue Forever 179 Posted June 17, 2013 Share Posted June 17, 2013 http://www.dailyreco...n-today-1958653HEARTS are on the verge of being plunged into administration this afternoon.Record Sport can reveal that crisis-ravaged Edinburgh club are to announce at the court of session in Edinburgh later today that they intend to appoint accountancy firm KPMG as administrators.Chief executive David Southern will also brief staff at Tynecastle over the development which will leave their jobs in jeopardy.Hearts will now face starting next season in the SPL with a 15 point deduction for breaching the top flight’s new insolvency rules. Quote Link to post Share on other sites More sharing options...
Thommo 708 Posted June 17, 2013 Share Posted June 17, 2013 Quote Link to post Share on other sites More sharing options...
The Godfather 71,893 Posted June 17, 2013 Share Posted June 17, 2013 Who's got the chip and dips? Quote Link to post Share on other sites More sharing options...
cushynumber 25,178 Posted June 17, 2013 Share Posted June 17, 2013 Quote Link to post Share on other sites More sharing options...
CalvinC 1,414 Posted June 17, 2013 Share Posted June 17, 2013 Boats and hoes! Quote Link to post Share on other sites More sharing options...
JM1872 3,708 Posted June 17, 2013 Share Posted June 17, 2013 Quote Link to post Share on other sites More sharing options...
TheNuts 552 Posted June 17, 2013 Share Posted June 17, 2013 Quote Link to post Share on other sites More sharing options...
Craig53 326 Posted June 17, 2013 Share Posted June 17, 2013 Might just have salt n sauce tonight Quote Link to post Share on other sites More sharing options...
RFC55 108,935 Posted June 17, 2013 Share Posted June 17, 2013 Funnily enough right after the new league "merger" Quote Link to post Share on other sites More sharing options...
OLE SUPER WILBERT 2,475 Posted June 17, 2013 Share Posted June 17, 2013 Quote Link to post Share on other sites More sharing options...
The Educator 1,572 Posted June 17, 2013 Share Posted June 17, 2013 They should have been in Admin when their parent company declared themselves insolvent, but that would have wrecked the SPL's takeover of the SFL. I bet they won't show any sporting integrity and vote them down to the third division or fine them 160,000 either. Quote Link to post Share on other sites More sharing options...
Scott1872 862 Posted June 17, 2013 Share Posted June 17, 2013 First of many. Quote Link to post Share on other sites More sharing options...
keithgersbear 3,225 Posted June 17, 2013 Share Posted June 17, 2013 So what will happen then after this? Company liquidated? Quote Link to post Share on other sites More sharing options...
The Educator 1,572 Posted June 17, 2013 Share Posted June 17, 2013 So what will happen then after this? Company liquidated?I bet the rules of the SPFL on clubs without a ground or ground sharing will make for an amusing read. Quote Link to post Share on other sites More sharing options...
FernandoR20 2,133 Posted June 17, 2013 Share Posted June 17, 2013 #NoToNewcoHearts Quote Link to post Share on other sites More sharing options...
Gillete 1,338 Posted June 17, 2013 Share Posted June 17, 2013 They are fly Waiting this time means they avoided instant relegation from the season thereNow they have done this early as they have until the start of August to come out of admin so it's not an automatic 15 points They have been fly or very smart Quote Link to post Share on other sites More sharing options...
there'sonlyoneamoruso 1,724 Posted June 17, 2013 Share Posted June 17, 2013 I bet the rules of the SPFL on clubs without a ground or ground sharing will make for an amusing read.Well according to Dungcaster all angles are covered (on the back of the fag packet) Quote Link to post Share on other sites More sharing options...
Goianegra 4,682 Posted June 17, 2013 Share Posted June 17, 2013 Who had them in the sweepstake? Quote Link to post Share on other sites More sharing options...
caseyjones 3,009 Posted June 17, 2013 Share Posted June 17, 2013 They should have been in Admin when their parent company declared themselves insolvent, but that would have wrecked the SPL's takeover of the SFL. I bet they won't show any sporting integrity and vote them down to the third division or fine them 160,000 either.Since when did administration result in going down to the Third Division? Quote Link to post Share on other sites More sharing options...
MayboleLoyal_atb 3,691 Posted June 17, 2013 Share Posted June 17, 2013 Good news Quote Link to post Share on other sites More sharing options...
Inigo 32,530 Posted June 17, 2013 Share Posted June 17, 2013 You killed my father, prepare to die. Sweet. Quote Link to post Share on other sites More sharing options...
mabawsa 888 Posted June 17, 2013 Share Posted June 17, 2013 Here was me despairing that the fun had gone out of Scottsh football until my faith was restored on this good news. I am not enjoying jumping on Hertz grave and I will say exactly that at the Champagne party I throw later tonight. Quote Link to post Share on other sites More sharing options...
bluebear1971 54 Posted June 17, 2013 Share Posted June 17, 2013 Dundee must be raging, this should have happened months ago, they were clearly running while insolvent. The only people i feel sorry for is the ordinary staff who work at the club. Quote Link to post Share on other sites More sharing options...
Dr Baxter Stockman 19 Posted June 17, 2013 Share Posted June 17, 2013 Hopefully with the 15pts deduction we'll get to play them in the first division next season. Quote Link to post Share on other sites More sharing options...
DougieGers 26 Posted June 17, 2013 Share Posted June 17, 2013 "Hearts will go into administration within the next 24 hours.Papers have been lodged with the court of session in Edinburgh to formally begin the process.KPMG will be the company taking on the administration of the troubled Tynecastle club, while staff have been informed of the situation.If Hearts remain in administration by the opening of season 2013-14 in August, a points deduction of 15 points would be incurred.Players were not paid last week as Hearts continue to struggle with a cash shortfall.And the Scottish Premier League outfit then placed their entire squad up for sale, claiming they needed £500,000 to keep them running over the summer.That followed the threat of a winding-up order after Revenue and Customs threatened action over an unpaid £100,000 tax bill, although the majority of that sum has been paid.Hearts owe £15m to Ukio Bankas, which has been declared bankrupt.The liquidator of the Lithuanian bank can sell the 29.9% shareholding it has in Hearts as well as Tynecastle Stadium, which was held as security for the debt.In addition, another £10m is due to the club's Lithuanian parent company, UBIG - who have close to 50% of the shares and is claiming insolvency.A liquidator with the power to sell UBIG's Hearts shares will only be appointed if the company's bankruptcy is formalised.All the assets of UBIG have been frozen by the Lithuanian courts."The bit ive highlighted in red doesn't seem right to me.Hearts were not given a deduction as the SPL judged that they hadnt suffered a administration event last season so if it happens after the last game of last season then surely the points deduction should automatically take effect next season. Seems grossly unfair that you could go into administration every summer and reduce your debt in theory if you wanted. Hearts were quick enough to put the boot into us when we went into Administration so I am very keen to see them get booted about as much as we were, Quote Link to post Share on other sites More sharing options...
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