Podcast Episode 5 – Hibs Takeover ?

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Martin says: September 8, 2014 at 5:35 pm I may have …

Comment on Podcast Episode 5 – Hibs Takeover ? by essexbeancounter.

Martin says:

September 8, 2014 at 5:35 pm
I may have pushed the Shakespeare thing a little bit far here 🙂
Martin…enjoyed your post till the Shakingspear bit…are you acting (see what I did there?) with John Clark?

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Podcast Episode 5 – Hibs Takeover ?
scapaflow says:

September 8, 2014 at 5:29 pm

essexbeancounter says:
September 8, 2014 at 5:00 pm

My teaching similar to yours, I think each contract would need to be tested in court

“Transactions that may be deemed voidable include: contracts concluded by undue influence;
Scapa…I deliberately omitted the “undue influence” part, hoping that sharp cookies like you would not pick up on it!
However, in the full knowledge of what CG has been up to since doing his dirty deed(s) with Duff and Duffer (remember them?)and getting his “big haunds” on the IPO cash, even I can surmise that there has been “undue influence” in writing certain “onerous contracts”.

The problem of course would be to prove such “undue influence” in court, so another mega payday from my legal colleagues…!

Podcast Episode 5 – Hibs Takeover ?
tearsofjoy says:

Can one of our resident experts clarify re “onerous contracts”

magicroundabout says:

If onerous contracts need to be ended, there are limited options available.

Whilst I struggle to earn a living as a beancounter, I am aware from my basic knowledge of Scottish contract law, that contracts can only be cancelled if it can be shown that at the time of entering into such a contact, either party was incapable of contracting “freely” on account of insanity, minority, undue influence or similar incapacity.

Perhaps our blog “mentor” Ecobhoy” may (?) wish to comment, perhaps/probably based on our mutual studies at Strathclyde University with Campbell Burns, possibly commenting from Burns’ tome…”The Commercial Law of Scotland”.

Podcast Episode 5 – Hibs Takeover ?
16 Sodium Atoms says:

September 6, 2014 at 10:47 pm

neepheid says:
September 6, 2014 at 9:44 pm

That makes sense to me.

The Court can “ring fence” money via an order. I don’t see how an auditor can, other than possibly via a threat of what they will put in their audit report should the client not agree. Mayhap an accountant can comment on that.
Whilst I cannot comment on the legal aspects of “ring fencing” sums of money”, but as regards the audit aspect my interpretation would be as follows:
1) Where an amount of money has been “ring fenced” by a court and is unpaid at the end of the accounting period, the directors would be duty bound to include this in the financial accounts. Failure to do so would provoke at least a mention in the audit report, if not, an outright qualified audit report, and certainly if the amount is deemed material. Needless to say, ÂŁ620k or thereabouts is most certainly material in the accounts of TRFC
2) As posted by John Clark and others much earlier, no auditor can dictate how a client company spends its cash resources. The point in question wrt to the season ticket monies was probably an informal communication from Deloittes that they would expect that these funds, representing a full season’s income, should be spent in the course of that season, and not blown in the first week or month of the season, as appears to be mooted here. This may have initiated a conversation between TFC and Deloittes as to the perennial “going concern” aspect of the audit report and any likely qualification.

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