The Court of Session in the Edinburgh issued a winding up order against the Hearts since they have failed to pay back the bill amounting to £450,000 before the prescribed period of time. The order was basically because of the unpaid tax bill of £1.75m that the Hearts Foundations contesting at present. The Court has given a grace period of eight days for paying the VAT and the PAYE amounts that has been unpaid by the Club. In case the Hearts Football club fails to pay the tax amount the court will enforce the winding-up order immediately. Hearts hopes that the HMRC might be winding up with a fruitful agreement once the amount is paid successfully.
The Edinburgh Football Club has confirmed the news that they have a due amount of £449,692.04 to be repaid as tax payment. As we all know that the Hearts of Midlothian Football Club is a Scottish professional Club located at western Edinburgh in Georgia. They are currently playing for the Scottish Premier League and are considered as one of the popular and best clubs situated in the city. The major shareholder of the Hearts Club is a Russian-Lithuanian businessman and banker Vladimir Romanov from the year 2005 when he bought those important skates from Chris Robinson. The management of the Hearts has been considered by John McGlynn. During present times Hearts have been competing in the Scottish Premier League for the third place of the seasons.
During the seasons of the years 2003 and 2004 the Hearts competed and finished third place and therefore played for the inaugural groups stages for the UFFA Cup in the season 2004 – 2005 specifically but they did not make it and completed only at the bottom of their group. This was a failure despite their victory over FC Basel during the game. They were the fifth finish during the season of the year 2004 – 2005 league. Chris Robinson who was the CEO of the Hearts Club during the year of 2004 was planning to sell Tynecastle and get the Hearts rent from the Scottish Rugby Union instead. Even at that time the Hearts Club was going through a financial crisis and the huge debts. There were few protestors against this plan with a campaign known as Save Our Hearts for terminating this plan. But it was blocked eventually.
Hearts are not going to get from the Scottish Premier League any kind of immediate sanctions regarding the issues about the non-payment of taxes. Maybe registration embargo is the only sanction that any nonpayment of HM Revenue Customs would have to face. And ince the Hearts Club has already sanctioned for late salary payment for the payers earlier this is not considered as a chief issue.
The club need to pay within eight days period of deadline time and failure of the payment might lead to further severe actions. The Hearts Club is insisting the factor that they have been presented the petition only within short period of notice and they assured that they will repay it with the flourishing income that will be generated during the forthcoming games along with the broadcasting income. Thus Hearts is confident that winding up of the club would be totally unnecessary.
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