AND180Y

Maurice Smith has resigned as a director as well.

Had a look at their accounts for 2007, only 1.1 million in debt then. A few small shareholders that will lose out though, again ; Priniciple Shareholders: Type Of Share No. of Shares Value %age Lionheart Group Ltd ORD 1,123,216 1,123,216.00 94.00 Mr Walter Hay ORD 20,700 20,700.00 2.00 Livi For Life ORD 12,000 12,000.00 1.00 Mr Peter W Turnbull ORD 7,535 7,535.00 1.00 Mr James Kilday ORD 3,065 3,065.00 0.00 Mr William Robertson ORD 2,300 2,300.00 0.00 Mr Martin James Hay ORD 2,205 2,205.00 0.00 Mr George B Shearer ORD 1,500 1,500.00 0.00 Mr Thomas Thomson ORD 1,500 1,500.00 0.00 Mr John L Bain ORD 1,038 1,038.00 0.00 I hope they aint paying all those directors, 5 Italians plus Ms Kyles.

They wind up roughly 50 companies a week in England. However it is a "last resort", their modus operandi is to protect the revenue at all costs, noone wins when a company folds.

The board really need to make a statement/take action before this implodes and a creditor gets itchy feet and tries to get in first. First in reaps the rewards.

Not an ir-retrievable situation but they need to face upto the circumstances and take action, personally I wouldn't be too worried.

Just for a minute lets pretend that the electrician who has also taken them to court isn't as big a Livi fan nor as patient as MCL, if the electrician serves a charge on the club and it expires, just like the one MCL had served, then this is considered proof that the club cannot pay it's debts as they fall due and can be used as a basis to have the club wound up. Now on the balance of probability one of these "small" creditors aint gonna fork out almost £2k to raise a winding up petition but if they all start talking to one another and decide to "chip-in" for the petition fee and appoint an interim liquidator then you guys have a big big problem!! Tick Tok Tick Tok.

A legal source tells me that the court judgements against Livi for debt are piling up, might be time for Livi fans to wake up and smell the coffee?

A FAKE what?

The SFL/footballing authoriies in general must shoulder some of the blame for the perilous situation that some clubs are in and must do more to regulate/assess the covenant of the people that buy our teams to run as "community clubs" but are not in turn willing to assume some "community responsibilities". Perhaps it is time for every "owner" to place a bond into a fund with the authorities, the said fund could then be utilised in the event of a club failure. I notice in England they are talking about better regulation of clubs as it is felt that HMRC and smaller creditors are acting as bankers to football clubs and HMRC in particular are unhappy about their losses to the clubs. In Livingstons case Massone nor Flynn before him and lets not start on Keane didn't have the money required to stabalise and run a football club prudently, I'm sure all three had passion and ambition, but as has been all too evident at Livi that is not enough. Fans want success and when they get a taste of it they crave more, but success costs money, real money, there needs to be a rebalance of club expenditures and perhaps for a time a lowering of expectations by fans. Remember it aint the winning that counts, it's the taking part. (That and still having a solvent team to support)

Get yersel the fantastic new kitchen that has just been installed "upstairs" according to a poster on Livilions.

They aint in Italy now though, are they? If they have the money they should pay-up, if they haven't then they should negotiate a settlement. The villian in all of this shite seems to be Pearse Flynn?

The fans (any fans of any club) who are owed money are in an impossible position, there comes a time when doing things as a hobby for the club you support so as to earn some "pin money" has to evolve into a business and this business takes on commitments of it's own which have to be met. Unfortunately too many football club boards forget this and try to play on the good nature of the fans and betray the emotional support that they (fans) have for the club over a commercial dealing. No easy answers here, I hope those that are due are able to collect and that the club (any club) can get back on it's feet.