Hearts F.C. in Limbo: Court Hearing Postponed
Written by: Keith Tully
Reviewed: Thursday 31st October, 2013
The supporters of Hearts will have to wait on tenterhooks a little longer as the Lithuanian court hearing to appoint an administrator for Hearts’ parent company, Ubig, has been delayed.
BDO, the insolvency practitioners, have been running the club since July and a crucial court hearing was scheduled to take place in order to decide whether Ubig, which has a 50% share in the firm, is to be declared bankrupt.
Ubig reportedly owe £8.2 million and the Scottish Premiership club cannot be sold until the state of affairs with the company is resolved.
But the hearing has been postponed for a fourth time and it could be another 30 days until the administrator is announced. Financial experts claim that the appointment is vital in order to strike a much desired Company Voluntary Arrangement.
Bryan Jackson, of BDO, told the BBC: “When the hearing happens, it happens. It’s not going to stop us from starting the process of taking the club out of administration.”
Hearts F.C has been in limbo for five months now since the club entered administration in June. Total claims by creditors amounted to £28.4 million.
Will Hearts successfully exit administration? Only time will tell. Stay tuned for more news on the football club and get in touch if you want confidential advice that you can trust.
Call our free directors advice helpline on 0800 644 6080 for expert solutions to your company debt problems. Alternatively, please check out our informative business rescue guides for help dealing with HMRC, a winding-up petition and much much more.
Author
Keith Tully
Partner
Keith has been involved in Business Rescue since 1992, during which time he’s worked for both independent and national firms. His specialties include company restructuring matters and negotiating with HMRC on his clients behalf.
