Hearts administration: Ubig decision delayed again

The hearing to appoint an administrator for Hearts' parent company UBIG has been postponed. Picture: SNS
The hearing to appoint an administrator for Hearts' parent company UBIG has been postponed. Picture: SNS
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Hearts have been hit with yet another frustrating delay in their bid to move towards a successful exit from administration after a crucial court hearing was delayed for a fourth time.

Insolvency practitioners BDO, who have been running the club since July, were hoping to discover yesterday whether major creditor Ubig, Hearts’ parent company with a 50 per cent share, are to be declared bankrupt by the Kaunas District Court.

That hearing has been postponed until this morning and, even if a judge confirms Ubig’s trading status, it could be another 30 days before the name of the administrator is announced.

The appointment of an administrator at former Hearts owner Vladimir Romanov’s fallen Lithuanian investment company is seen as a crucial step towards BDO’s bid to strike a Company Voluntary Arrangement.

Ubig are owed £8.2 million and will have a huge role to play in any CVA.

Hearts joint-administrator Bryan Jackson – who, on Friday, claimed that the initial postponement “changed nothing” in relation to his attempts to save the club – has already agreed a CVA deal in principle with Ukio Bankas, the fallen Lithuanian bank that are due £15.5 million.

The club’s former shirt sponsors also hold a £6.8 million security over Tynecastle stadium and 29.9 per cent of the shares.

Preferred bidder Foundation of Hearts yesterday tweeted: “UBIG court case now set for tomorrow, when the hope is the judge overseeing case will be available to preside.”

On the pitch, Hearts lost 2-0 to Kilmarnock at Rugby Park on Saturday to leave them 15 points behind St Mirren at the bottom of the Scottish Premiership. Tomorrow night they turn their attention to the quarter-finals of the Scottish League Cup when they travel to Easter Road to take on city rivals Hibernian.

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Hearts administration: UBIG set for bankruptcy