Hearing to appoint administrator for Ubig postponed

THE Lithuanian court hearing to appoint an administrator for Hearts’ parent company Ubig has been postponed until Monday.

The hearing to appoint an administrator for Hearts' parent company UBIG has been postponed. Picture: SNS

The hearing, which had already been delayed several times on technical grounds, had been due to take place yesterday.

The Tynecastle club, their administrators BDO and preferred bidders the Foundation of Hearts all remain hopeful that the naming of Ubig’s administrators will be a vital step forward. Earlier this week Ukio, Hearts’ former shirt sponsors who are also in administration, agreed to proceed with a Company Voluntary Arrangement (CVA). If Ubig also agree, adding their 50 per cent shareholding in Hearts to Ukio’s nearly 30 per cent, the Foundation will then be within touching distance of completing their takeover. Bryan Jackson of BDO said the latest delay would have no real impact on the process of taking Hearts out of administration. “It’s disappointing that the hearing has been delayed, but it’s only a short delay until Monday,” he said.

“It doesn’t change anything in terms of what we are going to do. We will just carry on regardless. When the hearing happens, it happens. It’s not going to stop us from starting the process of taking Hearts out of administration.”

If the liquidator is appointed on Monday, it could still be another month before they are named.