THE takeover of Hearts by a consortium of supporters has taken a massive step forward after it was announced major creditor Ukio Bankas has agreed to proceed with a CVA.
Administrators of Ukio Bankas said the club could proceed with a CVA before the appointment of administrators to Ukio Bankas Investment Group (UBIG), which is expected to happen on Thursday.
Bryan Jackson, of Hearts administrators BDO, said: “This is positive news as it means that we can progress the CVA process immediately by initiating meetings of the creditors and shareholders. We will also be able to begin the formal acceptance of the Foundation of Hearts bid and legally agree terms.
“I would urge caution however that, although this is a further step in the right direction, there is still some way to go. There are a number of issues to be clarified and concerns addressed but we are at least progressing once more.”
Gintaras Adomonis, bankruptcy administrator of AB Ukio Bankas, added: “The zeal and tenacity of the fans have persuaded us that the process of CVA should be launched as soon as possible by the administrators of Heart of Midlothian FC. We are still far away from the end of the legal process which we all shall endure, but this is a step forward nevertheless.”