UBIG hearing to end Hearts administration delay

Hearts are hoping move a step closer to ending administration after a court hearing in Lithuania next week.  Picture: Toby Wiliams

Hearts are hoping move a step closer to ending administration after a court hearing in Lithuania next week. Picture: Toby Wiliams

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HEARTS are set to move closer to ending their administration with a Lithuanian court set to declare Ukio Banko Investicine Grupe (UBIG) bankrupt next week.

A hearing will take place on October 24 at Kaunas District Court, during which it is expected that bankruptcy administrators will placed in control of the fallen investment giant’s assets.

UBIG holds 50% of the shares in Hearts, which will be required along with Ukio Bankas’ 29.9% stake, plus ownership of Tynecastle Stadium, for the fan-led Foundation of Hearts to complete a takeover of the club.

The administration process at Hearts has stalled for several weeks as BDO, the financial experts in control at Tynecastle, have been unable to negotiate with UBIG - whose assets are currently frozen - until administrators are appointed.

Gintaris Adomonis, of Valnetas UAB, who are overseeing the administration procedure at Ukio Bankas, said: “The Court decided to re-open examination of the case, assigned three judges and set case hearing on October 24.

“Nothing can be done to speed up the procedure and we need to wait for the final decision. We expect that the administrator to UBIG shall be appointed on 24th of October.”

Foundation of Hearts chairman Ian Murray MP said: “This was always the part of the process that was going to hold us up.

“Hopefully when that court case is heard they will appoint a liquidator and we can look forward to some proper discussion about transferring the ownership of the club.

“It’s just taken a bit longer than we expected.”