Post by Dov on Jun 17, 2013 17:28:31 GMT 1
From the EBC -
Hearts will go into administration within the next 24 hours.
Papers have been lodged with the court of session in Edinburgh to formally begin the process.
KPMG will be the company taking on the administration of the troubled Tynecastle club, while staff have been informed of the situation.
If Hearts remain in administration by the opening of season 2013-14 in August, a points deduction of 15 points would be incurred.
Players were not paid last week as Hearts continue to struggle with a cash shortfall.
That followed the threat of a winding-up order after Revenue and Customs threatened action over an unpaid £100,000 tax bill, although the majority of that sum has been paid.
Hearts owe £15m to Ukio Bankas, which has been declared bankrupt.
In addition, another £10m is due to the club's Lithuanian parent company, UBIG, which is claiming insolvency.
Hearts will go into administration within the next 24 hours.
Papers have been lodged with the court of session in Edinburgh to formally begin the process.
KPMG will be the company taking on the administration of the troubled Tynecastle club, while staff have been informed of the situation.
If Hearts remain in administration by the opening of season 2013-14 in August, a points deduction of 15 points would be incurred.
Players were not paid last week as Hearts continue to struggle with a cash shortfall.
That followed the threat of a winding-up order after Revenue and Customs threatened action over an unpaid £100,000 tax bill, although the majority of that sum has been paid.
Hearts owe £15m to Ukio Bankas, which has been declared bankrupt.
In addition, another £10m is due to the club's Lithuanian parent company, UBIG, which is claiming insolvency.
