Hearts FC hopes to leave administration | AccountingWEB

Hearts FC hopes to leave administration

Hearts Football Club is hoping to exit administration after its administrator, BDO, agreed a deal to transfer its 78.97% shareholding to the vehicle used to purchase the club. Nick Huber reports.

The company voluntary arrangement (CVA) - when an insolvent limited company agrees to pay creditors over a fixed period of time - will be subject to ratification in the Lithuanian court which is likely to be at the end of this month.

The transfer of the club to Bidco can now...


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Hearts    3 thanks

georgelewislimited | | Permalink

I am not sure if you are aware, but the assets of UBIG , the majority shareholder in Hearts, were frozen by the Lithuanian Courts last April, pending criminal investigations into its activities. As things stand, those shares cannot be transferred until the Court says so.

In this respect, it is similar to the Portsmouth/Snoras situation. Those shares are still frozen, some years later.