Hearts administrators BDO fly to Lithuania to try and secure CVA
Last Updated: 01/04/14 8:32pm
Bryan Jackson of Hearts administrators BDO will fly to Lithuania this weekend to try and secure a Company Voluntary Arrangement for the ailing club.
Jackson is reluctantly preparing for the worst possible news after creditors Ukio Bankas and UBIG stalled on a deal to rescue the Tynecastle club through a CVA.
If Jackson's trip to Eastern Europe is unsuccessful then Hearts could be liquidated before the end of the season.
The Edinburgh club appeared to have reached an arrangement with the Lithuanian companies, but are now in serious danger of becoming the second major Scottish club to go out of business in the last two years, after Rangers were placed in liquidation in June 2012.
Jackson has been receiving advice from the British and Lithuanian Embassies and support from former Hearts chairman George Foulkes and Labour MP Ian Murray, who is the chairman of the Foundation of Hearts.
"We are still very uncertain. The latest, as everyone I think knows, is the two meetings of creditors will take place next Monday on the 7th of April," Jackson said.
"In the meantime what we are doing is taking a more aggressive stance with regard to the consequences of that not going ahead.
"We've also contacted both Ambassadors, the UK Ambassador based in Lithuania and his Lithuanian counterpart who actually is based in London, and we're receiving support from them certainly in terms of trying to get this over the line.
"Lord Foulkes and Ian Murray have also been assisting from that point of view, they've been giving us a lot of really good help and adding their muscle to it. So, we're going down the political angle to an extent, and we're also going back down to a real common sense that there are no winners in liquidation. There should be no reason for it.
"We've spelt out the consequences of this not getting over the line to all stakeholders. And that's about all we can do really. Just keep pursuing it, just keep doing our homework, and hopefully I'll get over there for the meetings.
"I have to actually hope they go ahead because there has been a slippage since February. Your meetings are meant to happen then they slip into March, slip into April, so that's a concern in itself with time running out.
"Sometimes it's a matter of communication. If you are not actually there it's difficult to know what has happened, and if there are any questions or doubts or any information required I'll actually be there on hand to provide it.
"As I've already stated, we run out of funds by the end of April, so we'd have to look at other options which are not things we've wanted to consider."