Hearts owner Vladimir Romanov is set to be declared formally bankrupt.
The latest twist in the saga of Hearts’ finances will take place in Lithuania this afternoon, with Ukio Bankas, the bank formerly owned by Jambos majority shareholder Vladimir Romanov, set to be declared formally bankrupt.
The action will be heard at the Kaunas District Court and could lead to the incoming bankruptcy practitioners calling in around £15m of debt owed by the Edinburgh club, causing Hearts to enter administration.
If implemented before June 1, that would prompt an 18-point deduction from the SPL and leave the club facing a financially-devastating relegation.
However, Neil Patey, a partner in accountancy giants Ernst and Young, believes corporate liquidators Valnetas UAB will not call in Hearts’ debt.
Patey said: “I would be surprised if there was any immediate action from the administrator. I think it will take him months to get to the bottom of all the operations of the bank.
